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FLU Tip June 2024

published at Tuesday, June 4th, 2024

“Freight Broker bonds have been considered “harder-to-place” risk for many years. Please consider their industry experience, financial stability and claim history before submitting to surety markets. The Surety Place is […]

FLU Tip Apr2024

published at Tuesday, April 2nd, 2024

“It’s crucial for underwriters to be aware that civil or probate court bonds may have unique renewal requirements, as the duration of the bond is often tied to the length […]

FLU Tip Mar 2024

published at Tuesday, March 5th, 2024

“Finding the right Surety bond program that fits your clients’ needs can be challenging. Take into consideration the largest projects they have completed in the past 5 years, and size […]

SBA Bond Guarantee Program Limit Increase 2024

published at Tuesday, March 5th, 2024

The Small Business Administration (SBA) recently announced a milestone change in its Surety Bond Guarantee Program (SBG), marking the first adjustment in statutory contract limits since 2013. Effective March 18, […]

Court Bond Underwriting Tips

published at Thursday, February 15th, 2024

Court Bond Underwriting Tips: Court bonds can be complex; understanding the specific court’s requirements is key. For example, in federal courts, a bond may be required for the cost of […]

FLU Tip Feb 2024

published at Tuesday, February 6th, 2024

“Improvement Bonds typically cannot be cancelled by the surety and must be released by the Obligee. Once the work is complete the Obligee must provide verification the bond is no […]

FLU Tip Jan Mid-Month 2024

published at Monday, January 22nd, 2024

“Warranty bonds, commonly known as maintenance bonds, covers workmanship warranties and specifically excludes coverage for warranties provided by the contractor’s suppliers and manufacturers which are transferred directly to the owner […]

FLU Tip January 2024

published at Tuesday, January 9th, 2024

“Annual underwriting updates for Surety contract accounts are typically performed within 3 months of your client’s Fiscal Year End (FYE). It’s a busy time of year for CPA’s since 12.31 […]

FLU Tip Nov2023

published at Monday, November 6th, 2023

“Stay informed about market trends, construction technologies, and project financing options to better evaluate bond requirements. An informed underwriter is not just a gatekeeper but a trusted advisor, guiding contractors […]

FLU Tip Oct 2023

published at Sunday, October 1st, 2023

“Holiday Season can be extremely busy for contractors. Be sure to give them plenty of notice for any renewals, bond requirements, close out requests, and new underwriting.” – Surety Place […]

FLU Tip Sep 2023

published at Friday, September 1st, 2023

“The best ways to keep your credit scores from dropping include paying your bills on time, avoiding frequent “hard credit” checks, refraining from signing up for multiple credit cards merely […]

FLU Tip Aug 2023

published at Tuesday, August 1st, 2023

“Whether you’re considered low bidder or high bidder, it’s always good practice to get the bid results submitted to your Surety agent. If low, the surety will require the bid […]

FLU Tip July 2023

published at Thursday, July 27th, 2023

FLU Tip June 2023

published at Tuesday, June 6th, 2023

FLU Tip May 2023

published at Friday, May 5th, 2023

FLU Tip April 2023

published at Saturday, April 1st, 2023

FLU Tip March 2023

published at Wednesday, March 1st, 2023

FAQs About Contract Surety Bonds

published at Monday, February 20th, 2023

The world of surety bonds can be intricate and constantly evolving, regardless of whether you’re a new entrepreneur or an experienced business owner. To help you understand which bond is […]

FLU Tip February 2023

published at Tuesday, February 7th, 2023

6 Things Contractors Should Consider in 2023

published at Monday, January 23rd, 2023

The start of a new year always comes with company reevaluations. Looking at the previous year’s successes and failures and adjusting operations accordingly. As a contractor, this is crucial for […]

