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Reduce Your Chances of a Surety Claim

Sponsored Content from Old Republic SuretyPosted by Lisa Frasier 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 ...

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Beware of Bond Fraud

Posted by Old Republic Surety A recent article in Business Insurance magazine, “Surety bond scammers sentenced to prison time,” reminds us that surety fraud is a serious crime that can have dire economic consequences for sureties, principals, obligees and the public. In this case, the victims were three contractors who were bilked out of $1.2 million by criminals who sold them phony ...

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Picture Day for Contractors

Sponsored Content from Old Republic SuretyPosted by Darrel Lamb, CPCU, AFSB If there is one thing I learned in grade school, it is that some days are more important than others. Most notably, in the life of a grade schooler, picture day was of great importance. This was the day you should look your best. It’s that one snapshot in ...

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Abbreviation for Million and Thousand: K & MM Meaning

Sponsored Content from Old Republic Surety Posted by Darrel Lamb, CPCU, AFSB If you’re confused about the letter designations that stand for thousands and millions, you’re not alone. And it’s not your fault. In fact, it’s one of our most frequently asked questions. Here’s why you’re confused and what to do about it. Western civilization has had two powerful influences ...

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Contractors Must Know Their Contract and Strategize to Avoid Damage Claims

Sponsored Content from Old Republic Surety Posted by Thomas A. Littlefield 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 today’s unpredictable pandemic environment with its supply ...

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How to Get Your First Bond, Part 2

Sponsored Content from Old Republic Surety Posted by Erik Mueller Are you ready for your first surety bond? In Part 2 of this two-part blog, Mueller provides additional advice. Be sure to read Part 1 here. 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 ...

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How to Get Your First Bond, Part 1

Sponsored Content from Old Republic Surety Posted by Erik Mueller This is Part 1 of a two-part article on acquiring your first bond.  Be sure to read Part 2 of Mueller’s advice for acquiring your first bond. Are you ready for your first surety bond? Maybe you’re bidding on your first public project, or the financiers of a private job require ...

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How the Cost of a Contract Bond Is Determined

Sponsored Content from Old Republic SuretyPosted by Todd Taylor, AFSB, CPCU What goes into determining the cost of a contract bond? Here is a basic introduction for surety professionals. 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 awardedPerformance bond—guarantees performance according to contract, ...

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Choosing a Bond Producer for the Long Run

Sponsored Content from Old Republic Surety Posted by Mike Sanders, AFSB The agent you select for your surety bonds has a tremendous impact on your ability to get a project bond approved. Bond producers are key partners in getting that first bond written as well as in growing your business over time as you go after larger projects. A good ...

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The Difference Between a Balance Sheet and an Income Statement

Sponsored Content from Old Republic Surety Posted by Shayne Albine 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. ...

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