I’m Told I Need an Assurety Bond – What is That?

When my son was young, we would often tell him he needed “an adult” to help him with a project he wanted to tackle.  Somehow, in translation, “an adult” ran together into one word so that in his vocabulary he was often asking for a “nadult” to assist him with his project. An assurety bond runs along that same line.  Often we find when someone hears the words “You need a surety bond,” the words are being run together and come out sounding like “You need assurety bond.”  And so begins your chase … [Read more...]

Interview With a Contract Bond Underwriter – Meet Rita Jorgenson

This week I would like you to meet Goldleaf Account Specialist, Rita Jorgenson.  Rita is married with one child.  Being able to spend time with her family is the most important thing to Rita.  She enjoys spending time at the lake, as well as watching her child, nieces and nephews participant in various sporting events.  She and her husband enjoy motorcycling together with other friends.   One fact you may not know about Rita – she is part of a military family and her husband has served several … [Read more...]

Surety Bond Basics – Part 2

In my previous blog Surety Bond Basics - Part 1, we looked at two frequently asked questions relating to bonds.  Here are several others that are also very common: Why do surety bonds need to be underwritten? A surety company must determine the risk of a loss occurring if the principal is unable to satisfy the obligation under the bond. Since a surety bond is an extension of credit, the surety company must review the principal’s financial information and business experience to determine if … [Read more...]

Surety Bond Basics – Part 1

When agents and clients come to Goldleaf, it is often their first time working in the world of surety, and they are not even sure what a bond is or what it does.  For this reason, we often find ourselves going over some very common bond basics with all of our clients. There are several commonly asked questions that I would like to address over several blog posts – starting with the following: What is a surety bond? A surety bond is a three party agreement which legally binds together the … [Read more...]

Do You Really Need All That Information?!

One of the most commonly asked questions I receive is “Do you really need all that information?!”  And the answer is – YES.  And it relates back to the Four C’s of surety that we discussed in an earlier blog post. Surety bonds are underwritten as an extension of credit, and the underwriting considerations are similar to those used by a banker in evaluating a customer. There are many factors involved when a surety is underwriting to determine if they are willing to entertain a particular risk – … [Read more...]

Goldleaf Surety Services Celebrates 15 Years

Goldleaf Surety began operations in Montevideo,  Minnesota on April 1, 1998. Over the past 15 years, Goldleaf Surety has evolved into one of the most respected names in the surety industry due to our unique ability to understand the financial issues impacting the contractor and their bond program. Today,  Goldleaf Surety is a well respected,  experienced, surety specialist capable of putting together surety bond programs for just about any company.  We are licensed in all 50 states and do … [Read more...]

What is My Underwriter Talking About When She Refers to the “Four C’s”?

The first C refers to Capital.  The surety underwriter analyzes the company’s financial position as represented by its financial statements.  A company’s financial statements show its current state, including its working capital, its debt to equity ratio, and how profitable it is. The second C is Capacity.  The surety underwriter needs to be comfortable in a company’s ability to perform the bonded project.  For this C, the surety company will look at non-financial information such as resumes of … [Read more...]

Goldleaf Attends Capitol Club

Goldleaf Surety was invited again this year to attend Capitol Insurance Companies’ Capitol Club.  The Capitol Club represents Capitol Insurance Companies’ 30 most profitable agencies across all segments of the company in 2012.  This year’s event was held at the incredible Loews Miami Beach Hotel in Miami, Florida.  Representing Goldleaf Surety were Kristi Enevoldsen, Commercial Bond Specialist and Becky Risa, Document Production Manager.  The event included many exciting site-seeing … [Read more...]

SFAA Releases Preliminary List of Top 100

The Surety & Fidelity Association of America (SFAA) has released its preliminary list of Top 100 Writers of Surety Bonds-United States & Territories, Canada & Aggregate Other Alien for the calendar year 2012. SFAA is a trade associations consisting of companies that collectively write the majority of surety and fidelity bonds in the United States.  The SFAA is licensed as a rating or advisory organization in all states, the District of Columbia and Puerto Rico, and has been … [Read more...]