#surety underwriting

[robtolley]

Surety Bond Underwriting: An Overview

Surety bond underwriting is a pre-approval evaluation – performed by the surety – of the bond performance requirements as determined by the obligee. This evaluation also assesses the current financial situation of the principal in order to weigh up the risk related to the performance criteria and the principal's ability to reimburse the surety in the event of a claim occurring.

What Are the Stages of the Surety Underwriting Process?

The process starts with the principal applying for a surety bond through a surety bond broker or surety company. Upon application, the principal provides information to the surety regarding their business and financial history. Once this is received the surety performs a more detailed evaluation of the information provided. The surety then provides the principal with a quote for a surety bond premium, based on the risk level determined by the underwriters.

The principal has three options at this point. They can accept the quote and buy the surety bond, shop around for another quote or work with the surety to find ways of making their premium more affordable

What Are the Three Cs of the Surety Underwriting Process?

The three Cs of surety underwriting are capital, capacity and character. Capital relates to the applicant’s capital position and the assessment of the financial health of the company or individual applying for surety credit. Many bonds require an underwriter to perform a financial analysis to assess net worth, capital and the company’s trajectory. The applicant’s capacity to undertake and perform the contract is a vital part of the underwriting process, too. To this end, underwriters collect questionnaires, check previous work references, review the applicant’s business operations, get to know their processes and meet with the applicant themselves.

Finally, character. While this element can be very difficult to underwrite, there are tools that can be deployed, such as credit checks, to get a better idea of whether the potential principal is likely – or otherwise - to honour the obligations set out in a bonded contract.

Underwriting a Riskier Surety Bond

Experts in the fields of surety, such as Rob Tolley, former London broker, know that there are various ways an underwriter can approve even a riskier bond by minimising the risk to the surety. For example, additional capital may be required to approve it; this could range from a small percentage of the bond amount up to 100%. This collateral minimises the surety’s risk, as if a bond claim occurs that cannot be indemnified the surety has something to cover – or at least reduce – their loss.

[ananya26]

Global Surety Market Overview

The Surety Market has been gaining significant traction over the past few years. Valued at USD 1,212.84 billion in 2022, the market is projected to experience substantial growth, reaching USD 1,971.3 billion by 2032. This represents a compound annual growth rate (CAGR) of 4.98% during the forecast period from 2024 to 2032.

Market Dynamics

Key Drivers

Growing     Infrastructure Development: The expansion of infrastructure projects     across the globe, especially in emerging economies, has significantly     boosted demand for surety     bonds. Large-scale projects, such as construction and public works,     require surety bonds to protect stakeholders from risks associated with     contractor performance.

Government     Regulations and Policies: The mandatory use of surety bonds in various     industries, including construction, finance, and real estate, by     regulatory bodies is one of the primary drivers. Compliance requirements     are becoming stricter, pushing more organizations to adopt surety products.

Rising     Risk Awareness: With an increasing focus on risk mitigation,     businesses are turning to surety solutions to safeguard their financial     interests. This trend is fostering higher adoption rates, especially in     sectors like energy, transportation, and manufacturing.

Challenges

High     Competition: The market is highly competitive, with several key     players offering a wide range of products and solutions. This intense     competition can lead to price wars, affecting profit margins for smaller     providers.

Fluctuating     Economic Conditions: Economic downturns or slowdowns in key markets     can impact the demand for surety bonds, as businesses may scale back on     large projects, particularly in industries like construction and real     estate.

Sample Request For free Pdf - https://www.marketresearchfuture.com/sample_request/22868

Market Segmentation

 Contract      Surety Bonds: These bonds, widely used in the construction industry,      ensure that contractors meet their contractual obligations.

 Commercial      Surety Bonds: Used to guarantee compliance with laws and regulations      across industries such as finance, real estate, and retail.

 Fidelity      Bonds: Focused on protecting businesses from employee dishonesty or      fraudulent activities.

 Construction      and Infrastructure: This is the largest segment driving demand for      surety bonds, fueled by growing global construction activities.

 Energy      and Utilities: These industries rely on surety bonds for projects      such as pipeline installations and energy generation plant constructions.

 Finance:      Financial institutions use surety products to secure transactions, manage      risk, and maintain regulatory compliance.

Regional Insights

North America: As the largest regional market for surety products, North America holds a significant market share due to well-established regulations and a mature construction sector. The U.S. is the key contributor to this growth, supported by strong government initiatives to promote infrastructure development.

Europe: Europe is also witnessing a steady rise in the adoption of surety products, driven by infrastructure upgrades and a push for sustainability. Countries like Germany, France, and the U.K. are leading the way in this region.

