The construction industry is filled with risk. More than 60 percent of all small businesses, including smaller construction firms, contractors, and subcontractors, will be out of business within six years. The industry is also very sensitive to outside problems, such as equipment problems, economic downturns, high prices caused by trade tariffs like the recent steel tariff, labor problems, shortages of materials, and a variety of other factors.
Are you wondering how surety bond companies like Viking Bond Service keep current in a marketplace that changes as quickly? To know how Viking Bond Service defines surety bonds in 2018, it helps to understand what a surety bond is, what the most common types of surety bonds are, and how the definition has changed in recent times.
(Viking Bond Service’s Tom Buckner featured on the far right)
The Viking Bond Service team recently attended the annual National Association of Surety Bond Producers (NASBP) meeting and expo from April 29 through May 2 in Scottsdale, Arizona. The theme of this year’s conference was “Building on a Solid Foundation,” and the event focused on taking a look at where the industry is and where it is going.
Confused about the value of a surety bond to your business? Great news: surety bond costs are always worth it. Here are the top reasons why that’s true.
Ohio state Auditor Dave Yost is recommending that Ohio should require surety bonds for Medicaid providers. The Medicaid bonds would allow the state to recover overpayments and fraudulent charges more easily.
Oil and gas well operators in New Mexico are now subject to the new regulations outlined in Senate Bill 189, which amends the existing Oil and Gas Act. The bill, passed on February 14, 2018, establishes new requirements that well operators must meet to operate in any part of the state.
If you’re a nonbank mortgage loan servicer in Pennsylvania and not prepared for the new state licensing rules, you’ll need to get started soon! Governor Tom Wolf signed Pennsylvania Senate Bill 751 into law back in December last year. The bill brings a number of new rules that nonbank mortgage servicers in Pennsylvania will need to follow to operate as mortgage providers in the state.
While consumers often confuse insurance and surety bonds, agents understand that these products are very different, and each requires an agent with unique skills and experience to secure the best prices. As an insurance agent, it can seem counterintuitive to send your insurance clients elsewhere when they need help securing a surety bond, but you might be surprised to learn that referring your clients to a surety bond specialist can be good for business! Continue reading “How Insurance Agents Retain Clients By Referring Them To Surety Bond Agencies”
You may have heard about surety bonds but aren’t really sure what they are… Many people get confused between bonds and insurance but although they appear similar they can have very different implications for both businesses and consumers.
When it comes to buying a surety bond one of the first questions applicants ask is, “how much will the bond cost?” Surety bonds come in many types, many sizes…and many prices, ranging from as little as $100 to thousands of dollars. So, what determines the cost of a surety bond? Well, a number of factors.