ORSC Blog

Surety Bond Claims 101 There’s nothing quite like the sinking feeling you get when you hear there’s a claim against your bond. Despite your best intentions, it’s likely that you’ll face ...
The Importance of License and Permit Bonds There’s an element of risk in every business transaction.  License and permit bonds were created so that municipalities could help protect citizens from ...
Corporate Crime - How Fidelity Bonds May Reduce it's Impact on Your Business The industry refers to employee theft as white-collar crime – or corporate crime. Corporate crime refers to financially motivated, nonviolent crime committed by ...
Transitioning From Fastbonds to a Standard Bond Program Here are some important reasons why a contractor would want to transition from a credit-based bond program, or Fastbond, to a standard bond program - and how to ...
It's Pig Iron Under Water! To some of my fellow insurance professionals, the surety business has always had an air of mystery about it.  Perhaps it is the exotic language we use referring ...
Pure Guts - Pure Michigan Michigan's two peninsulas were finally connected in 1957, after 20 years of planning, and close to $100 million in construction and engineering costs with the ...
How Work in Progress Reports Benefit Contractors, Accountants, and Everyone Else Cost overruns are a common occurrence in the construction industry. It’s far too easy at the mid-point of any project to misjudge billing against the actual ...
Why Character is so Important for Underwriting Surety Bonds I remember receiving a particular account submission some years ago. The agent told me I was going to see some distress in their financial trend, but there were ...
7 Red Flags For Contract Bonds & Strategic Approach Fixes In the process of considering a contract bond request, there are certain circumstances that can raise red flags for a surety underwriter. To maximize their surety ...
Work in Process Reports | Key For Contractors and Surety Companies The Work in Process schedule (WIP) is one of the most important reports produced by a contractor's accounting system. Surety companies rely heavily on this report ...

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