FLU Tip January 2023

published at Monday, January 9th, 2023

December 2022 FLU Tip

published at Tuesday, December 6th, 2022

November 2022 FLU Tip

published at Thursday, November 10th, 2022

California Contractor License Bond Increase

published at Wednesday, November 9th, 2022

If you are a contractor doing business in the state of California, effective January 1, 2023, there will be a fee increase for contractor license bonds. The bond amount will […]

Underwriting Guidelines for Performance Bonds

published at Wednesday, November 2nd, 2022

You must understand the underwriting guidelines when you are looking to get a performance bond. This will help ensure that you qualify for the bond and that the process goes […]

October FLU Tip 2022

published at Thursday, October 6th, 2022

Sometimes Claims are Inevitable – Here’s How to be Part of the Solution

published at Tuesday, October 4th, 2022

As a contractor, it is no secret that the construction industry is consistently changing and hardships are occurring more often than we would like to admit. Between labor shortages, increased […]

September 2022 FLU Tip

published at Thursday, September 8th, 2022

Private Construction Projects are Starting to Require Surety Bonds – Learn Why

published at Monday, August 22nd, 2022

For public building projects, having a surety bond is a requirement. Bonds operate as a sort of insurance for the government, shielding it from project failure or contractor embezzlement. In […]

August FLU Tip 2022

published at Wednesday, August 3rd, 2022

Here’s How Credit Score Affects Bond Costs

published at Friday, July 29th, 2022

Anyone’s financial life must include having good credit because it paves the way for obtaining access to reasonable funding for various purposes. Creditors and lenders view good credit as a […]

July 2022 FLU Tip

published at Thursday, July 14th, 2022

Navigating Inflation – How Contractors can Protect Themselves from Rising Material Costs

published at Thursday, July 14th, 2022

Since the start of the COVID-19 pandemic, many contractors have been fighting to stay in business with the odds working against them. Specifically, over the last 12 months, we have […]

June 2022 FLU Tip

published at Monday, June 13th, 2022

State By State Guide to Obtaining a Motor Vehicle Dealer Bond

published at Friday, June 10th, 2022

Starting a dealership may be difficult and costly, therefore it’s critical to gather the necessary paperwork and select a reputable surety firm to help get you the right MVD Bond […]

May 2022 FLU Tip

published at Tuesday, May 17th, 2022

April 2022 FLU Tip

published at Wednesday, April 6th, 2022

What are Underbillings?

published at Monday, April 4th, 2022

When work you’ve accomplished isn’t billed or fees you’ve incurred aren’t paid, this is known as underbilling. Almost every contractor experiences some type of underbilling at some point. However, underbilling […]

Smart Bidding: The Do’s and Dont’s Your Construction Company Should Follow

published at Monday, March 7th, 2022

  Contractors often have a habit of bidding on projects at the lowest price possible. However, as the bidding process grows more complicated, it’s critical to understand how to win […]

March 2022 FLU Tip

published at Friday, March 4th, 2022

How to Become an Insurance Broker

published at Wednesday, February 2nd, 2022

Consider becoming an insurance broker if you want to assist people in finding the best insurance coverage specific to their personal needs. These agents work for a range of insurance […]

February 2022 FLU Tip

published at Tuesday, February 1st, 2022

Reviewing and Complying with Performance Bonds

published at Saturday, January 15th, 2022

Performance  & Payment Bonds are designed to serve as an assurance that the work will be performed in accordance with the terms of the applicable construction contract. In most cases, […]

What to expect from the Underwriting Process

published at Tuesday, January 11th, 2022

As a business a new business owner, you may not have a clear understanding of the surety bond process and who does what when it comes to helping you secure […]

January FLU Tip 2022

published at Monday, January 10th, 2022

Steps to Becoming a Mortgage Broker

published at Friday, December 10th, 2021

The mortgage industry is ever-growing and ever-evolving. As it continues to grow, the demand for quality mortgage brokers is also increasing. If you’re a person willing to deal with both […]

