Masonry Magazine March 1980 Page. 6
Financial Strategies
In Business Insurance
An INA Series
Contracting firms usually obtain surety bonds-guarantees to clients of project completion-on a job-by-job basis. A different approach was developed by INA and the Limbach Company, a $100-million Pittsburgh-based mechanical engineering firm.
President Walter Limbach says, "The firm is largely decentralized, which means the regional offices should be able to run things without interruption, especially in the bidding stage. Our strategy is to negotiate with INA a surety bond work program for all projects to be sold during the year."
The result, for Limbach, is the ability to structure its annual business plan based on an exact, predetermined figure for surety support.
Blanket approval for Limbach's surety bonding is the result of a long-standing relationship with INA. The carrier takes part in the company's financial meetings and is fully informed about revenues, goals, and work-in-progress. This knowledge, plus INA's understanding of contracting has, according to Walter Limbach, "made them totally receptive to the overall bonding concept."
Decision-making in business insurance has never been more complex. And the financial implications have never been greater. Today, devising cost-effective insurance programs requires knowledge, experience, capacity-and a complete range of products and services. Flexibility and the willingness to innovate are also essential.
INA's ability to combine these elements can assist you in developing practical solutions, new approaches, and better strategies. Consult the professionals. Write directly to John Cox, President, INA Property-Casualty Group, 1600 Arch Street, Philadelphia, PA 19101 or call (215) 241-2729.
The resources to do it all, the strategies to do it right.
INN
Insurance Professionals
6 MASONRY/MARCH, 1980