Approved Surety and Casualty launches capital disbursement program

Approved Surety and Casualty has launched a capital disbursement program that is designed to help customers in the construction industry who may have difficulty qualifying for bonds because they do not meet the minimum net worth or working capital requirements.

The “approved capital” program works in conjunction with sureties to provide financial management for the customers that would benefit from the program. This would include the use of accountants who work specifically in funds control to track customers’ expenditures and the implementation of audit procedures for financial transactions on the project.

The program also includes access to bookkeeping, construction lawyers and assistance in the development of successful surety applications. Approved Surety and Casualty would provide monthly updates to the surety on the customers’ financial status.

“Approved capital is a capital disbursement program for brokers, that will allow their contractor clients to qualify for higher bonding limits, while providing our surety markets with extra security,” says Don Miller, president and CEO of Approved Surety and Casualty, in a statement.

“We utilize sophisticated cost accounting methods, and build a relationship with the contractor with the goal of growing their business and bonding facility,” he adds.

The program is currently being launched with Echelon Surety as one of the first participants.

This story was originally published by Canadian Insurance Top Broker.