Our bonding process can be broken down into 7 key steps:
Step 1. We’ll have a thorough discussion about your unique needs.
Your business model and goals are unique, which is why we take time to fully examine your company profile so that we can get a clear picture of what your opportunities are. If the job you’re bidding is potentially risky or outside of your company’s niche, we’ll help you chart a pathway to success so that we can minimize risk and help you understand the steps you need to take to be successful if you are awarded the project.
Step 2. Preliminary underwriting and financial review.
During this step, we’ll gather all of your financial data in an effort to identify your bonding capacity and any financial information that will need to be prepared prior to submitting to underwriting.
Step 3. Internal underwriting.
CSBA offers a unique advantage in that we have our own team of underwriters in house, which helps expedite the process and gives you a competitive edge. By the time your application is submitted to a surety company, our internal team already knows your history and potential, and can accurately position your bonding needs in front of the surety companies that we know will be right for your business and project.
Step 4. Matchmaking.
Once underwriting is complete, we take on the role of matchmakers to find the right surety company for your project. We have deep and longstanding relationships with over 35 surety companies. Most general insurance agents work with 4 or 5 bonding companies, which drastically limits your ability to receive a competitive bond.
It’s all very simple: more relationships = more opportunities for you to receive the right bond program that fits your specified bonding needs.
Step 5. Review the options.
It’s very likely that we may have several surety companies interested in serving your bond needs. Our team will take the time to thoroughly review all of your options.
We consider ourselves a partner in your success, which is why we take the time to go over the pros and cons of each bonding company. Our goal is to prepare you for future success, so we carefully examine all of your options and advise you according to what we have come to know about your goals.
Step 6. Finalize the bond.
Finalizing a bond typically takes 24 hours for established customers, or approximately a week for new clients.
Step 7. Fostering an ongoing partnership with your company.
After we’ve secured your bond, we don’t just wish you luck and disappear! We stay in touch with you throughout the year so that we can share in your success and find ways to continue to help you grow. We’ll also conduct semi annual financial reviews so that we can stay on top of your needs and chart where your business is headed.
We know that your success is our success. Our focus is always on how we can help you take your business to the next level, and unlock new opportunities that put you on a path to long term growth.