Asia-Pacific: This region is expected to witness the fastest growth, fueled by rapid urbanization and industrialization in countries like China and India. Large infrastructure projects, coupled with government support for public-private partnerships, are driving the demand for surety bonds.

Latin America and the Middle East: These regions are also contributing to market growth, with increasing investment in sectors such as oil and gas, construction, and finance.

Competitive Landscape

The global surety market is highly competitive, with key players continuously innovating to enhance their service offerings. Major companies in the market include:

Chubb     Limited

Zurich     Insurance Group

Liberty     Mutual Insurance

Travelers     Companies, Inc.

CNA     Surety

HCC     Surety Group

These companies are focusing on expanding their market presence through mergers and acquisitions, partnerships, and the introduction of new surety solutions tailored to meet the evolving needs of different industries.

Future Outlook

The surety market is poised for consistent growth over the next decade, driven by rising demand from the construction, energy, and finance sectors. With governments across the globe investing in infrastructure development and the increasing focus on risk management, the market is expected to experience steady expansion. Additionally, technological advancements in risk assessment and bond underwriting are likely to improve the overall efficiency and reliability of surety products, further driving market growth.

Conclusion

With a promising outlook, the global surety market is set to continue its upward trajectory, reaching nearly USD 2 trillion by 2032. The combination of favorable government policies, rising demand for infrastructure projects, and increasing risk awareness will play a critical role in shaping the future of this dynamic industry. As businesses seek more comprehensive risk mitigation strategies, the demand for surety products is expected to grow steadily, offering ample opportunities for market players to expand and innovate.

[suretybondsagent]

Fortifying Business Ventures: The Crucial Role of Commercial Surety Bonds by Surety Bonds Agent

Introduction:

In the dynamic landscape of commerce and trade, businesses often encounter situations where financial security and trust are paramount. Commercial surety bonds emerge as invaluable tools in such scenarios, providing assurance to parties involved in various transactions and agreements. At the forefront of facilitating these bonds stands the Surety Bonds Agent – a trusted partner dedicated to safeguarding business interests and fostering confidence in commercial dealings. In this blog, we delve into the world of commercial surety bonds, exploring their significance, applications, and the expertise offered by Surety Bonds Agent in navigating this vital aspect of business.

Understanding Commercial Surety Bonds:

Commercial surety bonds are contractual agreements designed to guarantee the performance of obligations between two parties – the principal (the party undertaking the obligation) and the obligee (the party to whom the obligation is owed). These bonds serve as a form of financial assurance, ensuring that the obligations outlined in the contract are fulfilled according to agreed-upon terms. In essence, commercial surety bonds provide a safety net, mitigating the risk of financial loss and instilling confidence in business transactions.

The Role of Surety Bonds Agent:

As intermediaries between businesses and surety bond providers, Surety Bonds Agents play a pivotal role in facilitating the issuance of commercial surety bonds. With their expertise in the intricacies of bonding requirements and their vast network of surety bond providers, Surety Bonds Agents serve as invaluable allies for businesses seeking to secure bonds tailored to their specific needs. Let's explore the key aspects of Surety Bonds Agent's services and the benefits they offer to businesses:

1. Expert Guidance and Consultation:

Navigating the landscape of commercial surety bonds can be daunting, especially for businesses with limited experience in this realm. Surety Bonds Agents offer expert guidance and consultation, helping businesses understand the various types of bonds available, their specific requirements, and the implications of entering into bond agreements. By providing personalized advice and recommendations, Surety Bonds Agents empower businesses to make informed decisions that align with their objectives and mitigate risks effectively.

2. Tailored Bond Solutions:

Every business is unique, and so are its bonding needs. Surety Bonds Agents recognize this diversity and work closely with businesses to identify the most suitable bond solutions for their specific requirements. Whether it's a performance bond for construction projects, a license or permit bond for regulatory compliance, or a fidelity bond to protect against employee dishonesty, Surety Bonds Agents leverage their expertise to tailor solutions that meet the precise needs of each client.

3. Access to Top-Rated Surety Bond Providers:

Surety Bonds Agents maintain strategic partnerships with a diverse network of top-rated surety bond providers, ensuring access to a wide range of bonding options and competitive rates. By leveraging their industry connections and negotiating on behalf of their clients, Surety Bonds Agents help businesses secure bonds efficiently and cost-effectively, without compromising on quality or coverage.

