The more information
available and the more time allowed to consider this information, the greater
the comfort level the company underwriter can achieve with a proposed account.
Often an account
might fail to meet certain specific surety criteria. However, when it's possible
to take time to review the reasons for, or the offsets to, this condition,
the account can be safely underwritten. Therefore, when conditions allow,
we prefer to review a complete submission prior to specific bond needs.
A
complete submission should include:
Comprehensive
Cover Letter
Summarizes
the submission requesting program specifics and explaining unusual account
characteristics.
Current Contractor
Questionnaire
Cumberland
Surety Form or Carrier Required Forms or Equivalent
If other forms are used, specific information on the following topics is very
important to us and should either be included on the form or added as an attachment:
Ownership,
Structure & Operations
Past Experience/Largest
Jobs & Anticipated Work Program
Major Suppliers
& Past Project References
Key Personnel,
Foremen and Supervisors
While an account
may be reviewed based on an existing questionnaire; due to the warranty nature
of the contractor's declarations concerning present financial condition, legal
involvement and/or status, a current, signed contractor questionnaire is a
prerequisite of any specific bond authorization.
Financial Statements
Principal Company & any Affiliated Companies (if any)
Three Years Fiscal Year End if in business for three years
CPA "Compiled" or better are preferred but not always initially required
Latest Interim Statement (if available)
Personal(s)
Latest on Owners and Guarantors
Resumes
on Principal(s) and Key Personnel
Status of Contracts (Work on Hand)Bonded and Non-Bonded
Certificates of Insurance
Bank Reference Letter
Reference Letters from prior jobs help demonstrate contractor's
experience & abilities.
If Licenses or Certifications are required of a Principal, please
include copies.
