Construction is a cyclic industry and, to survive, company leadership needs to be prepared to manage their company through those ups and downs. One way to be prepared is to have a strong relationship with your surety provider. According to Ed Titus, SVP, Surety for Philadelphia Insurance, “A company may be doing everything right, but getting connected to the right surety carrier really depends on having an experienced surety agent who understands what carriers are looking for and understands … [Read more...]
Reliable, Responsive, Tenacious and Knowledgeable
I am not a native Minnesotan. However, I did spend two weeks each summer of my childhood enjoying this state's amazing lakes as my dad was an avid fisherman. For this reason, Minnesota always held a special place in my heart. However, even with these good memories, more than twenty years ago when my husband and I decided to move our two small children away from family to the state of Minnesota, we were both somewhat nervous about whether or not it was a good decision for our family. I can … [Read more...]
Surety Programs and Financial Statements – Part 2
In the previous blog post, we discussed one area in which accrual basis financial statements are different than a tax basis statement. If your accountant is providing you with only an income tax basis financial statement for your bond applications, that income tax basis statement almost always understates your company’s financial strength and performance. The treatment of tax depreciation schedules is another area that illustrates how these two different types of financial statements can … [Read more...]
Surety Programs and Financial Statements
As 2018 has drawn to a close, many contractors are working on their year-end financials. Your company may want to consider having your accountant prepare an accrual basis financial statement in addition to the standard income tax basis financial statement. This accrual basis financial statement can then be used with your bond application. If your accountant is providing you with only an income tax basis financial statement for your bond application remember this, income tax basis financial … [Read more...]
Goldleaf Surety Services Celebrating 20 Years
On April 1, 1998, Goldleaf Financial, Ltd. began operations in Montevideo, Minnesota. And while the company has undergone many changes throughout the past 20 years, one thing has remained consistent - our reputation as the most comprehensive surety services company in the US. When other surety bond specialists or companies are restricted by size, specialty divisions, or other constraints that limit the entire bonding process, Goldleaf has continually brought it all together under one roof. … [Read more...]
Acora Surety & Insurance Services Recognized
Acora Surety & Insurance Services, LLC has been recognized for reaching the Champions level of Merchants’ Leaderboard program. Acora Surety & Insurance Services is the agency that issues most of the bonds placed by Goldleaf Surety Services and is owned by the same parent company as Goldleaf Surety . As a Champion level partner, Acora is among the elite in contract surety and is a valued partner of Merchants. Merchants Champion level recognizes contract surety agencies and agents … [Read more...]
Times They Are A-Changin’
As the title of the famous Bob Dylan song says, Times They Are A-Changin’. And no one knows that better than the Green Bay Packers faithful. After their first losing season since 2008, the Packers’ owners have gone to work revamping staff and instituting a new game plan for 2018. The times may also be changing in the surety marketplace. For several years, strong profits, inexpensive reinsurance and competition in the surety underwriting business have worked to a contractor’s advantage. … [Read more...]
Year End Considerations and Solid Surety Programs
While a company’s year-end considerations are not a new blog topic for Goldleaf Surety (Surety Bonds & End of the Year Considerations-Part 1; Surety Bonds & End of the Year Considerations-Part 2; Surety-Oriented Considerations at Year-End; and Surety Program and Year End Considerations), it is a topic worth visiting this time of year. How a company deals with its year-end planning can have a significant impact on its bonding program moving forward. For this reason, we feel it is … [Read more...]
Surety Bonds and the Summer Solstice
The June solstice marks the longest day of the year in the northern hemisphere and the start of summer with its early sunrises, late sunsets and long, warm days in between. And while we celebrate the longest day of the year for the many wonderful benefits it brings with it - Goldleaf Surety strives to make sure that the bond application process does not feel like the longest day of your year. In fact, on smaller bid, performance and payment bonds, Goldleaf Surety may be able to help your … [Read more...]
Surety Program and Year End Considerations
It's that time of year again to address how your company's year-end planning issues can affect your company's bonding program - both capacity as well as terms and conditions. The "quality" of year-end statements is a topic often discussed by Goldleaf Surety's Account Specialists with our clients. In our December 3, 2014, blog post Surety Bonds and Year End Consideration we discussed the "quality" of a company's year-end financial statements and how these can affect a company's surety … [Read more...]