08 Feb

Congratulations to our 2017 Surety Partner of the Year…. Zurich!

We are pleased to recognize Zurich, N.A. as our Surety Partner of the Year. Congratulations! You have been a pleasure to work with throughout the last two years.

At the end of each year, we look back at the year and take stock. One of the most important aspects of the Surety Department is the relationships we have with all our surety partners. We hold each relationship in high regard, but alas each year we must identity just one surety partner that’s provided an exceptional level of service throughout the year. The award recognizes not only the branch manager and the underwriters, but also takes into consideration in the organization who helps the Truss Surety Department to succeed. Therefore we do consider the number of accounting differences, errors and slowness in responding to all of our requests and more.

2017 Surety Partner of the Year

Past award winners include

  • 2007 – Zurich
  • 2008 – CNA Surety and United Fire & Casualty Company
  • 2009 – Merchants Bonding
  • 2010 – Old Republic Surety Company
  • 2011 – Old Republic Surety Company
  • 2012 – Berkley Surety
  • 2013 – Old Republic Surety Company
  • 2014 – CNA Surety
  • 2015 – Merchants Bonding Company
  • 2016 – Liberty Mutual Insurance and Zurich
  • 2017 – Zurich

Thanks again to Zurich for a job well done and good luck to all of our sureties in 2018!

28 Mar

Truss Surety Partners of the Year 2016

Truss Surety Partners of the Year 2016

The 2016 Truss Surety Partner of the Year Award goes to… Liberty Mutual Insurance and Zurich. Congratulations! Both sureties provided the highest level of service, and went out of their way to help Truss ensure a successful 2016. We thank you for your service!

We value all of our surety relationships, and we are pleased to represent so many great companies. This award recognizes those sureties that went beyond the normal.

Recipients are recognized for the highest level of service to our agency. One half of the matrix consisting of premium dollars as well as premium growth. The other half, determined from the overall opinions of the entire Truss bond department staff. Staff provides their opinions on the various sureties reviewing their level of service, surety staff continuity, surety accessibility, ease of doing business, etc. The award does not recognize the surety who has simply said yes every time.

Surety Partners of the Year
2016 Surety Partners of the Year
Surety Partners of the Year
2016 Surety Partners of the Year

 

 

 

 

 

 

The Surety Partner of the Year award has been in existence since 2007. Past surety winners include the following:

2007 – Zurich
2008 – United Fire & Casualty and C N A Surety
2009 – Merchants Bonding
2010 – Old Republic Surety
2011 – Old Republic Surety
2012 – Berkley Surety
2013 – Old Republic Surety
2014 – C N A Surety
2015 – Merchants Bonding

Thank you Liberty Mutual Insurance and Zurich, and all of our surety partners for supporting our surety operation!

30 Dec

Surety Frequently Asked Questions

Surety bond vs Insurance: What’s the difference?
For many businesses, both surety bonds and insurance are needed for obtaining license, or to be in compliance with local laws. So what’s the difference? Simply put, insurance protects a business against loss, while a surety bond protects a third-party from a breach of contract from said business.

Here are some of our most commonly asked questions – with answers for you!

How does it work? A surety bond is a third-party guarantee that a business will meet their legal and contractual obligations. It is guaranteed by a bonding company on behalf of the issuer, but does not protect the purchaser of the bond; it is similar to co-signing on a loan. The bonding company guarantees that the business will fulfill their obligations. Insurance is a two-party agreement, where the risk is transferred from the insured to the insurance company.

How do I know if I need a bond? If you are completing a large scale construction project, especially any kind of public works project, it is likely that you will be required to obtain a bond guaranteeing completion of the project. While surety bonds are most common in the construction industry, customers can acquire bonds for a variety of reasons including licensing, utility deposit, tax guarantees, court bonds (probate and appeal), and Contractor’s Performance and Payment Bonds. The contractor bonds specifically are required on all public construction projects. A Performance Bond guarantees the completion of a project according to the terms outlined in the contract.

What should I look for when selecting a surety agent? There are two aspects you need to evaluate before you hire any surety agent. First, they must possess the knowledge to be your business partner by providing you with advice, suggestions and feedback on many aspects of your business. This would include accounting, operations, internal controls, business perpetuation and more. Their knowledge ensures you will be properly represented as the agent seeks surety support on your behalf in the market.

Second, because every surety is different, your surety agent must have detailed knowledge of the various surety markets. A knowledgeable surety agent with strong connections across multiple markets will be able to match you to the best surety partner for your required bond needs.

There are four things you should do when interviewing a potential agent:

  1. Ask them about their relationships within their surety markets.
  2. Test their accounting and business law skills.
  3. Obtain a list of client contractor referrals.
  4. Ask your other valued business partners (such as your attorney, banker, or CPA) about the agents you are considering.

How is bond eligibility determined? A company’s bond eligibility is based on its solvency and project history. A bonding company will go over the applicant’s financials and credit report, banking financials, and history of project completion to determine eligibility.

How does surety pricing work? It depends on the situation and many factors affect pricing. If you upgrade your financial statement presentation as part of the bonding process, it may affect your rates favorably. A new company may have more challenges acquiring rates than a more established one. The quality of your agent is also an important factor. An agent who has good working relationships with markets will be more likely to place you in a better market.

What happens if a claim is filed against a surety bond? Depending on the type of bond in question, the bonding company will either pay the bill, arrange for the completion of the project or provide payment of suppliers. Unlike insurance, the bonding company will then seek compensation from the corporate and personal assets of the bonded company.

For more stories, please visit our news section: In The News.

More questions on assessing your surety team can be found here: http://trussadvantage.com/our-services/surety-bonds/