contract surety

Increased Production

Ever wonder why a surety bond underwriter asks you for new business?

  • Is it because they are nosy and want to gauge your agency strength?
  • Does the surety has a loss ratio problem?
  • Has poor customer service caused the underwriter to fall short of goals?
  • Or maybe the underwriter has a sincere interest in deepening your relationship for mutual benefit.

FIA has been writing Site/Subdivision, Bid and Performance Bonds for over 40 years.  We are “A” Rated and having an excellent 2020!

“Can we help you with any new business?”

Call: 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

Graduate from the SBA

Congrats to the kids!!  They finally made it.  Now its their time to move on and move up.  What about contractors in the SBA Bonding program?  Is it their time to graduate?

The SBA program is a great help, and the people are awesome: dedicated, helpful.  But the program has a down side.  It costs time and money to obtain their bonding support.  So if a contractor could get federal and other projects without this extra step, why wouldn’t they?

Here’s what you gain, more or less, by graduating into a regular surety relationship:

More

  • Time to pursue productive activities – new projects, strategic planning, employee training, educational opportunities, etc.
  • Time for other personal and family priorities
  • Profits on your projects and financial statement overall
  • Increased profits can lead to higher bonding limits and bigger projects
  • Credibility – a graduated company no longer needing extra help

Less

  • Bonding expenses (bond premium plus SBA fee) on each project
  • Time spent filling out double forms for the surety and the SBA
  • Answering questions to both
  • Waiting for approvals

OK, so if graduating sounds great, how do you do it?

Step one: Ask the current bonding company to provide bonds without the SBA program.  If they do it, you can thank us later!

Step two: If they refuse, call FIA Surety!  We provide bonds for federal and local projects without the need for SBA support.  It takes a creative, experienced surety to graduate contractors.   FIA has been providing Bid, Performance & Payment, Site and Subdivision Bonds since 1979. We’re steady.  We’re willing.  We’re creative.

It’s time to graduate!

For Site, Subdivision, Bid and Performance Bonds call 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

Get to Know FIA Surety: Bruce Nash

Here is surprising info about Bruce Nash, a key person at FIA Surety.

Nurture vs. Nature.

Bruce didn’t have a choice. His family was married to the lake.

Our Bruce was born in the beautiful town of Lake George, NY and he has two siblings. The main feature of the town is… obviously the lake. 32 miles long, with over 170 islands, this is a gorgeous Adirondack setting. And Bruce’s family had strong ties to it.

The family business was a marina his grandfather founded in 1928. Bruce grew up in the business where he did “everything.” They loved the water, and this meant boating and also sea planes flown on the lake.

Bruce’s grandmother was the first female commercial pilot in Warren County, New York and part of the WAACS (Women’s Army Auxiliary Corps) during WWII. Bruce’s grandmother and grandfather both trained pilots before, during and after the war.

This is his grandfather’s 1928 Garwood, “The Jug,” it was the super boat of its day. Some were called “Rum Runners,” because those equipped with V-12 engines could outrun the prohibition era police boats! Bruce’s grandfather was a Garwood dealer and bought it new. Bruce won dozens of awards for maintaining it in its original condition.

Bruce worked three jobs to put himself through college, a graduate of DePaul’s computer programming school in Chicago.

When boating season ends, upstate New Yorkers turn to winter sports. After college Bruce took a position with Bombardier Corp, a snowmobile manufacturer. Over the course of ten years he rose to become Director Systems and Marketing for the U.S. operations in Chicago.

His next employment was with the owners of The Robert Plan (Div. of AIG) where he became President of a boat manufacturing facility located just outside of Nashville, TN. After a few years he moved to N.Y. where he became Sr. VP and Chief Information Officer of their Assigned Risk Auto business. His Robert Plan boss left the firm to become president of FIA’s sister company First MCO, and he enticed Bruce to join him.

He became head of our IT department and is now the President and COO of our sister company First Managed Care Option, Inc. and ActiveCare Scheduling (a PT and Imaging Facility scheduling service.)

Bruce designed a state-of-the-art system for the managed care of auto and workers comp claims – which is the function of First MCO. This rapidly growing business currently employs eighty people and is housed at FIA’s Morris Plains home office.

He also developed a specialized imaging system that allowed FIA to move all its archived and active paper files into one central electronic location.

“IT Geek?” No, not Bruce! Like his grandfather and grandmother before him, he became an aviator. Naturally, this led to skydiving (gulp!). The snowmobile business inspired him to become an accomplished snow racer. He was also a SCUBA diver and moto-cross (motorcycle) racer!

Today, Bruce manages to skip most of the high-risk activities, but he is a Merchant Marine Captain and avid deep-sea fisherman.

Bruce brings great technical skills, plus a bit of “dash” to our FIA family. He is a valued member of the team!

