Tips for Success Today
This is the most difficult surety market ever, and while the current economic recovery suggests that brighter days may be ahead, surety industry results will lag the overall economic recovery by at least 2 years. With this in mind, expect a continued tightening of the surety marketplace. The following tips will assist you in navigating this difficult surety environment:
Plan for more lead-time than you needed in the past. Many sureties are understaffed and overwhelmed with new submissions. Bid bond approvals are taking longer to obtain. Be ready to provide complete and accurate details of the job.
Surround yourself with professionals. Your Banker, CPA, Attorney, Insurance Agent, and Surety Agent are key business partners. Make sure that your partners are specialists in their field, who understand construction.
Be prepared to compile and provide financial updates in a timely manner. Our sureties expect financials within 90 days of F.Y.E. We will work with you to accommodate interim financial data as required by surety.
Live in REALITY – know the strengths and vulnerabilities of your organization. We will work closely with you to ensure that you know what the surety will consider a weakness – and together, we will develop a plan to pro-actively address and diffuse these issues.
Kansas City Headquarters
Alscott Surety, Inc.,
Lee's Summit, MO
ph (816) 674-8067
fx (816) 537-0441