After obtaining a basic understanding of the company’s operation and analyzing the current financial condition of the company, the underwriter will consider several questions that go more to the character or management capacity of the key personnel. For many small companies, these issues seem quite unrelated to their ability to perform a contract and are somewhat of a nuisance to address with the underwriter. However, many underwrites consider these issues important to establishing a … [Read more...]
Understanding the Underwriter – Financial Statements
A company’s financial statements are the underwriters next consideration. Like loan officers at a bank, a surety company underwriter weighs your financial statements very heavily when determining whether you represent a risk of loss. Again, surety bonds are a credit facility, and the surety company wants to make sure that your company is good on any losses that might be sustained. On the assumption of zero risk, the underwriter is charged by the surety company with making sure that a company … [Read more...]
Understanding the Underwriter – Contractor Questionnaire
The first thing that the surety underwriter considers from the bond application materials is the Contractor Questionnaire. This form provides the underwriter with a first, detailed look at the company. Understanding what the surety underwriter is looking for within the Contractor Questionnaire can be key to a successful application process. Some very basic elements from a review of the Contractor Questionnaire will be interpreted very carefully by the underwriter: It is important to note … [Read more...]
Understanding the Surety Underwriter
When a company makes an application for bonding support, they usually do so with the idea that they operate a strong company and would represent no risk to a surety company. It can be a frustrating and maddening thing for the owner to hear that some person called an underwriter, working for some unknown surety company, in some faraway state thinks differently, and either has rejected the bond application or is requiring a lot of supplemental information to support the bond request. … [Read more...]
Meet Goldleaf Surety’s Newest Team Member
Goldleaf Surety would like to welcome the newest member to our team, Cal Anderson. Cal grew up in Montevideo and worked at Goldleaf during the summer throughout high school and college. He attended North Dakota State University in Fargo, ND, majoring in finance. Once he graduated, he moved to the twin cities for a few years to expand his knowledge of the insurance industry. He has now returned to work at Goldleaf full-time as an Account Specialist. He enjoys spending time at the lake … [Read more...]
Happy 4th of July
Goldleaf Suety Services Wishes You a Happy 4th of July! Freedom is never given; it is won. - A. Philip Randolf Let each one of us make a promise to ourselves that as long as we live, we will help America grow into a better nation with each passing day. Our offices will be closed Friday, July 3, so that our staff can spend the holiday with family. We will be back on Monday, July 6 ready to assist you with all of your surety bond needs. Have a fun and safe … [Read more...]
Goldleaf Surety Wishes You Happy Holidays!
Happy Holidays from the team at Goldleaf Surety. We wish you peace, joy and prosperity this holiday season. We appreciate working with all of our partners and hope the coming hear will bring you happiness and success. From our family to yours, MERRY CHRISTMAS AND HAPPY NEW YEAR! … [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...]
Meet Goldleaf Surety’s Administrative Professional
On Administrative Professionals’ Day, we would like to take time to introduce you to our administrative professional. And to thank her for all of her hard work and dedication to Goldleaf Surety. The friendly voice on the other end of the phone when you call into Goldleaf Surety is our Administrative Assistant Gwen Olson. And while most people who work with Goldleaf Surety know her only as the friendly and helpful voice at the other end of the line when they call in, Gwen’s contributions to … [Read more...]
Goldleaf Surety Can Assist You With Your To Do List
It's hard to believe that we are already over half way through 2017. Just this last weekend my husband and I were trying to figure out where the year has gone, and how it is we still have so many things on our 2017 To Do List that we have not even started. If one of the things on your To Do List is finding the right surety partner for your agency, let Goldleaf Surety cross that item off for you. Whether you’re looking for a license and permit bond, commercial bond, bid or performance bond, … [Read more...]