Posted by Lisa Frasier, OldRepublicSurety
Identifying potential problems in advance allows all parties to plan and act daily with a risk-avoidance mindset.
Principals have a lot of control over surety losses. Adequate preparation and consistent follow-through will help prevent losses. Lisa Frasier, VP for claims at Old Republic Surety, recently wrote on NASBP’s Pipeline page about key indicators that trouble could be brewing.
There are four primary, commonsense practices principals can take to protect their financial well-being and their future bond eligibility: