INSURANCE AGENCIES & BROKERS
Give your entire agency access to a Top-Caliber Surety Bond Department
Are you working harder than ever before and earning less? Let us show you how to improve the financial performance of your agency as well as the level of service afforded your clientele, while simplifying your business life.
Our program is simple – our professional team of licensed representatives, underwriters, bond production associates, and other office staff work under your oversight to meet the surety bonding needs of your clientele. As your “virtual surety bond department program“, we take care of every aspect of the bonding transaction – information gathering, underwriting, bond approval & issuance, even billing and collections.
Our program delivers a variable level of commission-sharing which goes directly to your bottom-line. While based on your overall volume through us, most of our agency clients see the overall profitability of their bond operations actually improve following outsourcing with us! In addition, you are providing your clients with access to experienced bonding professionals with a vast portfolio of surety markets and the most sophisticated internet and electronic bonding tools in the industry.
Best of all, as a bonding specialty agency you can put aside any concerns regarding our competing for your clientele’s insurance business – we simply “don’t do that”.
Shorewest Surety Services, Inc. is a bond-only agency, specializing in preferred, standard and hard-to-place surety bond programs. We afford you and your clientele access to a broad portfolio of surety companies, sure to meet your needs, as well as to an efficient high-volume bond production department experienced with almost any bond you and your clientele require. Whether the need is routine, or anything but, we have the markets, relationships, and seasoned experience to get the job done quickly and efficiently when others can’t. Whether your client is a new company, a disadvantaged business, or a well-established firm looking for a stronger or less expensive bond program, we can get the job done.
HOW DOES SHOREWEST SURETY ESTABLISH A BOND LINE OF CREDIT?Our agents will consult with the client to determine a solution that will best meet their current and future bond needs. From that consultation we will be requesting specific application information and/or financial information and company history needed to establish a bond line that meets their goals.
WHAT IS YOUR TURN-AROUND TIME FOR A BOND?We can set you up with a new surety relationship in a little as 2 days from the time that we have gathered all of our underwriting information and met with you. After your account is established, all of our bond requests are executed the same day that we receive them, and sent via overnight carrier to your office.
WHAT FEES DO YOU CHARGE?At Shorewest Surety Services, Inc., there are no bid bond, overnight mail or annual underwriting fees.
WHAT ARE YOUR RATES?At Shorewest Surety Services, Inc., there are no bid bond, overnight mail or annual underwriting fees.
WHAT IS A GENERAL INDEMNITY AGREEMENT (GIA) AND WHY DOES IT REQUIRE PERSONAL INDEMNITY IN ADDITION TO CORPORATE INDEMNITY?The GIA is an agreement whereby the contractor promises to indemnify the surety for any claims paid out on behalf of the contractor. By this agreement, the contractor allows the surety to recover any bond claims paid out by the surety. Bonding is a form of credit and not insurance.The surety will require personal indemnity of the owners, including spouses, in addition to corporate indemnity by the contractor’s company. This agreement provides assurance that the surety can recover bond claim losses first from the contractor’s company, then if necessary from their personal assets, while eliminating or minimizing legal challenges. In rare cases of significant personal net worth, portions or even all of the personal indemnity of the contractor is waived at the sole discretion of the surety.