Fiscal Year End Report (“FYE”) Explained
As the Fiscal Year ends and the spring bidding season begins, your Surety needs to update your underwriting files with current data. Your assistance in keeping your file up to date will allow the Surety to provide accurate underwriting and allow us to provide you the best service. This can impact service speed, program/bonding capacity expansion, and account rates
These can be uploaded through our encrypted Active Account Underwriting and FYE Updates page. Please forward the following information as soon as it becomes available.
- The fiscal year-end business financial report for December 31.
- Concurrent personal financial statement (s) for all Indemnitor(s)
- Current bank reference letter verifying the account’s credit relationship, balances, and bank line of credit loan agreement with FYE covenant compliance confirmation.
- Work on Hand / Work in Process schedule, if not included within a financial statement
- Please advise if you anticipate changes in bonding needs for the upcoming year or any changes within the company.
Follow these links to get answers to some FAQs:
What are financial statements?
“Financials show the strength and credit-worthiness of the Principal, and are used by the Surety to determine the limits of the Surety Program.”
How do I qualify for more bonds?
“This is where underwriting comes in. The three Cs are the foundation of underwriting…”
How are premiums and rates set?
“Most surety companies have to file their rates and terms with each state Insurance Commissioner’s Office and must adhere to those filings.”
For any further questions about FYE Updates, please contact us!
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