IFIC established in 1904 with the Singer Sewing
Company. Company provided captive fidelity insurance for its international customers.
After this, company became a separate writer of surety in 1964 when private
investors made up of security agents purchased this company. On that time, IFIC's
Capital Listing was only $45,000 and today's capital listing is $9.6 million.
Overview:
IFIC stands in one of the largest independent and private surety companies in related industry. IFIC’s senior vice president, explain the surety in framework essentially a three-way deed. For example, you own a big piece of land on which you desire to construct a shopping center. For this purpose, you will get a contractor who will further hire subcontractors. In this scenario, you want to ensure that this contractor is able to provide the effective job and pay further subcontractors their labors because some times, the contractor may get bankruptcy or run into some problems, putting you in a work in progress form.
IFIC stands in one of the largest independent and private surety companies in related industry. IFIC’s senior vice president, explain the surety in framework essentially a three-way deed. For example, you own a big piece of land on which you desire to construct a shopping center. For this purpose, you will get a contractor who will further hire subcontractors. In this scenario, you want to ensure that this contractor is able to provide the effective job and pay further subcontractors their labors because some times, the contractor may get bankruptcy or run into some problems, putting you in a work in progress form.
For ensuring this
scenario, you would ask that contractor to get a surety bond, in which, surety will
underwrite on the bases of contractor’s financial position, existing working
experience and history. In this surety bond, in case of contractor’s mislead or
bankruptcy problems, you may have several alternatives, such as receive the
amount of the bond or hiring some other
contractor for completion of job. This is a simple way of surety bond.
IFIC company is
registered in all over the 50 states of USA. It has about 250 employees working
in its office all over. The company deals in underwriting of surety
products in the areas of contract, bail, commercial, specialty, customs and subdivision.
Further it writes many types of commercial and legal obligations such as, court
and probate, license and permit, guarantees for financial experience, and other
non-construction contracts like; custom, bail and surety bonds.
Company
Product Lines:
Following are the main lines
of products of IFIC Company.
1)
Contract
2)
Commercial
3)
Bail
4)
Customs
5)
Specialty
6)
Subdivision or Sub-contract
For Furhter Information,
please visit; www.ific.com
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