For Site, Subdivision, Bid and Performance Bonds call 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

Get to Know FIA Surety: Glenn A. Runne, CFO

He’s a CPA, but he only uses his powers for good…

Super CPA

Glenn Runne was born in Kew Gardens, Queens N.Y. and grew up in North Bergen, N.J. He is the oldest of three kids.

His mom was a secretary and dad drove a truck. They also owned a neighborhood Bar and Grill for a few years.   From an early age they stressed the importance of a college degree. Typical for a “first born,” Glenn became a high achiever.

Glenn graduated North Bergen High School in 1972 and Montclair State University in 1976 with a BS in accounting and finance. He paid his own way through.

With a degree in hand, Glenn landed an accounting management position at N.J. Life Insurance Company. This gave him a strong foundation and he became a Certified Public Accountant in 1987!

A couple of years later, Glenn’s brother-in-law introduced him to Pat Lynch. Pat’s young company, First Indemnity of America Insurance Company, was in its second year.  Glenn’s expertise in accounting and taxes was a perfect fit. He joined the firm as VP and CFO in 1979.

In 2012 Glenn received the coveted “Chartered Global Management Accountant” designation.  This is international recognition of the world’s top professionals in his field!

More accomplishments:

  • Plaza School of Business – Adjunct Accounting instructor
  • Bergen Community College – Adjunct Accounting instructor
  • The Children’s Corner, Founder, Treasurer and Board of Directors member of a non-profit childcare center
  • Lake Hiawatha Country Club – Treasurer, Board of Directors member
  • Fellow in the American Institute of Public Accountants
  • And the New Jersey Society of Certified Public Accountants.

With the help of his wife, Denise, Glenn raised 3 daughters: All college graduates with master’s degrees. Two girls became teachers and one is a certified public accountant. The apples fell close to the tree.

Glenn’s outside interests are physical fitness and attending New York Giants football games with his long-time season tickets.

If you did the math you see that Glenn is one of Pat’s many long-term employee/colleagues. His work has expanded proportionately with our organization.  Currently, Glenn oversees the accounting for our seven companies which includes three audits. He is also responsible for all the tax returns, plus forty-five states where we file.  Whew!

The dedication of long-term colleagues like Glenn is one of FIA Surety’s greatest strengths. 

Carry on, Glenn!

For Site, Subdivision, Bid and Performance Bonds call Steve Golia: 856-304-7348

FIA Surety / First Indemnity of America Insurance Company  Visit us: www.fiagroup.com
We are currently licensed in: NJ, PA, DE, MD, VA, NC, SC, WV, TN,  FL, GA, AL, OK, TX

Get to know FIA Surety: Patrick Lynch Jr.

Egyptian Proverb: “The Boat That Has Two Captains Sinks.”

We can assure you; FIA Surety is stable and doing great – but we do have two Captains!  Read more:

Pat Lynch Jr. was born in Union NJ and studied culinary arts in high school. He worked in restaurants and was a catering manager.  His meteoric rise in the culinary world was tragically cut short when he realized he is allergic to carrots! Not wanting to give up every Christmas, Easter and Thanksgiving may have also played a role…

After graduating, Pat joined the company performing light construction at FIA’s new offices and later assuming an underwriting position under the guidance of his dad, Patrick Lynch Sr.

Over the course of 20 years, Pat has distinguished himself as an expert relationship manager.  His underwriting responsibilities place him in close contact with our agents and principals.  He has been uniquely successful in nurturing agency relations and has consulted with many of our clients to help them resolve problems and grow their businesses.

“We are a surety that works to solve problems and give clients a path forward.”

This positive attitude helps our clients and our company!

3 years ago, Pat was promoted to VP of Underwriting and Bond Manager. He is also president of ABSCO LTD. Inc. the holding company for FIA.  His expanded responsibilities are balanced out with his outdoor activities.  These include ATV riding and fishing.  Pat, like his dad Pat Sr., is a licensed sea captain.  Their forte is deep sea fishing 100 miles out on the continental shelf.  Pat looks to fight 500-pound tuna on these excursions!

At FIA Surety, we have two captains, but only one commander of the ship.  With the able-bodied help of Pat Jr., Pat Sr. has managed the company with a steady hand since 1979.

Pat Jr. specializes in Site and Subdivision bonds.  If you need one, call him directly at: (973) 541-3403

FIA Surety / First Indemnity of America Insurance Company

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

How Did a Fireman Become the Top Executive of a Bonding Company?

Get to Know FIA Surety: Patrick Lynch Sr.

How did a fireman become the top executive of a bonding company?

Pat Senior (we have two) grew up in Newark NJ, the oldest of five children.  Since 1943 his family was the owner / operator of The Ark, a Newark restaurant, bar and liquor store.  Pat grew up in the business and at age 19 was thrust into a management role upon the untimely death of his father.

