Classes of contractors considered:
- General contractors
- Speciality contractors
- Subcontractors
Contract surety bonds excluded:
- Completion Bonds except Subdivision Bonds less than $1,000,000.00
- Closure Bonds and Post Closure Bonds
- Bonds issued through the Small Business Administration and the Surety Bond Guarantee Association Program
- Dual obligee bonds (but this exclusion shall not apply to any Bond containing a savings or Los Angeles clause)
- Contracts that are identified and clearly defined in the bid description as hazardous waste in nature, except asbestos abatement or lead abatement work where the contract price is less than $500,000
- Reclamation bonds
- Well plugging bonds
- Design build contracts
- Software contracts
- Environmental remediation contracts
Standard Underwriting Information
- Business Financial Statements: Last three consecutive fiscal year-end financial
statements, REVIEW or AUDIT quality, prepared by a CPA on a percentage of completion
basis. If the fiscal year-end statement is over 180 days old, a CPA interim statement
will be required.
- Schedule of Aged Receivables, Payables & Retention: Concurrent with the last
fiscal year end business statement with notations as to amounts collected since
the statement date.
- Bank Letter: Working capital line of credit: Total amount
of line, term, security, and amount currently available. Include copy of bank line
covenants.
LGIC form preferred - download the form (.doc)
- Schedule of Uncompleted Work In Progress: Concurrent
with financial statements and no less than quarterly.
LGIC Form preferred - download the form (.xls)
- Personal Financial Statements: For all owners/stockholders. Statements are to be signed and
dated.
LGIC Form preferred - download the form (.doc)
- Contractor’s Surety Questionnaire: Signed and dated,
no older than two years old. Lincoln General Insurance Company (LGIC) will accept
a supplement questionnaire, which addresses any changes in the principal organization.
LGIC Questionnaire preferred - download the form (.doc)
- Reference Letters: From owners or
general contractors of the largest jobs completed in the last three years for new
accounts.
- Resumés: on owners and key employees.
- Current Insurance Certificate:
Naming Lincoln General Insurance Company as certificate holder.
- Bid Bond request:
Include copy of bid specifications and bid bond forms -
download the form (.doc).
- Performance/Payment Bond
Request: Include complete copy of contract and bond forms - download the form (.doc).
- Agent Cover letter: Letter should outline accounts needs, history, prior surety involvement and any
other relevant information.
Contract Bond Forms
LGIC Legal Forms
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