BaySide represents several types of surety markets including specialty surety companies, sureties who write through the SBA Guarantee Program, and purely standard markets. This allows you to have the best opportunity to be placed quickly, with the best rates and conditions. We also have express programs up to $350,000 for single jobs, with an aggregate total of $500,000.
Our focus at BaySide is largely non-Standard surety, both Contract and Commercial. We work with surety companies who use various tools, thinking outside the box if you will, to best allow us to place your account.
The following are some of the tools we use:
Funds control: The surety has an approved third party company handle the billing & paying aspect of a job for an account.
Collateral: Typically 10% to 25% of the contract price withheld by the surety company. This is presented in the form of an ILOC (Irrevocable Letter of Credit) from a bank approved by the surety or as a Cashier’s check.
SBA Bond Guarantee Program: This is a program provided by the Federal Government which, if approved, will guarantee a portion of the job to the surety company, usually 70% to 90%. This allows the surety to take on risks which they otherwise would not be able to do.
There are several more tools our trained staff of underwriters use with our sureties to better assist you with your bond requests.