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Understanding Construction/Surety Bonds & Expanding Your Company’s Bond Program. By: Scott Mahorsky. What is a Surety Bond?.

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understanding construction surety bonds expanding your company s bond program
Understanding Construction/Surety Bonds & Expanding Your Company’s Bond Program

By: Scott Mahorsky

what is a surety bond
What is a Surety Bond?

A surety bond is a written agreement where one party, the surety, obligates itself to a second party, the obligee/owner, to answer for the default of a third party, the principal/contractor.

Surety

Contractor

Owner

types of surety bonds
Types of Surety Bonds
  • Bid Bond
  • Performance & Payment
  • Maintenance
  • Others – Supply, Subdivision, Judicial, Mining, etc…
where do i get a bond
Where Do I Get a Bond?
  • Agent
    • Execution
    • Role
surety bonding companies
Surety – Bonding Companies
  • Large Markets
    • Travelers
    • CNA
    • Arch
    • Liberty
    • Zurich
  • Small/Medium Markets
      • Aegis
      • Capitol
      • Hudson
      • IFIC
      • NAS Surety
surety bonding companies1
Surety – Bonding Companies
  • Differing Sizes
    • Large Sureties = Larger Contractor
    • Smaller Markets = Smaller Contractor
  • Preferences
    • Federal Work
    • State Work
    • Subdivisions
    • Commercial Surety
how do i qualify
How Do I Qualify?
  • Character
  • Financials
how do i qualify1
How Do I Qualify?
  • Bank Line of Credit
  • Experience/Work History
    • Resumes of Key Employees
    • Job References
    • Awards
ratios
Ratios
  • Working Capital
  • Equity
  • Total Bond Program
  • Cost to Complete
how to maximize your bond program
How to Maximize Your Bond Program
  • Agent
    • Relationship with Sureties
    • Technical Ability
    • Focus on Surety
    • Understands Federal Marketplace
      • Sureties
    • Track Record
      • Overall - Losses
      • Resumes
how to maximize your bond program1
How to Maximize Your Bond Program
  • Construction Accountants & Financial Reporting
  • Project Types & Profitability
    • IDIQ
    • SATOC
    • MATOC/MACC
  • Build a Team
  • Construct a Long Range Plan/Strategy
benefits of maximizing bond program
Benefits of Maximizing Bond Program
  • Profits
  • Letters – Better Opportunities
  • Less Dependence on Large Contractors
state of surety marketplace
State of Surety Marketplace
  • Economy
    • Increased risk for owners, contractors & sureties caused by current economy
    • Continued disciplined underwriting, exposure management & project analysis
    • More competition, fewer projects