Traditional Surety Bond Application Modules

Description

This learning path is for contractors who have obtained transactional surety bonds periodically in the past, and now want to establish a traditional surety bond program. This path skips the basics of surety bonding and focuses on helping you and your business prepare for the traditional surety bond application and underwriting process. It explains:

  • The traditional surety bonding application process
  • What you need to provide during the traditional application process
  • How sureties review your business and your jobs during the underwriting process
  • 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:

  • Describe two parts of the traditional surety bond underwriting process
  • Prepare documents typically required for the 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 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 job you seek to add to 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:

Complete
Failed
Available
Locked
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
Live Viewing: No credits available and certificate available
Live Viewing: No credits available and certificate available
Register for the Mentoring Program
Select the "Register" button to begin.
Select the "Register" button to begin. Now that you completed the Traditional Surety Bond Application Modules, you are eligible to register here for the mentoring program and expert advice from industry professionals.