The Complete Contractor Bonding Education Modules
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Description
This learning path is for contractors who are new to surety bonding and need or want a traditional bond program. It is a comprehensive overview of surety bonding that explains:
- The purpose and benefits of surety bonds
- The traditional and transactional surety bond application processes
- What you need to provide during the traditional application process
- How sureties review your business
- Tips for growing your business and your team
It includes checklists and other documents that you can use as you prepare to apply for a traditional surety bond program.
Objectives
After completing the modules in this learning path, you will be able to:
- Explain benefits of surety bonds and recognize how surety bonds could help your business
- Define the term surety bond, types of surety bonds and application processes
- Identify roles of surety bond professionals and be ready to find a surety bond producer
- Describe the two parts of the traditional surety bond underwriting process
- Prepare documents typically required for traditional application and underwriting process
- Define the Three C’s (Character, Capacity, and Capital) of underwriting
- Identify sources that sureties use to determine character and take steps to improve how a surety views your character
- Provide appropriate capacity-related documentation to your surety bond producer
- Anticipate and prepare the documents the surety and the surety bond producer will request to analyze your capital
- Take steps to increase your business’ capacity and capital
- Describe the factors surety companies evaluate for each bonded job in your surety bond program
- Complete a bond request form for a specific project
- Create an advisory team that will help position your business for growth
Key:
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Module 1: Are Surety Bonds for Me?
Begin self-paced component package.
Begin self-paced component package.
In this module, you learn about the purpose, value and benefits of surety bonds. It includes videos of a Surety Bond Producer and three contractors discussing their experiences with contracts that require surety bonds.
Module 2: An Overview of Surety Bonding
Begin self-paced component package.
Begin self-paced component package.
In this module, you learn the basics of surety bonding, including surety bond terminology, types of surety bonds for construction contracts and the roles of surety bond professionals.
Module 3: Taking Your First Steps on the Bonding Journey
Begin self-paced component package.
Begin self-paced component package.
This module focuses on finding a surety bond producer and preparing yourself for the transactional surety bond application process. The transactional surety bond application process relies primarily on your and your company’s credit score, and also requires other documents. You will receive a checklist of documents to bring to a meeting with your surety bond producer.
Module 4: The Traditional Surety Underwriting Process
Begin self-paced component package.
Begin self-paced component package.
This module helps you prepare for the traditional surety bond application process. It explains the process you will go through to apply for a traditional surety bond program. It prepares you for the types of questions your surety bond producer or the underwriter will ask, and provides a checklist of documents you may need to provide during the application process.
Module 5: What Sureties Want: Character
Begin self-paced component package.
Begin self-paced component package.
During the traditional underwriting process, most sureties evaluate the three C’s: Character, Capacity and Capital. Character is the most important of the three C’s. In this module, you will learn how a surety analyzes character. Knowing how a surety assesses your character helps you prepare for this review. It includes a list of tips for improving your character profile.
Module 6: What Sureties Want: Capacity
Begin self-paced component package.
Begin self-paced component package.
In this module, you will learn about five factors a surety reviews to evaluate your company’s capacity. Knowing how sureties assess capacity can help you prepare for this review and provide appropriate documents. It includes a checklist of documents you can provide to demonstrate your company’s capacity.
Module 7: What Sureties Want: Capital
Begin self-paced component package.
Begin self-paced component package.
This module explains how a surety evaluates your company’s capital. It discusses different ways to demonstrate capital and provides tips to improve your company’s capital over time. It includes a checklist of documents you can provide to demonstrate the amount of your company’s capital.
Module 8: What Sureties Want: Job Underwriting Considerations
Begin self-paced component package.
Begin self-paced component package.
After you’ve established a traditional bond program, each contract bond request goes through the job underwriting process. This module reviews the factors sureties evaluate for each job you want to include in your surety bond program. It includes a sample bond request form you can use to help prepare documents for the job underwriting process.
Module 9: Selecting Your Business Advisory Team
Begin self-paced component package.
Begin self-paced component package.
As you take on larger and more bonded contracts, you may need to add team members. Choosing appropriate team members can make a big difference in your performance and success. This module focuses on professionals to consider adding to your team. You will receive a list of resources for finding appropriate team members and questions to ask as you make these important decisions.
Contractor Bonding Education Program Evaluation
14 Questions
14 Questions
Thank you for taking and completing this learning path.
The Surety and Fidelity Association of American (SFAA) and the National Association of Surety Bond Producers (NASBP) would like to know your thoughts about your online learning experience.
Once you complete this Evaluation just click on the Certificate of Completion on the components tab. Once you receive the certificate of completion, you will see the option to register for the Mentoring program.
Certificate of Completion
No credits available | Certificate available
No credits available | Certificate available