Bid & Performance Bonds
Bid & Performance Bonds from King of the Bonds
We never want to limit your chances of getting the most preferred bond rates. Nor do we want to limit your possibilities of getting a bond because of blemishes on your Financial Status. Thus, the reason that “we work” with Surety Bonding companies that have a variety of of underwriting standards.
Some Surety Companies are very strict on credit and the size of the bonds they will accept. While others are less restrictive and “may” have slightly higher rates.
The point being… we want you to know that when we accept and submit an application from you we will market your application(s) to a variety of Surety Bond Carriers and present to you the best rate or rates thus saving you time and hopefully money.
It is always a very good idea to let us know if you have been searching the jungle with a variety of bond agents. Why? Because time is not a resource to waste.
Honesty and Integrity
We take your business seriously. We take your time and ours seriously too. Shoppers of Bonds, at times have the belief that shopping every broker they can find is a good thing. Many times it is not.
Purchasers of bonds do not realize that Independent Brokers my overlap efforts in shopping for your bonds. If you find that your broker is not responding it may be that “they” have submitted your applications to several bond companies only to find out that the bond has already been quoted to another agent!
For all you Contractors out there! How many times do you bid the same Prospects Projects when he is looking to save a nickle? Meaning for a few dollars he is going with the cheapest price. Some people just do not care about the service and integrity of the agency or agent. We do! We take great pride in our work.
On the other hand, when you know you have a good relationship with a Client you know your chances are great in getting the job. When you do, you go the extra mile. No one likes to get treated like a “number” and expendable. This is not a way to create trust and respect.
A Story to Share “The constant shopper re-shopper”
Nearly ten years ago (2005?) I received a call from an Estate Planning Attorney. I knew the Attorney professionally and he posed a question to me.
He asks, “Do you know how to quote WRAP insurance?” Well.. with my sense of humor I “attempted” to do be boxin? I attempted to sing wrap.. and very quickly he asked me to stop!
He explained to me that he was hired by a wealthy school friend who was developing some Business Condos in California. And here we go!
” Do you know how to write WRAP insurance?”
At that time I did not even know what a WRAP insurance policy truly was and replied. ” If it is insurance, I can write it…let me make a few calls”
Not all Brokers have “access” to write wrap accounts with all Wholesale Insurance Brokerages but this one particular time I lucked out. A new Broker/Underwriter had been hired at a Wholesale Broker that in the past turned me down for an appointment.
She was new to the Wholesale Brokerage, hungry and a go-getter! My foot was in the door! yay!
To make a long story a bit shorter I almost had the door slammed in my face within a very short time. It seem that this developer had a quote of $2,000,000 for this one project and was running out of time to purchase the WRAP coverage or funding was shut off and the project would be dead in it’s tracks.
It appeared to me that companies and underwriters were unwilling to work on his quotes because he was “known” for going to the agents and then working them against one another to get better rates. In all fairness to the developer this just make sense. But, how many times are the companies and their agent going to “want to play that game?”
“It appeared that many underwriters were not willing to work the account and declined to quote.”
I presented my relationship to this case and well.. talked the talk.
My underwriter presented my case the some doors opened. Within two weeks the current agent knew there was a new agent (Lion) on the plains and the quote immediately dropped by $200,000 approximately.
Finally! The day arrived and I had my quote. The quote I had was at $1,200,000. This was a huge drop from his $2,000,000 original quote. I was so excited!
I called my attorney friend and said I have a quote! He asked how much it was and I told him. He said “It’s too late! The project was getting shut down and he had to pay $1,400,000 plus $18,000 in broker’s fees.
My heart sank and at the same time I was stoked! I realized that had I been given this account months earlier I could have save his Client nearly $800,000.00 dollars from the original quote.
The point.. or the “moral to the story” as my dad would say is.. Sometimes it is not a good idea to beat the bushes to a point were people no longer want to work for you.
“Do not always buy on price alone”