Toronto, ON (June 12, 2017) – Approved Surety & Casualty is pleased to announce the launch of Approved Capital.
“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 & CEO, “After a one year incubation of the program, we are ready for the mainstream.”
Small construction companies account for the overwhelming majority of construction companies, often these smaller companies are as technically capable as contractors with more financial resources. Unfortunately they are unable to qualify for bonds due to their inability to meet the minimum net worth and working capital requirements.
The Capital Disbursement program provides insurance brokers, contractors, and Surety partners assistance to secure suretyship, and alternative options that include; development of successful surety applications, bookkeeping, accounting assistance, and financial assurance management plans that provide the Surety with the comfort and confidence to bond based on our professional project accounting controls with monthly reports and monitored performance at every stage in the project. Access to Construction Lawyers are also provided.
“Our program offers so much value, we utilize sophisticated cost accounting methods, and build a relationship with the contractor with the goal of growing their business and bonding facility” says Don Miller, ” We are pleased to work with Echelon Surety as one of our founding partners.”
Approved Surety & Casualty, is uniquely designed to work with Sureties to provide financial management on construction projects by:
- Use of sophisticated job costing systems to monitor all cash flow behaviour.
- Using experienced accountants in the Funds Control Industry.
- Maintaining effective audit procedures on financial transactions on the project.
Designed in consultation with surety professionals, this program is intended to be the most effective in the Surety Industry. We are currently launching the program with Echelon Surety as our initial clients, but expect strong interest from a number of Sureties in large part due to the recognition that traditional underwriting methods alone are not sufficient to deliver superior service and results.
Like Approved Capital, the Surety professionals at Echelon recognize that working with small to mid size contractors to enhance their ability to qualify to tender on public projects provides a service to the industry and the public. Canadians support the growth of small business. Emerging contractors provide: employment, skills development, diversity and healthy competition in the public tender market. Approved Capital and Echelon Surety, both emerging Canadian leaders in the industry, are the ideal partners to supports the diverse requirements of today’s Canadian contractor.
About Approved Surety & Casualty
Approved Surety assists with securing surety facilities for small and emerging contractors and services those industries that are outside the traditional surety box. With competitive rates and terms and conditions that are often less onerous than the traditional surety market place, we provide brokers with standard lines products where there is a known shortage of capacity and in addition assist with hard to place lines. We accept business from licensed insurance brokers (on behalf of their construction clients) across Canada and the United States of America.
About Approved Capital
Approved Capital, provides financial management on construction projects by employing sophisticated job costing systems to monitor all cash flow behaviour. Their staff are highly experienced in accounting, resulting in the performance of highly effective audit procedures on financial transactions on the project. As a subsidiary of The Ai Organization, they have many years of experience serving both construction companies and surety bonding companies. Additional services include professional bookkeeping and legal support. They accept business from construction companies across Canada and the United States of America.