December 2021 FLU Tip

published at Tuesday, December 7th, 2021

How to Grow Your Construction Business in 5 Easy Steps

published at Tuesday, December 7th, 2021

The construction industry can be extremely profitable if you know how to run and grow your business successfully. More often than not you will find new construction projects around every […]

Motor Vehicle Dealer Bonds Explained

published at Monday, November 8th, 2021

Being a motor vehicle dealer is a huge responsibility and requires complete trust from all parties. Customers have faith that the dealer has provided nothing but truthful information about the […]

November FLU Tip

published at Monday, November 8th, 2021

What Makes a Great Surety Bond Producer

published at Sunday, November 7th, 2021

The entire bonding process from start to finish can be quite intricate. As a business owner, you may find yourself needing one or more surety bonds throughout the life of […]

How do Payment and Performance Bonds Work Together?

published at Tuesday, November 2nd, 2021

Contractors get payment and performance bonds for building projects to safeguard various parties from unfulfilled contractual obligations. These bonds are generally required for public building projects, although they can also […]

October 2021 FLU Tip

published at Tuesday, October 19th, 2021

How to Obtain a Motor Vehicle Dealer License

published at Tuesday, September 21st, 2021

Becoming a vehicle dealer can be a great career move. To become one, you need to first understand the vehicle industry as a whole and have a clear idea of […]

How to Get a Freight Broker License 

published at Saturday, September 18th, 2021

Are you thinking about getting a freight broker license? If you want to operate as a freight broker you will need to follow the steps to get your freight broker […]

September FLU Tip 2021

published at Tuesday, August 31st, 2021

Rise in Material Costs and How they are Affecting the Construction Industry

published at Wednesday, August 4th, 2021

According to a Minneapolis Fed poll conducted in late May, rising building material costs are affecting project demand and earnings in the construction sector. High input prices had a negative […]

August FLU Tip 2021

published at Monday, August 2nd, 2021

Guide to Obtaining a Contractor License Bond

published at Tuesday, June 29th, 2021

What is a Contractor License Bond? Contractor license bonds are surety bonds that contractors must acquire in order to receive a contractor license or permission from the government. Contractor license […]

July FLU Tip 2021

published at Tuesday, June 29th, 2021

Contract Surety Bonds for Construction Projects

published at Tuesday, June 29th, 2021

The Surety Place specializes in contract surety bonds needed for construction projects and beyond. Whether you are just starting out or well-versed in the construction industry requirements, our team can […]

June 2021 FLU Tip

published at Monday, June 7th, 2021

How Contractors can Win the Trust of Surety Agencies

published at Monday, May 24th, 2021

Obtaining surety bonds can be a complicated process for new contractors. After all, how can you be sure the surety will trust you enough to supply the bond you need? […]

Performance Bonds For Bad Credit – Steps to Obtaining One

published at Tuesday, May 18th, 2021

Bad credit is so often the black cloud that looms over you for years and years, stopping you from making moves in both your personal and professional life. As a […]

May 2021 FLU Tip

published at Tuesday, May 4th, 2021

Construction and COVID-19 Vaccines

published at Tuesday, May 4th, 2021

COVID-19 has continued to cause stress within the construction industry and now that the vaccines are widely available, regulations regarding requirements for the vaccine continue to change. It was originally […]

April 2021 FLU Tip

published at Thursday, April 1st, 2021

Construction Bonds Explained

published at Tuesday, March 2nd, 2021

March FLU Tip 2021

published at Tuesday, March 2nd, 2021

7 Tips for Struggling Contractors

published at Friday, February 12th, 2021

Growing your business or re-growing your business in the year 2021 is already proving to be tough. With the pandemic still affecting our day-to-day lives, as business owners, it is […]

Surety Bond Renewal Guide

published at Tuesday, January 5th, 2021

Several questions and concerns come up regarding the renewal process and terminology when the time arrives to renew your surety bond. Within this guide, we have summarized Surety’s bond renewal […]

