FLU Tip January 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 is the most common FYE. It’s crucial to maintain communication with both your construction client’s and Surety partners on exactly when these FYE annual reports will be ready. The Surety markets consider them “passed due” if not received and reviewed within 3 months of their FYE.”
– Surety Place FRONT LINE UNDERWRITER (FLU) Tip of the Month