Surety premiums represent less than 1% of total insurance industry premiums. But for contractors, access to bonding is important 100% of the time. Through working with a surety specialist is critical. Because we are full time, hands on, and dedicated, underwriters know who we are, respect our abilities, and value our integrity. Our clients know that we will “get the job done” accurately, timely, and with a solution driven mindset.
Experience and Knowledge Matters
We understand the contracting business not only as a function of working in the area for so many years but as students of the business. We understand and enjoy contractor accounting, we study legislative developments, and we research industry trends.
As your advisor, we share our knowledge, experiences, and perspectives. This sharing of information and ideas has benefits that go beyond the placement of bonds, many times helping you operate your business more effectively.
Meeting Capacity Needs
Proactive financial planning is critical to meeting your current and long-term surety capacity needs. While market capacity continues to improve with an improving economy, attention to financial statements remains critical. The Fedeli Group has the financial knowledge to help you position your financial situation so that underwriters gain a complete and accurate picture of your business.
We work with your CPA, bankers, attorneys and other advisors to educate them on the requirements of surety companies. Working with these advisors we can jointly craft a financial plan that aligns with your business plan and maximize the bonding capacity needs of your business.
In addition to financial review and planning, contractors should not underestimate the importance of properly reviewed insurance contracts. Coverage gaps create financial exposures. A bonding company will value a well-planned and thoroughly reviewed property and liability program.
Fanatical about Service
We are fanatical about meeting and exceeding your service expectations. How do we accomplish this goal? First, we are engaged with you. We take the time to understand your business and to know you and your team.
Secondly, we respond. For example, when a bond request comes in to our office, a senior level team member is immediately engaged in the review. This responsibility is not delegated.
Thirdly, we meet with you on a regular basis. We want to know what is going on, how we can help, and receive immediate feedback as to where we can improve. We realize that no organization is perfect, but striving for perfection is what we try to do on a daily basis.
Industry Networking and Relationships
We are active participants in the construction industry. We attend and present at national conferences, we host events for clients, and we help clients network with each other, occasionally serving as “matchmaker” for projects. Whether this means finding you a subcontractor or supplier, introducing you to a joint venture partner, or finding you a mentor or protege partner … we are there to assist you in growing your business.
Experience, reputation, and market presence is critical to successful bond placement. In surety, underwriters do not treat all agents the same.
The Fedeli Group Surety team works with close to 300 contractors. We have size of leverage with our markets, but we are not so big that personal touch is lost. While surety is a financial business, the ultimate success of your program is driven by people.
If you are experiencing a difficult financial situation and are considered non-writable by standard surety companies, we have access to markets that may provide a vehicle for a “soft landing”. The process is complicated and time consuming, but may be the only feasible option. Selectively, we work with contractors in this situation, working with them on a longer-term plan so that they can eventually regain access to standard markets.
Pulse of Industry
The legislative landscape is constantly changing. Construction reform implemented in Ohio has required contractors to adjust their business strategies and methodologies. We are actively helping our clients understand legislative developments and offering guidance on how best to adapt and adjust.
Price versus Coverage
Contractors face a competitive landscape. And price is always important. As a dedicated surety, we recognize the pressures you face. But inadequate capacity with bad service can be detrimental. Getting the best price for the right program requires attention to the details, diligence in negotiations with underwriters, and a thorough understanding of your business activities.
Too much is at risk to leave your construction insurance and surety needs to part-time practitioners. The Fedeli Group Construction practice is dedicated 100% of the time to the needs of contractors.