CONTRACTOR CREDIT PROGRAM
Empire State Brokerage Services LLC is pleased to announce it has received an appointment to represent Upper Hudson National Insurance Company to market its Contractors Credit Program (CPP).
CCP is a specialty program that provides one-stop shopping for bonding and working capital for your hard to place contractors.
CCP has a better and fairer way of evaluating a contractor. The approval process is based on the contractor’s experience and ability to complete a project. Low credit scores and inadequate financials are NOT a primary reason for ineligibility.
The underwriting and credit departments are staffed with personnel that came out of the construction industry, not the financial industry. So when they look at a bond application, they are looking at it from the point of view of a contractor. One of the primary requisites for approving a bond is if a contractor has character and experience to complete the job. They know a poor credit score or lack of previous bonding experience does not indicate whether a contractor can complete a job.
Also, to help improve contractors’ cash flow, WORKING CAPITAL ADVANCES ARE AVAILABLE FOR CONTRACTORS ENROLLED IN THE PROGRAM.
Program Highlights:
• Bond Limits: $ 1.5M Single/$ 3.0M Aggregate
• Credit Score: No minimum score
• New Worth: No minimum
• Indemnity: Standard Indemnity
• Funds control: Funds are deducted as the requisitions are paid over the term of the project
• Cash Advances: Working Capital Advances up to 90% of Requisitions are available, also.
• Agent Commissions: Extremely competitive. 100% credit on all follow-up bonds and renewals
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| States Available | CA, GA, HI, IL, LA, MD, MO, NJ, NY, PA, WA |
| Provider Type | Excess & Surplus Lines Broker |
| Admitted | Most Available States |
| Carriers | Upper Hudson National Insurance Company |
| Carrier Ratings | A or Better |
| Commission | Varies |
| Min Premium | |