Bonding for a Farm Labour Company
Sometimes doing a little extra research goes a long way, a lesson we learned with a client with a rather unique requirement.
When a Farm Labour Company approached us in need of a bond, they were at their wit’s end. All other brokers they approached were unfamiliar with the bonding requirements and were not willing to investigate further on behalf of the client.
What made the case unique was the Ministry of Finance requires guarantee of payment to allow farm labour
companies permission to operate. Our client had been satisfying this requirement by providing the Ministry of Finance with certified cheques each year. However, this impacted the client’s working capital by restricting their ability to grow. Our client came to us, as they were no longer able to restrict their working capital due to growth demands.
Our team at Schill Insurance met with the client to obtain a solid understanding of their business operations, their financial landscape and their needs moving forward. We then corresponded with the Ministry of Finance to gain an understanding of their particular requirements. With the information collected, we were able to put together the framework of a custom farm contractor’s bond that met all parties’ needs.
Moving forward, a custom bond was issued on behalf of our client. Our client was able to meet the Ministry of Finance requirements and free up their working capital for growth; something that they hadn’t been able to do in years.
No Bond – No Problem
A new plumbing company was positioning themselves to bid on jobs but did not have a bond facility in place. Initially they were told that they could only get approved for $750,000, but after working with one our experts they were able to leverage their position more effectively, increase their limit, and won their first bid – a $1.5 million job.