Pat proceeded to run and grow the business over the course of the next 20 years, building up their volume more than 10-fold! The business was concluded when the city took over the Ark property for construction of a new housing project.

For 14 years Pat served the city of Newark as a fireman. He survived the 1967 riots – a tragic period that resulted in the shooting death of his boss, Capt. Mike Moran Sr.

Pat served as a board member and finance chairman for the Shepherds of Youth Charitable Trust in Newark.  He was also chairman of the Veterans Hospital.

He became a professional lobbyist during these years, which gave him contact with group insurance programs and lead to the formation of an insurance company.  In 1979, First Indemnity of America, aka FIA Surety was born under Pat’s leadership!

The company started with six employees and occupied three locations over the years.  Our staff eventually grew to 40.  Our home office is now in beautiful Morris Plains, NW of Newark, NJ.

For FIA Surety, the “big break” came when an active writer of subdivision bonds withdrew from the market in 1980.  We moved in, filled the vacuum, and have been a major writer of site and subdivision bonds ever since!

Today Pat is still “captain of the ship” FIA Surety, and is also a deep-sea fishing captain.  Two of his three children work in the business, and he boasts five grandchildren.

Pat built our business on relationships and he remains accessible to our agents and clients every day.

Office:  (973) 402-1200

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

This is NOT about the virus!

We know you’re sick of hearing about the virus! Here is some good news for a change:

FIA is open to help you with Site and Subdivision Bonds!  Most sureties won’t write these but at FIA, it’s our specialty.

More good news: We also write Down-Payment Bonds for Home Builders, freeing up cash and credit for new projects.

Virus or no virus, projects are moving forward, and surety bonds are needed by developers and home builders. If you have an immediate need for a Site/Subdivision bond or want to replace an existing ILOC with a bond, call us at 856-304-7348.

FIA Surety: We’re OPEN for business!

Steve Golia, Marketing Mgr. 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

#170: Why Developers LOVE Subdivision Bonds

When developers and home builders start a new project, they must give security to the local township. This guarantees construction of the “public improvements.”

The security can be in cash, an irrevocable letter of credit (ILOC), or a subdivision bond (surety bond).

Why is a bond the best method?

  • Developers retain the use of their cash. Keep it available to acquire and finance new projects. Use it to solve problems. Remember, cash is king!
  • More control if there is a claim: They are processed through the bonding company. There is a discovery process. The developer has input and more control than with an ILOC. With an ILOC they can simply grab the developer’s money!
  • Better long term protection. These guarantees are hard to close, may drag on for years. The township is in no hurry to give up their security. It’s easy to renew the bond and you’re good for another year.

Developers and home builders love subdivision bonds – especially if they obtain them from one of the industry’s strongest players: FIA Surety. We have supported developers and home builders with subdivision bonds since 1979.

Call us for your next one or to replace existing security you have already filed.

Steve Golia, Marketing Mgr. 856-304-7348

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

Claim Your Free Surety Bond Gift!

It’s easy to get in on our Free Continuing Education program. This is a gift from FIA Surety.

“One of the best CE courses I ever attended! Our producers really needed this information.”

Our program last week was a huge success.

Bonding 101 explores the theory of surety bonds including pricing, underwriting and an overview of the marketplace. We track a Bid and Performance Bond from birth to death. It’s all practical info producers need.

Currently, our courses are approved in NJ and PA. And we deliver the program at your location! This is FIA Surety’s free gift to you. Call us for details.

Since 1979 FIA has been a dependable provider of Bid, Performance, Site and Subdivision Bonds.

Steve Golia, Marketing Mgr. 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

FIA Surety Success Story

This was a tough case.

The contractor needed a performance bond. We reviewed the bond request form and noted the bid results: They were 100% below the second bidder!

We obtained the company’s fiscal year end financial statement. Our analysis revealed a negative working capital and their net worth had slipped below zero due to a net loss for the period. Pretty tough…

The agent was not a bonding expert, so it was up to us to find a way to help this account.

Collateral was not an option because of their weakened condition. If it hurts the contractor, it can’t be good for us.

We dug deeper to fully appreciate all of the applicant’s attributes:

  • The bid spread resulted from the fact that the project was specialty work and the second bidder was a general contractor. They would have to hire someone like our client to perform the job. This contributed to their significantly higher price. Also, the applicant documented a good profit margin in their price.
  • There were specific reasons for the net loss. Corrective actions were taken and current financial results were improved.
  • We identified the applicant’s additional financial resources – there were multiple credit lines available (unused) and personal cash.

We wrote the bond! The difference is that FIA has a team of seasoned professionals with many years of experience (since the ’70s!). We know how to get through these tough cases.

Site, Subdivision, Performance and Payment Bonds.

Now you know who to call.

Steve Golia, Marketing Mgr. 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