Sterling Risk Advisors, Inc. offers bonding services to those firms requiring contract, subdivision, fidelity or other commercial surety bonds. Acting as your advocate, Sterling Risk Advisors, Inc.’s surety professionals can assist at all stages of the process whether it’s your first bond or you are simply seeking to improve your capacity or other terms and conditions.
Bid Bond Requests
All Bid Bond Requests are responded to immediately upon receipt. Since we have powers of attorney for all our sureties and typically operate under their lines of authority, we are able to expedite the process. The Department Manager also reviews Bid Bonds before being released. Bond Request forms are provided for your convenience.
Performance, Payment and Other Contract Bonds
Final bonds are executed with the same priority as Bid Bonds. To further expedite, we have a supply of the standard bond forms used available.
Financial and Other Underwriting Information Review
We will obtain annual financial statements and review them with you in preparation for annual meetings with company underwriters. We will also review all quarterly or monthly in-house financial statements and work-in-progress schedules. No information will be forwarded to the surety companies before we have completed our review and concluded any necessary communication with you.
Annual and/or Semi-Annual Meetings
Communication between your firm, Sterling Risk Advisors, and the surety underwriters, is crucial. Therefore, all meetings will be carefully planned and arranged. We will notify you and the surety in writing, in advance, of topics to be discussed.
Consultation / Communication
We will communicate on a frequent basis to discuss any particular issues or concerns. Areas in which we may be able to provide advice and counsel include:
Construction Contract / Bond Forms
We will review any documents you request, including contracts, bond forms, etc., which you provide us and be available to advise and counsel. We suggest that whenever possible, you provide copies of contracts to us prior to executing them in case an attempt to negotiate changes should be made. We are not attorneys and cannot give you a legal opinion. As such, qualified legal counsel should also review all contracts.
Subcontractor Pre-qualification
We are available to assist with the evaluation of subcontractors and owners through investigation, analysis of financial or other types of underwriting data, reference checking, etc. We can also obtain Credit Reports on prospective subcontractors, GCs and/or owners. We are available to train your Project Managers in the proper procedures and techniques and to assist with the development of a formal subcontractor pre-qualification process.
- Financial statement presentation and reporting.
- Local bond requirements.
- Client due diligence (background, reference and credit checking)
- Balance sheet structure.
- Indemnity terms and conditions.
- Professional services referrals (bankers, CPAs, consultants, software, etc.)
Miscellaneous Bonds
Should the need arise; we have the expertise to assist you in assembling the information needed to obtain miscellaneous bonds.
Backup Surety Facility
Over time, most surety accounts will eventually get turned down for a bond. When this happens, we will take a very systematic approach to resolving the situation with the current surety. However, when these efforts fail, it is standard practice to provide each of our active surety clients with a back-up carrier. This greatly facilitates a quick, affirmative response if the current carrier should ever decide to decline a request which management still wishes to pursue.
As conditions in the surety market change, we also recommend a thorough periodic review of the program with respect to carrier quality, rates, capacity, indemnity capital requirements, response time, etc. This will ensure that you receive the best available terms at all times.
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Governor's Ridge ♦ Building 28 ♦ 1640 Powers Ferry Road ♦ Marietta, GA 30067
Telephone: 678.424.6500 ♦ Fax: 678.424.6501
