May 31, 2022

The Prosperity Report – Surety Bonding for Contractors & Developers with Guest Matt Coats

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What is Surety Bonding, who does it protect, and how do contractors and developers qualify for coverage?

In this inaugural episode of The Prosperity Report, FDP Founder and Chief Prosperity Officer Mark Chandik talks with guest Matt Coats, President of Coats Surety Services.

Matt reveals insights vital to contractors and developers – obtaining the right bonding coverage at the best rate. We discuss the quality surety markets and the long-standing relationships Coats Surety has developed with their underwriters and other professionals in the field, making them a preferred surety-bonding agent in Southern California since 1992.

Topics Discussed

  • 1:03 – What Is A Surety In Insurance?
  • 2:35 – What Is An Indemnity Agreement In A Surety Bond?
  • 3:07 – How Do You Qualify For Surety Credit?
  • 5:45 – Importance of Current Assets When Applying For A Surety Bond
  • 7:32 – Claims History With Surety Bonds
  • 9:11 – When are Surety Bonds Needed – Private vs Public
  • 9:50 – Bonding Requirements Between Contractors and Subs
  • 13:13 – How Difficult Is Obtaining Surety Bonding Out of State
  • 13:50 – What Do Successful Contractors Have In Common

About the FDP Prosperity Report

Prosperity is more than a number. It's the power to shape what is possible for you, your family and your heirs. On the Prosperity Report you can learn ideas for building wealth, safeguarding it, and translating it into true prosperity with insights from actual business owners and financial professionals.

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