The surety industry is one of the most complex markets in insurance—which makes it a great avenue for independent agents to prove their value. But in a persistent soft market, adding value beyond price is easier said than done.
Due to the amount of detail and sensitive information involved in the surety bond process, it’s important to choose a reliable wholesaler to support you and your client.
The ongoing labor shortage in the construction market continues to put pressure on project scheduling and costs for contractors. But for contractors who are struggling to manage scarce resources, the surety market offers relief.
Independent agent Richard Miller predicts that the surety bonds market will remain strong in the long term. “The future of surety is endless,” he says. “As long as there are jobs to be done, financial guarantees are required, and bonds are uniquely suited
What many contractors don’t understand is that a surety bond doesn’t protect the contractor. It protects the project owner from loss by the surety if the contractor fails to fulfill their obligations.
Independent agent Frances Blanks started her agency when the chief judge of the county probate court asked her for help. “I put everything together—the companies, space and everything necessary to run a business,” she says.
Although agents work hard to avoid facing errors & omissions claims, many are not aware of potential issues that can arise when handling bonds. Here are some common surety-related missteps that can create E&O exposures—and how to avoid them.
After working in the auto dealership business for 12 years, Shawn Gustafson needed a change. He never guessed the surety business would be the perfect fit.
In the wake of the construction recession in 2009, surety clients are in dire need of sound advice and guidance from their insurance agents.
