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 ...
Mike Sanders, AFSB
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 ...
Darrel Lamb, CPCU, AFSB
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 ...
Traci Catalano
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 ...
Rich Sghiatti
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 ...
Darrel Lamb, CPCU, AFSB
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 ...
Mike Sanders, AFSB
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 ...
Mike Sanders, AFSB
4 Key Reasons to Have a Business Services Bond
Even the most trusted employees can cause a loss. Your employees have access to your customer’s valuables while performing duties on their premises. Jewelry, ...
Traci Catalano
30% of Business Failures Are Caused By Employee Theft
Losses due to embezzlement affect small businesses especially hard, because they cannot afford to absorb the losses. Nearly 30% of all business failures are ...
Traci Catalano
The Over and Under of Contractor Billings
Large overbillings or underbillings can be an indication of problems that could jeopardize the stability of a contractor's bond program. Generally Accepted ...
Mike Sanders, AFSB
