1. Bonds Only Focus
MGI doesn’t broker insurance or give our clients investment advice. Nor are we a bank. We specialize in surety bonds & that’s all we do. During tough economic periods or when unique opportunities present themselves, your company needs an expert to provide optimum levels of support & provide potential solutions to securing contracts. Not an agent distracted by insurance renewal, constructing another firm’s buy/sell, etc…
Over our numerous years in the industry, we established relationships with several competent agents who sell insurance – we can recommend one if needed. However, the reality is that most of them come to MGI to place the difficult bond accounts that their surety department can’t handle.
In addition, separation of bonds & insurance produces the most competitive program for both. Insurance quotes are awarded to the agent with the best quote & bond programs are handled by the most qualified surety professional. Many times, a contractor who has both insurance & bonds with the same agent may have a great insurance quote every year but suffer on his bond support – or vice versa. Separation ensures you get the best of both worlds.
It would be extremely difficult to present a bond opportunity that our team hasn’t seen previously. We are extremely strong with heavy equipment contractors and GCs. However, we also provide great support to virtually every type of construction – from bridge painters to MEPs to environmental, we have the ability and appetite to provide superior bond programs.
8A/SDVOB – This is a very important and rapidly growing division of MGI. We possess the expertise and professional contacts which make MGI one of the nation’s premier agencies for this class of contractor – whether supporting just your company or helping team your 8A/SDVOB with a mentor. Mahorsky Group has written bonds at military bases and VAs across the country. From start-up to tenured, we have an extremely solid stable of these companies in our portfolio & represent only the most reputable 8A/SDVOB entities.
Large Contractors – our individual track records for large construction experience are among the best in the industry and we view this as another division of MGI that should grow exponentially in a short period of time. Please refer to the personal bios of Shareholders Rich Dobbs & Russ Wilson. Both have handled some of the largest contractors in the Northeast/Mid-Atlantic regions. Large contractors require access to the biggest sureties and corresponding bond programs – we have them. However, we also focus on risk management, contractual support, and potential introductions to compatible teaming partners.
Commercial – Surety bonds are not limited to construction. We provide bonds to a variety of corporations as an alternative to a bank line of credit.
The partnerships that we maintain with our bonding companies are absolutely vital to the flexible programs we provide. Our focus is, & will always be, to keep the strongest sureties of every size and specialty in our stable.
4. Risk Sharing Program
A critical internal MGI line of authority allows the Shareholders of our company to approve bonds up to $1M single project. We share in the risk by allocating some of our assets to our bonding company partner in this venture. This provides us tremendous flexibility to make the underwriting decision in the right situations. It is extremely rare for an agency to have access to this type of program and should provide an example of our competence.
5. Backup Plan
Our industry has always been volatile. Bonding companies regularly merge with each other, change philosophy, or just drop out of the business completely. Add to the mix a difficult economy, & a backup plan is essential for any contractor that depends on bonds to survive. It simply makes sense to have a Plan B in place. MGI’s contractors have one. They can seamlessly move to another surety without missing any bids or enduring significant drama if their current surety stumbles.