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Our Mission:

Empowering employee-owners to provide superior products and services to support our clients in managing risk and reaching goals.

Trusted Choice Insurance Agency Idaho Falls Caldwell
NASBP Member - Idaho Falls & Caldwell
PLAN - Idaho Falls & Caldwell

© 2019 by The Hartwell Corporation.

All Rights Reserved

Surety Bonds

Our professional surety bond department is dedicated to guiding you through the bonding process.  Our goal is to establish and foster a great relationship between your business and a surety company.  

 

As a surety professional we offer sound business advice and technical expertise to nurture and grow a surety program tailored to your needs.

RESOURCES TO HELP YOU MANAGE YOUR BUSINESS
3 Basic Types of Contract Surety Bonds
 
  • Bid Bond - provides that the bid is issued in good faith and that the contractor will provide the required performance and payment bonds if provided a contract. 

 

  • Performance Bond - provides protection to the owner from financial loss should the contractor fail to perform the contract in accordance with the terms and conditions.

 

  • Payment Bond - provides assures that the contractor will pay specified subcontractors, laborers and suppliers on the project.

 
Qualifying for Contract Surety Support
 

To begin the process of determining your qualifying surety bond support we will need the following information:

We will also need:

 

  • 3 years of Business Financial Statements or tax returns

  • Current Personal Financial Statement on each owner

  • Verification of bank line of credit (if available)

  • Personal resumes or prior job references

 
 
Surety Bond Orientation
 

Surety Bonds can be difficult to understand if you are a new to them.  NASBP as put together a Surety learning course that will introduce you to the basics of bonding and what is needed to achieve surety credit.    

 

 
10 Keys to Success for a Contractor
 

Surety underwriters perform rigorous analysis and offer surety backing if, in their judgment, the contractor possesses the necessary character and has the resources and ability to perform their contractual obligations.

 

  • Adequate Working Capital

  • Appropriate Capital Structure

  • Sound Business Plan

  • Bank Credit

  • Motivated Team of Quality Personnel

  • Good Estimating and Cost Accounting Systems

  • Timely Financial Reports

  • Good Financial Controls

  • Continuity of Ownership and Management

  • Backlog of Profitable Work

 
Commercial & Court Surety Bonds
 

In addition to our construction focus, our partnerships, surety skill and industry knowledge enable us to provide the following services:

 

  • Commercial Surety- We deliver a wide range of license, notary, public official and tax obligation bonds.

 

  • Court and Probate Bonds- We provide quick turnaround and innovative solutions for our current clients and Law Firms.

 

CONTACT US FOR A PROFESSIONAL APPROACH TO YOUR FIRM'S NEEDS

      9 Common Reasons for Contractor Failure
 

Thousands of contracting firms fail every year.  Going through the surety prequalification process can reduce the likelihood of failure.  The vast majority of projects fail not because the contractor couldn't perform the work, but because they ran out of money.

 

  • Project Size Increase

  • Geographic Unfamiliarity

  • New Types or Sectors of Construction

  • Key Personnel Replacement

  • Managerial Experience Immaturity (Time in Position)

  • Overextension of Resources

  • Subcontractor Failure

  • Non-payment by the Owner or Obligee

  • Lack of Continuity for the Business