Streamlining Smaller Bid Bonds for Agents and Contractors

Discover the power of Old Republic Surety’s FastBond process in this sponsored post.

Experience the efficiency of Old Republic Surety’s FastBond process firsthand, as emphasized by Bond Manager Todd Taylor, CPCU, AFSB.

FastBond simplifies the bonding process for agents, offering credit-based limits up to $1 million without the need for additional financial information or a CPA, saving both time and hassle. Higher limits are also available with additional underwriting information for non-residential completion bonds.

For clients requiring more, FastBond can secure up to $2 million by including current corporation and personal financial statements in the application, without the involvement of a CPA.

FastBond has seen increased activity recently, with Old Republic Surety focusing on common sense underwriting for smaller accounts in the construction industry. These accounts, though smaller, play a vital role in supporting agents.

Staying Competitive

Old Republic Surety adapts to changing industry conditions by adjusting limits, recently increasing them to $1 million based on credit. The quick turnaround time of FastBond remains a key advantage, helping agents win bids with ease.

FastBond helps alleviate bid time pressure for contractors and provides a simple application process for agents, enabling quick approvals and reducing stress.

Advantages of FastBond

Alongside higher limits and quick processing, FastBond offers bond availability in all 50 states and considers all construction trades. The solution is recommended for shorter duration projects in the $1 million to $2 million range.

Old Republic Surety continues to enhance FastBond, introducing features such as secure DocuSign electronic signatures for applications.

With a focus on streamlining the bonding process for smaller exposures, Old Republic Surety aims to expand opportunities for agents and provide seamless servicing for small accounts.

Topics
Agencies
Contractors