Posted by Thomas A. Littlefield, for OldRepublicSurety When a construction project is delayed, damage claims can result, and fingers are quickly pointed at the contractor to be held accountable for these damages. Planning for all the potential delays that can affect a project is not easy ― especially in the today’s unpredictable pandemic environment with its supply chain shortages, volatile …
The Difference Between a Balance Sheet and an Income Statement
Posted by Shayne Albine, for OldRepublicSurety We often get questions about financial statements and why they are important to the bond underwriting process. Underwriters will generally ask for several key financial documents, including a balance sheet and an income statement. These financials help us determine the liquidity of a business and its ability to generate income. A balance sheet indicates a company’s …
The Independent Agent’s Role in the Surety ‘Triangle of Trust’
Posted by Darrel Lamb, CPCU, AFSB, for OldRepublicSurety Any definition of surety will list the three signing parties in a contract surety relationship: the principal (or contractor), the obligee (or owner of the project) and the surety. But often overlooked is the trio of surety players who work together for mutual benefit: the surety, the principal and an independent agent. Steve Hanson, …