Cash Flow: An Important Measure of Your Company’s Health

Nina Conner News

Posted by Wayne Messick, AFSB, for OldRepublicSurety The definition of cash flow is pretty straightforward: It’s the money that comes into your business minus the money that goes out. It’s a part of your CPA-prepared financials and is usually shown in a separate cash flow statement. Yet cash flow is more than an accounting exercise. It’s a key financial indicator …

I’ll Be There for You

Nina Conner News

Posted by OldRepublicSurety Dan Pope, Senior Vice President of Underwriting for Old Republic Surety, recently joined NASBP “Let’s Get Surety” podcast hosts Kat Shamapande and Mark McCallum for episode No. 59 about relationships in the surety business. The hosts asked Pope to define a relationship-based surety. It’s “a surety that’s in the business for the long haul, both in the relationship …

National Safety Stand-Down to Prevent Falls in Construction

Nina Conner News

Posted by United States Department of Labor Fatalities caused by falls from elevation continue to be a leading cause of death for construction employees, accounting for 351 of the 1,008 construction fatalities recorded in 2020 (BLS data). Those deaths were preventable. The National Safety Stand-Down raises fall hazard awareness across the country in an effort to stop fall fatalities and injuries. …

How to Get Your First Bond, Part 2

Nina Conner News

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 …

Seven Things You Didn’t Know About Surety

Nina Conner News

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 …

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. …

WHAT TWO AGENTS SAY ABOUT THE “TRIANGLE OF TRUST” IN SURETY

Nina Conner News

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, …

Contractors Must Know Their Contract and Strategize to Avoid Damage Claims

Nina Conner News

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

Nina Conner News

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’

Nina Conner Uncategorized

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, …