Choosing a Bond Producer for the Long Run

In addition to the knowledge of your business, a bond producer’s experience will play a critical role in the approval of your project’s bond. A successful bond application hinges on the expertise of the surety bond agent, so choosing a knowledgeable, experienced professional is crucial for your business. Read on to learn more about choosing a bond producer for the long run. Here are some tips to choose the right professional.

Choosing a bond producer

Finding the right bond producer can have huge benefits for your construction company. Not only can a producer help you secure credit and extend surety credit to your projects, but they can also offer technical and financial advice. Choosing the wrong bond producer can prevent your company from taking advantage of new business opportunities. Professional surety bond producers have relationships built on trust and honesty. In addition to providing the best possible service, they’re also available whenever you need them.

Experience

The bond producer you choose is crucial to your firm’s success. Before choosing a bond producer, consider these factors: Is he or she licensed to work in your jurisdiction? Does the producer have a reputation for integrity? How familiar is he or she with the construction industry? Is the bond producer able to communicate effectively with you? How much do you trust the bond producer? Is he or she willing to share his or her knowledge with you?

To ensure success, a bond producer must have extensive industry experience, including solid relationships with surety underwriters and other professional service providers. A producer must be knowledgeable about construction markets and be actively involved in surety industry associations at the state and national levels. He or she must also be able to maintain frequent client contact through site visits, newsletters, and other forms of communication. A producer should be willing to go the extra mile for their clients.

Bond producers who have an excellent relationship with the industry’s leaders are the best choice for contractors. They can make or break a project and build trust with surety underwriters. These bonds help a contractor stay on budget and deliver a quality film on time. They also help filmmakers handle insurance claims, budget overages, and personnel replacement. A bond producer will require daily production reports and weekly cash flow reports to determine the trajectory of a production.