Transactional Surety Bond Application Modules

Description

This learning path is for contractors who are new to bonding who want and may qualify for credit-based transactional surety bonds. It provides you with an introduction to surety bonding with a focus on transactional surety bonds or small bond programs primarily based on your and your company’s credit score. It explains:

  • The purpose and benefits of surety bonds
  • How surety companies review your business as part of the  transactional surety bond application process
  • What you need to provide during the transactional application process

It includes checklists and other documents that you can use as you prepare to apply for a transactional surety bond or small 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
  • Define the three C’s (Character, Capacity, and Capital) of underwriting 
  • Be prepared to go through the six steps of the transactional surety bond application process for a single bond or small bond program that relies primarily on credit scores

Key:

Complete
Failed
Available
Locked
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.
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 have completed the Transactional Surety Bond Application Modules, you are eligible to register here for the mentoring program and expert advice from industry professionals.