Questions to Ask Your Surety Underwriter & Bond Producer
Reprinted from ABC’s Construction Executive Surety Bonding Section – November 2006.
- What value in the way of services, input, and advice will you provide me?
- How can you help me grow in a disciplined way?
- What is your success record and history? What percentage does the construction contract bond business represent in the overall P&C operation?
- Do you have sufficient staff to handle my needs?
- How much experience does the underwriter have in underwriting construction firms?
- What primary market segments does the surety company handle?
- What are the surety’s financial results over time?
- Are you licensed in the proper jurisdiction?
- Is the surety A.M. Best rated or listed as an approved surety on the U.S. Department of Treasurer’s Circular 570: Federal Treasury Listing of Qualified Sureties?
- Is the underwriting authority local and sufficient to meet my day-to-day needs?
- What individual sized bond and total aggregate are right for me?
- How does the surety perceive my risk profile? What are the surety’s expectations?
- Does the surety have a professional claims department, or does it outsource its claims to third parties?
- Do your understand and support my business plan?
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