subdivision bond

171. HOW TO Replace an ILOC with a Subdivision Bond

 

The Land Developer’s money is tied up because an ILOC* was used to secure the township instead of a Subdivision Bond. It’s not too late to fix this critical error! (Why an error?)

Here’s how to do it:

  1. Have your insurance agent contact us or the land developer can call us directly to start the process.
  2. We’ll get to know you and find out about the project.
  3. We approve the bond, and normally no collateral (security deposit) is required!
  4. Contact the planning board and request permission to replace the ILOC with a Subdivision Bond.
  5. We issue the bond. The developer’s ILOC, and the funds that back it are released!!

It’s just that simple…

Let’s go! Call FIA Surety: 973-541-3417

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

*Irrevocable Letter of Credit issued by bank

 

 

Surety Bonds: An Irish Tale “Lynch the ILOC Slayer”

There once came a Irish warrior from a family of mariners.  He lived in an ancient time, a time of struggle. (Celtic music)

   Gaelic nobles were the landowners of this era.  It was their mission to develop and improve the region by use of their special skills.  But an impediment arose.  The ILOCs came to prey on them – savaging the noble’s efforts to expand their estates.
   And so Lynch was summoned home from the sea.  The storied fighter donned his battle gear and the hunt commenced.  He pursued the ILOCs from the Hill of Tara to Newgrange.  He brought them destruction.
   Some nobles were in the clutches of the ILOCs, no hope of escape. Lynch’s iron spear came to bear, vanquishing the oppressors!
   The nobles flourished under the protection of Lynch’s shield – and a defense against future ILOC attack was mounted.
Thus is the Irish tale of “Lynch the ILOC Slayer!”
Is this a true story?  Could it be based on fact?  Find the answer here in one week.

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

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

Changing Horses: Site & Subdivision Bonds #169

Abe Lincoln said it.  And it’s mostly true.  But here is one time when it really does make sense to “Change Horses In Mid-Stream!”

When Developers and Home Builders start a new project, they give security to the city or township guaranteeing the construction of public improvements (streets, curbs, lights, water, sewer, etc.) The security may be in the form of cash, a bank issued irrevocable letter of credit (ILOC), or a surety bond.

They’re all the same to the township, but there are huge differences for the contractor. The most obvious is the loss of use of their funds. How long will the money be tied up? It can take much longer than expected to get these obligations released (the township is in no hurry!)

If a dispute arises and cash or an ILOC was used, the township just takes the contractor’s money.  It’s all over.  With a surety bond, there is a discovery process through the claims department.  The contractor has input and may affect the outcome.

So, back to the horses.  For clients that have already posted cash or an ILOC, they can swap it out with a surety bond!  Get their money back. Gain more control. Protect company assets.  Put the cash to good use!

How to start? Call FIA Surety.  Since 1979, we have been a steady provider of site and subdivision bonds.  We do little $20,000 site bonds for commercial property owners and have written multi-multi million dollar subdivision projects.  Come to the experts to swap in a surety bond, or to write a new project. We get them done!

Read expert analysis: Why Surety Bonds are the way to go here.

Call FIA Surety: 973-541-3417

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

 

FREE CE!

First Indemnity of America Insurance Company

An “A Rated” Carrier

2740 Rt. 10 West, Suite 205
Morris Plains, NJ 07950
Office: 973-541-3417

FIA Surety is First Indemnity of America Insurance Company, a provider of Site, Subdivision, Bid and Performance Bonds since 1979.  Call us when you need a surety bond!

Through our accredited FIA Surety School, we offer continuing education courses for insurance agents.  These courses are provided free of charge, a service of FIA Surety. You can participate in these teleconference sessions from the convenience of your home or office computer.

Use the registration form below and join us for the next CE webinar!

At the current time our teleconference courses are approved for resident agents of:

  • Florida
  • Georgia
  • New Jersey
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Additional states coming soon!

Upcoming:

  • November 2, 2020, Monday 9:00 am to 12 noon Eastern Time, teleconference CE class “Surety Bonds 101 Webinar” (3 CE credits)
  • December 1, 2020, Tuesday, 9:00 am to 12 noon Eastern Time, teleconference CE class “Understanding Site and Subdivision Bonds Webinar” (3 CE credits)
  • There WILL be future dates added for both courses.

To attend our webinars, please complete the form below and we will send you a confirmation email. Please register at lease five days before the scheduled class date.

