For over 20 years, Mid-Continent has offered an effective surety solution to contractors that does not impose the expensive and intrusive "risk management tools" typically required by non-standard markets. Previously referred to as our Developing Contractor Program, we're pleased to continue to offer this product under a name that more accurately describes it: BasicBuilder
What is BasicBuilder?
- Contract bonds for builders with less sophisticated financial reports.
- Underwritten by surety experts who specialize in working with accounts of this type
- Capacity to write multi-million dollar bonds and multi-million aggregate credit lines
- Mid-Continent Casualty is "Treasury Listed" and has an A+ VIII rating from A.M.Best*
Many contractors, whether "up-and-coming" or even those operating successfully for many years, suddenly find that they need Contract bonding to support their existing business operations or to seize new opportunities for growth.
These contractors often do not have the costly "Audit" or "Review" financial reports needed to qualify in the standard surety market. They need something less expensive, less intrusive and less burdensome than the non-standard surety products typically available. BasicBuilder is the preferred surety solution for construction firms with "basic" financial reports.
- Provides an easier, less expensive Contract bond solution to builders without costly "Audit" or "Review" quality financials. These contractors may be emerging firms, or companies which have successfully operated for years and now need a Contract bonding solution.
- Rarely requires use of collateral or contract funds escrow, thus reducing the cost of bonding and freeing up cash flow.
- As the contractor's surety needs grow, there's a seamless transition to Mid-Continent's Standard Surety solution. Higher lines of credit and more attractive rates can then be available without the need to re-market the account or prepare new indemnity agreements