What is the underwriting process when applying for a surety bond.

Gary asked this on October 19, 2017 in Contract Bonds

What is the underwriting process when applying for a surety bond. Will you need financials/ management accounts and other personal and business info?

Danielle answered this on October 19, 2017

Hello Gary,

The quoting process depends on the risk associated with the specific surety bond form needed. Some bonds require no underwriting. We call these bonds "instant-issue" as every client qualifies for the same flat rate without any underwriting. If the bond form's risk requires underwriting prior to approval, the process at minimum requires a credit review of the principal(s) requiring bonding. Additional documentation, such as a personal financial statement, CPA prepared business financials, detailed work experience, contracts, ETC., might be required depending on the nature of the request. Such documentation is more frequently, though not necessarily, required for contract, court, or financial guarantee underwriting. For a more detailed explanation for your specific needs, please call us at 1 (800) 308-4358 to speak with a surety expert who can guide you through the process.