Gummerson Bond Group

For bond needs in excess of $500,000, the paperwork is somewhat more extensive than for the express programs. It traditionally includes, but is not limited to, the following:

Questionnaire

This form is one of the more important factors in the underwriting process, so the more
detail, the better. The questionnaire provides insight as to ownership, experience, expected bond
activity, etc. If you have a similar form or have references already prepared for
marketing purposes, feel free to substitute where appropriate. Bonding companies are
all performing credit checks on owners and spouses now so please provide social security
numbers and personal addresses where required.

Bank Report

A detailed letter of commitment from the bank is acceptable, but our form is usually completed by the banker and furnished for this purpose.

Work on Hand Schedule

This, too, is critical and often misconstrued by the preparer. All fixed price contracts of a significant nature should be listed in their entirety. If help is needed, please contact us accordingly.

Resumes on Key Personnel and Owners

Again, forms for this information are provided but anything comparable can be employed. Letters of recommendation from satisfied customers, subcontractors or design professionals are also welcome.

Personal Financial Statements

Any individual with more than a 10% interest in the business is required to provide this information. Our form can be used or, if one has recently been furnished for the bank, that will be acceptable.

Current Insurance Certificate - to be furnished by your insurance agent.

For bonds less than $500k based on satisfactory corporate and personal credit, forms are attached here:

• ProgramApplication
• BondApplication

For Miscellaneous and Probate Bonds- an All-Purpose Application is attached here along with a from created specifically for probate bond requirements

For bond needs up to $10million, the SBA offers a program for contractors who do not qualify for standard surety. Forms can be found here:

• SBA Bond Program Application
• SBA Statement of Personal History

 Forms for Other Underwriting

Bid Bond- Completed Request

This is the best form for requesting a bid bond. One should not wait until the last minute to get prices, but simply ballpark your bid and adjust it as the bid date approaches, if needed. Most sureties allow you to exceed the amount estimated for your bid by 10%; otherwise approval is required, usually with an explanation for the escalation in the bid estimate. It is important to note whether a special bid bond form has been required by the Obligee and send that with your request. You will note a section at the bottom of this form for bid results that should be submitted as soon as they are known.

Performance and Payment Bonds

This form is the best way for P&P bond requests to be facilitated. It lays out the information needed to complete the issuance of these bonds. 

Affidavit  at Completion of Contract

This form is utilized for several reasons. First it provides us with details to close your file and eliminate this from your aggregate computation. Secondly, this is often the instrument for requesting a final consent of payment from the surety. Lastly, it provides us with details to make adjustments in your premium, either in the form of an underrun (refund) or overrun (additional billing). Such adjustments should always be applied to change orders over the course of the work. 

Confirmation of Financing for Private Contracts

Non-public work requires evidence of financing and this for depicts the information needed from the party funding the contract.