multiple applications

[lou]

We currently have been awarded a project where as the general contractor is requiring us to bond to them as a subcontractor for the portion of the work. The project is approximately 2.2 million in value for our work. As we have not bonded in several years we essentially need to start all over. As we need to get back to the general contractor with our bond in a quick timeframe, My question is there any negative affects in applying with multiple surety's brokers (2-3) at the same time? Thank you in advance for your help on this topic.
Lou

[Admin]

Good question!

Believe it or not, it can be problematic. See the following article related to tips shopping for surety bonds: 5 Things You Should Know Prior To Shopping For A Surety Bond Quote | Surety Bond Blog | JW Surety Bonds

You may also be interested in the following article: How To Increase Your Contract Surety Bond Line | Surety Bond Blog | JW Surety Bonds


If you would like, we can have a contract specialist review your financial statements prior to filling out an application (which can be time consuming). They will be able to give you an idea if you qualify prior to spending the time on forms. If you are interested, just fax your business financials (CPA prepared for 08' and internal YTD) to: 215-766-1990 along with a cover letter for your contact information and request to review for a bond line pre-qualification.

Let me know if you have any questions.