Overview
What is Machinery Insurance Inc An Assessable Mutual Insurer?
Machinery Insurance Inc An Assessable Mutual Insurer is a nonprofit organization headquartered at 219 NEWNAN ST, JACKSONVILLE, FL 32202. Their primary mission is to provide surety bonds for their principals, ensuring that the company indemnifies third parties if the principal fails to fulfill their promised obligations. This service is crucial in safeguarding third parties from potential losses. The organization operates within the field of insurance, specifically focusing on surety bonds.
Is Machinery Insurance Inc An Assessable Mutual Insurer legitimate?
Machinery Insurance Inc An Assessable Mutual Insurer is a legitimate nonprofit organization registered as a 501(c)(15) entity. Machinery Insurance Inc An Assessable Mutual Insurer submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $21,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Machinery Insurance Inc An Assessable Mutual Insurer?
Machinery Insurance Inc An Assessable Mutual Insurer's mission is centered around providing surety bonds for its principals. In the event that a principal fails to fulfill their promised obligations, the company assumes the responsibility to indemnify the affected third parties. This mission serves to safeguard the interests of the third parties, ensuring they are protected when dealing with the principals under the bond's agreement. By offering these bonds, the insurance company acts as a guarantor, strengthening the business relationships between principals and third parties.
Who is the CEO of Machinery Insurance Inc An Assessable Mutual Insurer?
Fitzhugh K Powell Jr is the President / Treasurer of Machinery Insurance Inc An Assessable Mutual Insurer.
What is the revenue of Machinery Insurance Inc An Assessable Mutual Insurer?
Machinery Insurance Inc An Assessable Mutual Insurer's revenue in 2022 was $334,723.
Who are the executives of Machinery Insurance Inc An Assessable Mutual Insurer and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $5,000
- Related: $0
- Other: $0
- Compensation: $5,000
- Related: $0
- Other: $0
- Compensation: $3,000
- Related: $0
- Other: $0
- Compensation: $3,000
- Related: $0
- Other: $0
- Compensation: $5,000
- Related: $0
- Other: $0
Where can I find the form 990 for Machinery Insurance Inc An Assessable Mutual Insurer?
Machinery Insurance Inc An Assessable Mutual Insurer's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Machinery Insurance Inc An Assessable Mutual Insurer
Machinery Insurance Inc An Assessable Mutual Insurer is committed to providing surety bonds for its principals. In simpler terms, the company guarantees to indemnify third parties should the principal fail to fulfill their promises. This mission serves as a safety net, ensuring that contracts and agreements are upheld, and financial losses are minimized for all involved parties. By providing these bonds, Machinery Insurance Inc An Assessable Mutual Insurer plays a crucial role in fostering trust and reliability in the business world.
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Impact
October, 2024
Machinery Insurance Inc., an assessable mutual insurer, plays a crucial role in the financial stability of its clients by providing surety bonds. These bonds serve as a guarantee that the company will indemnify third parties if the principal fails to fulfill their obligations. This assurance is essential for businesses seeking to establish credibility and trust in their operations, particularly in industries where performance guarantees are a requirement for contracts.
Located in Jacksonville, Florida, the company helps mitigate risks for its clients, enabling them to engage in projects with confidence. By backing principals with solid surety bonds, Machinery Insurance Inc. facilitates smoother transactions and enhances the ability for businesses to secure contracts that might otherwise be unattainable without the assurance of performance.
The impact of Machinery Insurance Inc. can be seen in its commitment to ensuring that clients are able to perform as promised, thereby fostering stronger relationships between businesses and their stakeholders. This support ultimately contributes to economic growth in the region, as firms can undertake larger projects and minimize the financial repercussions of potential failures. Additionally, by operating on a mutual benefit model, the insurer aligns its interests with those of its clients, promoting a cooperative approach to risk management and bolstering the resilience of its member businesses.
This information is meant to be a general summary of Machinery Insurance Inc An Assessable Mutual Insurer. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $68,267
- Program Service Revenue: $266,456
- Gross Receipts: $792,811
Assets and Liabilities:
- Total Assets: $4,344,315
- Total Liabilities: $123,276
- Net Assets: $4,221,039
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INSURANCE PREMIUMS EAR
Revenue
$266,456
Organization Details
Founding Year
1988
Phone
(904) 353-3181Principal Officer
Fitzhugh K Powell Jr
Main Address
219 NEWNAN ST, JACKSONVILLE, FL, 32202
NTEE Category
Code: Y20 - Mutual benefit
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