annual file updates financial file underwriting updates FYE financials
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March 12, 2015 Spring is here! Time to update your Financial Underwriting File!

It’s hard to believe that spring is already upon us. The weather can’t make up it’s mind, the flowers are confused… and spring bid invitations are about to go out. Is your Financial Underwriting File ready?
Your 2014 books are closed out, and off to the CPA for tax filing and/or Financial Statement preparation. Now’s the time to start putting together the year-end update for underwriting!
The sooner we receive the updates and present them to the surety, the sooner we can have any surety responses or questions handled, before that big bid date comes up!
In order to update your Financial Underwriting File, please forward the following information as soon as it becomes available:

1. The Fiscal Year End Business Financial Statement
2. Updated Personal Financial Statements on all indemnitors and/or owners, if applicable.
3. Current Bank Reference Letter verifying the account’s credit relationship and average balances. (See here for our handy “what is a bank letter” post)
4. Advice on any anticipated changes in your bond needs for the year.

Prompt receipt of this information will allow us to provide the best possible service for your Surety needs.

As always, please feel free to give us a call with any questions, or email us!