Questions?  Call us!  Steve Golia, Director 856-304-7348

FAQS:

  • Q. Are the Continuing Education classes approved by the state? A. Yes all our courses are fully approved by each state where we offer them.
  • Q. How many credits are provided in each course?  A. Three CE credits per course.  You can get credits for each course once per license cycle.
  • Q. Who is eligible to attend these classes.  A. Any licensed P&C agent is allowed to take our courses.
  • Q. How many people from our agency may attend? A. One or more may attend.  Tell your colleagues not to miss it.
  • Q. How much do the courses cost?  A. All our courses are free, a service of FIA Surety.
  • Q. How is the course delivered?  A. These are teleconference courses (webinars) you may attend from any computer at work or home.
  • Q. Do I need special software?  Do I have to buy anything?  A. This is a “Zoom” meeting.  Free!
  • Q. How do I attend a future course?  A. Complete the brief registration form below and we will process your reservation.
  • Q. Can I take a course immediately before my license renewal date?  A. You can take our courses any time during the term of your license.  However, time is needed to post and process your credits, therefore we recommend attending the courses at lease 60 days prior to your anniversary.
  • Q. What do I need to do during the course?  A. You need to be present continuously, give the program your undivided attention and respond to our attendance verification prompts.
  • Q. When are the classes held?  A. From 8:45 am to 12:15 pm (includes set-up and break time.)
  • Q. Is there a final exam?  A. No.

REGISTRATION FORM

Thanks for submitting your registration!

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

FIA Surety: About the Declaration of Independence

It has been said that freedom isn’t free. Never was that more evident than in early July 1776, when members of Second Continental Congress debated and revised the Declaration of Independence.

The document, which was written by Thomas Jefferson with assistance by John Adams, Benjamin Franklin, Robert Livingston and Roger Sherman, was officially adopted on July 4, 1776.

From there, it was sent to the printer John Dunlap for duplication. This edition is known as the “Dunlap Broadside.” It is the first published version of the Declaration of Independence. It is estimated 200 copies were printed, of which 25 are known to still exist.

Unlike today when communication is instantaneous, it took almost a month for the Declaration of Independence to make its way across the Atlantic to Great Britain. It was published in British newspapers beginning in mid-August 1776.

By signing the document, the 56 men risked high treason against the King of England. In essence, they signed their death warrants because that was the penalty. However, death was not simple or quick. It was a process. First, the guilty party was to be hanged until unconscious. Then cut down and revived. Then disembowled and beheaded. Then cut in quarters. Each quarter was to be boiled in oil. The remnants were scattered abroad so the last resting place of the offender would remain forever unnamed, unhonored and unknown.

In addition to death, all of the offender’s earthly goods were confiscated by the state. The family could own no property and this dictate extended to future heirs. In the words of Shakespeare, “For the sins of your fathers, you, though guiltless, must suffer.”

So on this Fourth of July as you celebrate the holiday with hot dogs, hamburgers and fireworks, remember those who “pledged to each other our lives, our fortunes and our sacred honor.”

(Credit given to hutchinsonleader.com, published 7/4/18)

The Declaration of Independence

In Congress, July 4, 1776.

The unanimous Declaration of the thirteen united States of America, When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.–That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, –That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.–Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.

He has refused his Assent to Laws, the most wholesome and necessary for the public good.

He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.

He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.

He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public Records, for the sole purpose of fatiguing them into compliance with his measures.

He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.

He has refused for a long time, after such dissolutions, to cause others to be elected; whereby the Legislative powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.

He has endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.

He has obstructed the Administration of Justice, by refusing his Assent to Laws for establishing Judiciary powers.

He has made Judges dependent on his Will alone, for the tenure of their offices, and the amount and payment of their salaries.

He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.

He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.

He has affected to render the Military independent of and superior to the Civil power.

He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:

For Quartering large bodies of armed troops among us:

For protecting them, by a mock Trial, from punishment for any Murders which they should commit on the Inhabitants of these States:

For cutting off our Trade with all parts of the world:

For imposing Taxes on us without our Consent:

For depriving us in many cases, of the benefits of Trial by Jury:

For transporting us beyond Seas to be tried for pretended offences

For abolishing the free System of English Laws in a neighbouring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies:

For taking away our Charters, abolishing our most valuable Laws, and altering fundamentally the Forms of our Governments:

For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.

He has abdicated Government here, by declaring us out of his Protection and waging War against us.

He has plundered our seas, ravaged our Coasts, burnt our towns, and destroyed the lives of our people.

He is at this time transporting large Armies of foreign Mercenaries to compleat the works of death, desolation and tyranny, already begun with circumstances of Cruelty & perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.

He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.

He has excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages, whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.

In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.

Nor have We been wanting in attentions to our Brittish brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which, would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.

We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.

 

Brought to you by your friends at FIA Surety.  God Bless America!

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

NO GOOD REPORT FOR FIA SURETY

Oh, the irony!

Last week Patrick Lynch Jr. received glowing praise over our handling of a recent bond request.  He asked the agent, “Wow thanks, do you mind if we use that in our advertising?”  The agent refused!

Why?  He said he wants to keep us all to himself!    Gotta love it.

Are you that enthusiastic about your surety underwriters?  Find out what you’re missing…

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