How COVID-19 is Effecting Construction

published at Tuesday, May 19th, 2020

The worldwide pandemic Coronavirus Disease 2019 (COVID-19) has put a halt on construction projects. Social distancing, travel restrictions, and quarantines have disrupted supply chains, contractor workforces, and the availability of […]

COVID-19 UPDATE

published at Tuesday, March 31st, 2020

A Letter From The President: COVID-19 UPDATE as of 03/31/2020 Insurance Services are considered “essential business” to most Stay Orders issued by Federal, State and Local authorities Hope this letter […]

Surety Bond 101 – How To Choose The Right Agent

published at Tuesday, March 24th, 2020

For any business requiring a surety bond, it’s important to find an experienced surety bond agent to help you navigate through the industry. Not all surety agents are created equal, […]

Named Top Performing Surety Agency of 2019 By The SBA

published at Saturday, January 25th, 2020

We are so excited to announce that we have been named one of the top-performing surety agencies 2 years in a row by the SBA. The Surety place works hard […]

Performance Bond VS Payment Bond

published at Tuesday, January 14th, 2020

Performance Bond VS Payment Bond Simply put, a performance bond ensures performance and a payment bond ensures payment. A performance bond is a type of surety bond that guarantees that a principal […]

North Dakota Public Adjusters Bonds – Now Mandatory

published at Saturday, December 28th, 2019

In North Dakota, a new bill has been established requiring public adjusters to be licensed and have a minimum of $20,000 surety bond. As of recent, the previous allowance of […]

Understanding the 4 Main Types of Surety Bonds

published at Thursday, November 7th, 2019

There are over 50,000 surety bond types in the nation and no official or legal way to properly divide them into categories. Surety bonds can be extremely tricky to understand, […]

SBA Surety Agency of the Year

published at Tuesday, June 18th, 2019

              We are SO excited to finally announce that we have received an award of Surety Agency of the year from the SBA. “Three […]

Surety Agency of the Year

published at Tuesday, June 11th, 2019

PHOENIX, June 26, 2019 /PRNewswire/ — Surety Placement Services, LLC DBA The Surety Place, was awarded national Surety Agency of the year by the SBA for the 2018 fiscal year. According to the Small Business Association, […]

What is a Bid Bond

published at Thursday, April 11th, 2019

A bid bond acts as insurance to protect the owner or developer in a construction bidding process and is required to bid on a contract. It’s a guarantee that the […]

Performance Bond FAQs

published at Monday, April 8th, 2019

Q: What is a Performance Bond? A: A performance bond is a type of contract bond that is often obtained in conjunction with a payment bond. A performance bond is a […]

February FLU Tip

published at Wednesday, February 13th, 2019

SBA Bond Guarantee Program Press Release

published at Friday, February 8th, 2019

Original Press Release PHOENIX, Feb. 7, 2019 /PRNewswire/ — Surety Placement Services, LLC DBA The Surety Place, has been ranked the top performing bond agency located in Arizona and the Southwest region for  the 2018 fiscal year by […]

Why Bonds are Crucial for the Construction Industry

published at Tuesday, January 22nd, 2019

Are you thinking about starting a business in the construction and development industry? Have you started to map out exactly what building a business in that industry entails? Is applying […]

FLU Tip November 2018

published at Thursday, November 29th, 2018

FLU Tip October 2018

published at Monday, October 29th, 2018

SBA Bond Guarantee Program Fee Decrease

published at Monday, September 17th, 2018

The SBA recently announced the first decrease in fees for the Bond Guarantee Program in 12 years. As of October 1, 2018 any bond approved and acquired for the 2019 […]

Understanding Performance Bond Requirements

published at Tuesday, April 25th, 2017

Performance Bonds are crucial for any construction project. Below is a full explanation of performance bonds and the requirements that come with obtaining one. To jumpstart your performance bond application, […]