Below you'll find a list of all posts from 2022
Posted by Erik Mueller, for OldRepublicSurety In my first blog on this topic, we talked about the importance of a professional surety agent and how to find one, and the financial information you will need to prepare. Here’s more you’ll want to know: Start the process early To ensure timely approval, begin the submission process well before the date you need the …
Posted by Darrel Lamb, CPCU, AFSB, for OldRepublicSurety It’s really old Not only was surety mentioned in the ancient Code of Hammurabi (circa 1754 BC), it is mentioned in the Bible and in The Quran. Ancient Roman ordinances required surety for the construction of buildings, walls and highways. Corporate surety as we know it today began in the United States …
Posted by Shayne Albine, for OldRepublicSurety In today’s world, we are surrounded by advertisements. And whatever the product is, advertising consistently drives price to hook new customers. But is that the best approach? Think about advertising through the eyes of a consumer. I like to use the example of purchasing a new vehicle, which many of us can relate to. …
Posted by Darrel K. Lamb, CPCU, AFSB The Rough Notes Company “Relationship” might be the most-overused word in American business (followed by “partnership”). It’s the topic of hundreds upon hundreds of songs in nearly every genre that illustrate love and support: “I’ll be there for you (‘cause you’re there for me too’)” —(Theme from Friends), The Rembrandts “If you’re lost, …
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 …
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 …
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, …
Posted by Mike Sanders, AFSB for Old Republic Surety The agent you select for your surety bonds has a tremendous impact on your ability to get a project bond approved. Bond producers are key partners in getting that first bond written as well as in growing your business over time as you go after larger projects. It’s important to choose …
By Thomas A. Littlefield for Old Republic Surety 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, …
Posted by Darrel Lamb, CPCU, AFSB, for OldRepublicSurety A few years ago one of my contractor clients wanted to bid a $24mm project. The project was about three times bigger than anything they had built to date, but the project made a lot of sense to them and after hearing the plan, it made sense to me, as a representative …
