Goldleaf Understands Large Commercial Surety Bonds

Large Commercial Surety Bonds generally include bonds needed in conjunction with service contracts such as transportation companies, janitorial companies, garbage collection companies, “non-sticks and bricks” construction contracts, as well as manufacturing and supply contracts. The underwriting considerations for this class of business are different from those for the contract bonds and have become more sophisticated and specialized over time. Goldleaf Surety has the expertise to help large … [Read more...]

Goldleaf Surety Welcomes Newest Team Member

Goldleaf Surety would like to take this opportunity to introduce you to our newest team member Jarett Berg.  Jarett grew up and lives just outside of Clarkfield, Minnesota.  He is the father of three busy pre-school age children, two daughters and a son, who keep him on his toes. Jarett has joined Goldleaf Surety in the capacity of an Account Specialist on our contract side of the house.  He will work primarily with our Short Cut Bond Program.  This program uses the personal credit scores of … [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...]

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...]

Goldleaf Surety Assists Glass and Glazing Contractor

Goldleaf Surety Services recently assisted a large general contractor's glass and glazing division obtain bonding on a $6,500,000 project for  the operable window system, glass, and glazing to a luxury suite renovation at an NFL stadium.   In addition to the challenges relating to the type of work being done and the size of the contract, this bond included review of six related entities to include on the indemnity agreement; a multiple oblige rider to included 5 obliges;  and obtaining an All's … [Read more...]

Goldleaf Update On Surety Marketplace

Currently,  the surety industry has a lot of excess capital.  This translates into surety companies being fairly aggressive for good, solid contractors.  Surety companies are willing to look at expanding the capacity of contractors and providing better terms to good accounts. As a result of the soft surety market mentioned above,  Goldleaf Surety recommends that good, solid construction companies have a surety checkup periodically to ensure that they are getting the best possible surety … [Read more...]