Month: May 2020

Banker Holding Back

Sure, your banker loves you. But here is important info they want to keep from Home Builders, Developers and their Agents.

When starting a new project, developers must secure the project with the township. This can be in the form of:

  1. Cash
  2. Bank issued Irrevocable Letter of Credit (ILOC,)
  3. Or a surety issued Site/Subdivision Bond

The International Risk Management Institute says a surety bond is better than an ILOC:

“Corporate surety bonds are far and away the most preferred option for most owner/developers when you consider the potential disadvantages of the alternative guarantee forms.”

Now you know. Too late if an ILOC was already filed with the township… or is it? Actually, our surety bonds can be filed to replace / release the ILOC. Your banker won’t tell you that either!

This is a great move for developers! Get back your cash. Use it to acquire or start a new project. It’s NOT too late the fix the ILOC mistake if you know where to go. Most sureties won’t write this type of bond but at FIA, it’s our specialty!

FIA is also one of the few bonding companies that will write Down-payment bonds for it’s Home Builders freeing up even more usable cash for your company.

If you have an immediate need for a Site/Subdivision bond or are interested in replacing an existing ILOC with a bond, call us at 856-304-7348.

Steve Golia

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

Site and Subdivision Bonds – The Sequel

In March we told you why Home builders and their Bonding Agents love Site and Subdivision bonds.  (Click to read prior message)  But don’t take our word for it.  Here’s what the International Risk Management Institute has to say about it:

“Corporate surety bonds are far and away the most preferred option for most owner/developers when you consider the potential disadvantages of the alternative guarantee forms.” (Click for entire article)

Clearly, the smart move for home builders and their bond agents is a surety bond.  And the bonding company you want is the specialist, long devoted to this market.  Unwavering since 1979.

Call FIA Surety.  It’s the smart move.

Steve Golia 856-304-7348

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

 

CE Rescue!

It’s May and now you’re a month closer to your insurance license renewal…  Your CE rescue is here!

FIA Surety is proud to announce we have re-opened our free Continuing Education program.  You may know, we are an accredited CE provider in NJ and PA, and can provide the free CE course on your premises.

Give us a call to set up your class.  We are now accepting dates in June.  All the proper safeguards will be used to protect the class participants.

Free CE credits from FIA Surety!  Call us: 856-304-7348

Since 1979, FIA has been your dependable bonding company for Site, Subdivision, Bid and Performance Bonds.

FIA Surety / First Indemnity of America Insurance Company, Morris Plains, NJ

We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX