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QUALIFICATION PROCESS |
WORK IN PROGRESS SCHEDULES:
At a minimum of quarterly, you will need to prepare a schedule of work in progress. This should list each job by name, amount billed to date, cost incurred to date, estimated cost to complete and anticipated completion date.
Once your underwriting file is compiled by your agent and submitted to a surety company underwriter for review, the underwriter will most likely ask for an opportunity to meet with you in your office. This will give the underwriter an opportunity to ask questions based on the information provided, and also meet you and your key people face to face. Be prepared to discuss all aspects of your company's operations and to project what your expectations are in terms of bond needs.
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