Make Money On Surety Bonds.

Sep 19, 2012

  1. DJAJ
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    DJAJ Super Genius

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    I ran in to a financial advisor last night that said he needs someone who can do Fidelity Bonds for his clients. I told him I would see what I can do. I am in Maryland. Does your company offer Fidelity Bonds? If so, can you help me get setup? Thanks.
     
    DJAJ, Feb 7, 2014
    #11
  2. 707guy
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    707guy New Member

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    whats the payout on the surety bond leads?
     
    707guy, Mar 12, 2014
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  3. F150
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    F150 Guru

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    Who really cares, the point is to use bonds to get your foot in the door for the rest of the policies....
     
    F150, Mar 12, 2014
    #13
  4. 707guy
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    707guy New Member

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    I've been looking for this info for a while
     
    707guy, Mar 12, 2014
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  5. BlockO
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    BlockO Guru

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    I sent you a pm. I am already contracted with your company, and I would like to start marketing the surety bonds area a little harder. But I don't know where to begin.
     
    BlockO, Mar 12, 2014
    #15
  6. nyagent31
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    nyagent31 Expert

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    I am in ny and looking to secure a performance bond for a contractor who will he working at a condominium. Total gross job cost is $2m. Can suretybonds.com help?
     
  7. AZDave
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    AZDave Guru

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    For any licensed contractor the I insure for GL, I get a signed AOR for their bond. Easy to be appointed with majority of bonding companies. I don't get paid until the bond renews and that is OK. When it renews, direct billed by bonding company, I get paid. Not much, but it all adds up. As long as they are licensed, they need to keep that bond; in good times the bond amount needs to be increased.

    My point, don't leave money on the table! Bonds are one avenue to have, easy to place and many agents don't compete for.

    Dave
     
    AZDave, Mar 13, 2014
    #17
  8. oclife
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    oclife Expert

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    The payout is pretty good on older contractors with bad credit. Selling surety bonds is like printing money, as my hiring recruiter said when he hired me.
     
    oclife, Mar 13, 2014
    #18
  9. redjeeper
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    redjeeper Expert

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    I will give you a call on monday, I am interested in adding this to my agency in Mississippi. Can you do business there?
     
  10. SuretyBonds.com
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    SuretyBonds.com Expert

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    Fidelity bonds can get a little tougher for financial advisors. Give us a call and ask for Rikki. She handles all of our agent requests. She can also be emailed at [email protected].

    Looking forward to working with you!

    Josh

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    Sorry for the delayed reply. Has an underwriter already looked at the request. $2M is a pretty large job for a contractor with no prior bond program. We'll have to see 3 years financials among some other stuff to see if he qualifies. Typical rule of thumb is that we want to see prior year revenue of 2x-3x the bond amount. That's not a cut and dry figure but it will help you weed out the contractors looking to jump into jobs that are probably just too big for them.

    Hope this helps! If you'd like more email Rikki at [email protected] or give her a call at (800) 308-4358 ext. 236.

    Josh

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    There's not a lot of license bonds in Mississippi as opposed to states like Georgia and Florida. The $25,000 designated agent bond required for auto dealers is your best money maker.

    We do business in all states. Give us a call or peruse our website to get more information on all of the bond types in Mississippi.

    Rikki handles all of our agent business. She can be reached at [email protected] or by phone at (800) 308-4358 ext. 236

    Hope this helps!

    Josh

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    Dave,

    This is definitely true for a lot of your smaller local/county compliance bonds. Where it gets tricky is when they may need a larger program or don't have the financial or credit score to support the bond capacity they need. That's the case where you will find that a broker is far superior to going direct to the surety and allowing them to direct bill premiums.

    Give us a shot on your next tough case. I think you'll find that we make it a lot easier than most other brokers out there.

    Josh
     
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