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Underwriting Information

The following items are required for submission to a bonding company:

Fiscal Year-End Financial Statements
A financial statement for the last three fiscal years is preferable when establishing a bonding program. Typically, bonding companies require, at a minimum, a CPA-reviewed statement that is prepared in accordance with Generally Accepted Accounting Principals (GAAP) and which recognizes revenues on a percentage-of-completion basis. A CPA-audited financial statement may be required of those who obtain a substantial amount of surety support. For contractors who have small or infrequent needs, a CPA compilation statement or an in-house financial statement may be acceptable. In addition, the surety may require a current Aged of Accounts Receivable Schedule, along with a current Work-in-Process Schedule.

Personal Financial Statements
Please complete the SilverStone Group Personal Financial Statement (links to Miscellaneous PDF) or provide a statement that you have recently completed. The personal indemnitors need to provide a financial statement as current as the most recent business financial statement. In the preparation of the statements, it is important that all assets and liabilities are reflected and any financial interactions with the corporation are accurately displayed.

Contractors Surety Questionnaire
Please complete the SilverStone Group Surety Questionnaire (links to Miscellaneous PDF) or provide a questionnaire that has already been completed.

Bank Relationship
Please have the bank complete the SilverStone Group Request for Credit Information (links to Miscellaneous PDF “Bank Reference Form”) or provide a form or letter that has already been completed. If providing a bank letter, the bank should outline the letter in accordance with the questionnaire.

The following additional items can support a Surety Underwriting file:

Resumes
A resume on key personnel within your organization. This will show the surety an individual’s experience, growth, responsibility and accomplishments.

Corporate Plan
Provide a brief description about the current business structure and where the company intends to be in the future.

Corporate History
Provide a brief description of the history of the company along with some of the steps taken.

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