Fast Facts about Fidelity Bonds and Public Official Bonds

Nina Conner News

Posted by Becky Nichols, OldRepublicSurety Fidelity and public official bonds both involve protection from fraudulent or dishonest behavior by individuals. Are you worried your employees might steal from you? Then it would help if you looked into fidelity bonds. Are you a public figure required by law to be bonded? If so, you will need a public official bond. Old …

Reduce Your Chances of a Surety Claim

Nina Conner News

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 …

SBA Proposed Rule Relaxes Change of 8(a) Program Ownership, Allows Limited Populated Joint Ventures

Nina Conner News

Posted by Shane McCall, SMALLGOVCON The SBA has issued new proposed rules relating to the 8(a) Program. The rules clarify some aspects of ownership and control requirements for the 8(a) Program, including making change of ownership a little easier and cleaning up some 8(a) set-aside processes. The rule would also allow for populated joint ventures between similarly situated joint venture members. Here …

Maintaining Surety Credit in Times of Growth and Transition

Nina Conner News

Posted by Erik Mueller, OldRepublicSurety Most construction companies in the U.S. are owned by an individual or the members of a family. Yet, according to the Family Business Alliance, only 30% of family-owned businesses survive into the second generation, and just 12% remain viable into the third generation. That means when owners are ready to retire, they likely will sell to …

Understanding the Claim Process for Bonds vs. Insurance

Nina Conner News

Posted by Barbara Micek, OldRepublicSurety Thinking about building a book of surety business? As an insurance agent, you’ll want to understand how the surety claims process differs from the insurance claims process. You’ll also want to share this post with your small business owner clients who may find bonding to be as intimidating as they find insurance. With your help, …

Bringing Communities Together One Stadium at a Time

Nina Conner News

Posted by Sean Rummel, OldRepublicSurety America’s love of baseball is about so much more than the game itself. It’s also about the overall ballpark experience. From youth Little League fields to Major League Baseball stadiums, communities across the country invest significant resources into creating facilities where people can enjoy America’s pastime. Building or renovating a local baseball field can be …

What Surety Underwriters Review on Your Bond Applications and Construction Contracts

Nina Conner News

Posted by OldRepublicSurety Surety underwriters ask a lot of questions. They do so to fully understand your business to better support your project opportunities. Part of the process is determining you qualify for the size and scope of the projects for which you require bonds. If your organization cannot carry out the construction contract, your surety is obligated to carry …

The Financial Fallout from a Terminated Contract

Nina Conner News

Posted by Arthur Sonneland, for OldRepublicSurety No one wins — the principal, the obligee or the surety — when a principal is terminated on a bonded project. A termination will generally require the surety to step in and 1) find another contractor to complete the project, 2) complete the project itself or 3) offer a financial settlement to absolve itself …

How the Cost of a Contract Bond Is Determined

Nina Conner News

Posted by Todd Taylor, AFSB, CPCU, for OldRepublicSurety What goes into determining the cost of a contract bond? Here is a basic introduction. Common Contract Bonds These are some of the most common contract bonds: Bid bond—surety consents to provide performance and payment bonds, if the contract is awarded Performance bond—guarantees performance according to contract, bond terms Payment bond—guarantees payment …

It’s Not Just About Rates. It’s About Valuable Service

Nina Conner News

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. …