Bonds Between $400K and $800K
Bonds between $400K and $800K require some basic financial information on the bonded entity. The process is again very simple, requiring a two-page application, a financial statement or tax return on the bonded entity and the full indemnity of the bonded company, its owners, and their spouses. Bonds will be underwritten by CNA Insurance Company. Approval is based on the following criteria:
- At least one year in business with a clean track record and no prior bankruptcy.
- Solid personal credit history of business owners.
- Experience that is in line with the size and scope of the project and work program to be bonded.
- A history of profitability, as well as a level of working capital and net worth adequate to fund the work program requested.
*Once an indemnity agreement is signed, it will cover the current bond and any future bonds needed by that client.