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Home > Goldleaf Surety Blog > Understanding the Underwriter – Lingering Generalities

Understanding the Underwriter – Lingering Generalities

December 9, 2020by Lori Olson

Underwriter - Lingering GeneraliliesAfter 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 long-term bonding relationship with the company, and they should not be ignored.  That is why understanding the underwriter and these lingering generalities is an important piece of the surety application process.

Understanding the Underwriter - Lingering GeneralitiesThe trick, if there is one, is to get the underwriter to know and trust your company through a picture that appeals to and answers all of their concerns.  In most cases, this picture will require a great deal of patience and more than the just the information in forms and other paperwork.    However, bonding support from the surety company should provide project opportunities that will make this process well worth the related trouble and expense.

You could hope that the success of your bond application would depend only upon the substance of your application, your personal and business character, the availability of sufficient credit facilities to meet all payment obligations arising from your WOH, proof that you have the management team and experienced labor pool needed to complete the bonded work on time and according to the specifications.  However, the truth of the matter is that the form of your bond application also will matter.  And, in form as well as substance, it pays to know how the underwriters make decisions and interpret the paperwork that you submit.

Helping our clients put together the most comprehensive submission is Goldleaf Surety’s goal with every application and bond request.  Our experienced staff of underwriters and refined practices guide our clients through a seamless process.  Let Goldleaf Surety put our 20 plus years of experience to work for you.

Filed Under: Goldleaf Surety Blog Tagged With: bonding capacity, surety bond, surety program, surety underwriter, underwriting considerations

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