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Questions
& Answers
What
kind of surety business does ACSTAR write?
What information
should I submit to establish a bond program?
What
if the Principal doesn't have a CPA financial statement?
What kind of turn-a-round
time can I expect?
How does ACSTAR
view accounts with poor credit history, prior bankruptcy or pending
litigation?
Can
ACSTAR provide federal bonds?
What is your financial
rating?
In
what states can ACSTAR write business?
What
rates does ACSTAR charge?
How do I access
ACSTAR?
How do
I start doing business with ACSTAR?
What
kinds of incentives does ACSTAR offer agents and brokers?
How
can I obtain ACSTAR marketing materials and forms?
What
kind of surety business does ACSTAR write?
ACSTAR
writes virtually every type of surety bond. Our expertise
and experience over the years have grown from primarily environmental,
pollution, and remediation type contracts to nearly every type of
surety obligation.
ACSTAR'S contractor
book of business includes standard market surety accounts such as
general builders; heavy and industrial contractors; highway, municipal
and utility contractors; and specialty trade contractors.
ACSTAR's specialty surety accounts include supply and service contractors;
environmental remediation and hazardous materials contractors; and
design build contractors.
ACSTAR's commercial
book of business includes workers' compensation, financial guarantee,
closure, post closure, court and fiduciary, and nearly every other
type of miscellaneous commercial surety bond.
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What
information should I submit to establish a bond program?
The more comprehensive
the submission, the better we can understand your business and bonding
needs so we can offer the most favorable terms and conditions.
At a minimum, please submit:
| (1) |
Completed Contractor's
Surety Survey (contract bond submission)
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| (2) |
Completed Miscellaneous
Surety Survey (commercial bond submission)
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| (3) |
Bond Request Form for
the individual bond or project under consideration
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| (4) |
Year-end financial
statement on the company and any affiliated companies
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| (5) |
Current interim
financial statement on the company and any affiliated companies
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| (6) |
Personal financial
statement on each principal owner
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| (7) |
Required bond form
(if applicable)
|
| (8) |
Any other relevant
information listed on the last page of the Contractor's Surety
Survey.
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The following
information will help us better understand the experience, reputation
and capacity of the Principal:
| (1) |
Resumes on key employees
|
| (2) |
Company brochure
|
| (3) |
Letters of recommendation
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| (4) |
Current schedule of
work on hand
|
| (5) |
Schedule of completed
projects (include contract price, date of completion and gross profit earned)
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What
if the Principal doesn't have a CPA financial statement?
Financial capacity
will be evaluated based on the quality of the statement submitted.
Whether it is a full year-end CPA audit, an internally prepared
balance sheet and income statement, or copies of tax returns, terms
and conditions will vary depending upon verification of financial
information.
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What
kind of turn-a-round time can I expect?
ACSTAR
normally can give you an indication the same day your submission
is received. The bond will be issued immediately upon your
meeting the negotiated terms and conditions of our proposal.
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How does
ACSTAR view accounts with poor credit history, prior bankruptcy
or pending litigation?
ACSTAR understands
that there may be situations in a Principal's past that would extremely
concern a standard surety company. At ACSTAR, we work hard
to understand the particular reasons behind poor credit, bankruptcy
and/or pending litigation, and we make informed, calculated decisions
based on the "real" risk of these past difficulties.
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Can
ACSTAR provide federal bonds?
ACSTAR does
have a Certificate of Authority from the U.S. Department of
Treasury that qualifies ACSTAR as an acceptable surety on Federal Bonds.
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What
is your financial rating?
ACSTAR has an
A.M. Best rating of "Excellent."
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In
what states can ACSTAR write business?
ACSTAR is licensed
in, and can write business in all 50 states.
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What rates
does ACSTAR charge?
ACSTAR's
competitive rating plan is flexible and reflects the risks of the
bond obligation and program relative to the Principal's profile.
ACSTAR uses about 20 rating factors to tailor a competitive premium
rate to a risk.
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How do I
access ACSTAR?
Agents, Brokers
and Principals can contact ACSTAR directly at 860-224-2000.
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How
do I start doing business with ACSTAR?
Please
complete a Producer's Application and an Agency Agreement, and include
it with your first submission to ACSTAR. Documentation can
be mailed to 233 Main Street, New Britain, CT 06050, or faxed to
860-229-1111.
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What
kinds of incentives does ACSTAR offer agents and brokers?
ACSTAR offers
competitive compensation to every agent or broker. We do not
require minimum premium volume commitments. Producer incentives
and compensation are commensurate with the profitability of business
written.
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How
can I obtain ACSTAR marketing materials and forms?
Please
call ACSTAR at 860-224-2000, and request this information to be mailed
directly to you, or complete the
information requested in the "Contact Us" section.
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