4. Streamlined Application and Approval Process:

The process of obtaining a commercial surety bond can be complex and time-consuming, involving extensive paperwork and stringent underwriting requirements. Surety Bonds Agents simplify this process by handling the entire application and approval process on behalf of their clients. From gathering necessary documentation to liaising with surety bond providers and expediting approvals, Surety Bonds Agents ensure a seamless and hassle-free experience for businesses seeking bonding solutions.

5. Ongoing Support and Service:

Securing a commercial surety bond is just the beginning of the journey. Surety Bonds Agents provide ongoing support and service throughout the duration of the bond, ensuring that businesses remain compliant with bond obligations and address any issues or concerns that may arise. Whether it's renewing bonds, making changes to bond terms, or providing guidance on bond claims, Surety Bonds Agents are committed to serving as trusted partners and advocates for their clients.

The Importance of Commercial Surety Bonds:

Commercial surety bonds play a critical role in various industries and business transactions, offering a multitude of benefits to businesses, obligees, and the broader economy. Let's explore some of the key reasons why commercial surety bonds are indispensable in today's business landscape:

1. Financial Protection:

Commercial surety bonds provide a layer of financial protection for obligees, ensuring that they are compensated in the event of non-performance or default by the principal. This financial security instills confidence in business transactions, mitigating the risk of financial loss and fostering trust between parties.

2. Compliance and Risk Mitigation:

Many industries and regulatory bodies require businesses to obtain surety bonds as a condition of licensure, permitting, or contract fulfillment. These bonds serve as guarantees of compliance, ensuring that businesses adhere to legal and contractual obligations and mitigate the risk of non-compliance penalties or legal liabilities.

3. Facilitation of Business Transactions:

Surety bonds facilitate a wide range of business transactions, enabling parties to engage in agreements and contracts with confidence. Whether it's bidding on construction projects, entering into service contracts, or obtaining professional licenses, surety bonds provide assurance that contractual obligations will be met, facilitating smoother and more efficient business operations.

4. Enhancing Credibility and Reputation:

Businesses that are bonded demonstrate a commitment to professionalism, integrity, and financial responsibility. By securing surety bonds, businesses enhance their credibility and reputation in the eyes of customers, partners, and stakeholders, positioning themselves as reliable and trustworthy entities in the marketplace.

5. Promoting Economic Growth and Stability:

The availability of commercial surety bonds fosters economic growth and stability by facilitating commerce, encouraging investment, and safeguarding against financial risks. By providing assurance to parties involved in business transactions, surety bonds contribute to a thriving and resilient economy.

Conclusion:

In the intricate web of commerce and trade, commercial surety bonds emerge as indispensable instruments, providing assurance, mitigating risk, and fostering trust in business transactions. Surety Bonds Agents serve as trusted allies, guiding businesses through the complexities of bonding requirements and facilitating the issuance of tailored bond solutions. By leveraging their expertise, industry connections, and commitment to client success, Surety Bonds Agents empower businesses to navigate the world of commercial surety bonds with confidence and ease, fortifying their ventures and paving the way for sustainable growth and prosperity.

[suretybondsurabaya]

Penjaminan Sidoarjo | 0812–3377–4583

Peningkatan reputasi Principal dalam pelaksanaan pekerjaan Surabaya, Jaminan kepastian kontrak Surabaya, Proses underwriting Performance Bond Surabaya, Persyaratan Performance Bond Surabaya, Bank Garansi untuk subkontraktor dalam pelaksanaan pekerjaan Surabaya

JATIM SEKAWAN HATI, Perusahaan berbadan hukum (agen penjaminan Surety Bond dan Bank Garansi)  yang di dirikan di Surabaya pada tahun 2015, siap menjadi mitra terpercaya untuk kebutuhan penerbitan Bank Garansi / Surety Bond atas Proyek – Proyek yang bersumber dana APBN, APBD, BUMN, Swasta Bonafide  Dengan izin usaha yang sesuai dengan regulasi pemerintah UU Penjaminan NO 16 dan kami telah terdaftar di Otoritas Jasa Keuangan (OJK), Asippindo (asosiasi Penjaminan Indonesia) serta di LSP (Lembaga Sertifikasi Penjaminan)

Sebagai anggota Asosiasi Perusahaan Penjaminan Indonesia (ASIPPINDO), kami bersinergi baik dengan Lembaga Penjamin BUMN, BUMD, dan Lembaga Perbankan. untuk penerbitan bank garansi / Suret Bond (Penjaminan Proyek),  Dengan dukungan tenaga profesional yang berpengalaman dalam penerbitan Penjaminan Bank Garansi dan Surety Bond, kami siap mendukung kegiatan proyek Anda, baik yang bersumber dari APBN, APBD, BUMN, maupun swasta nasional.

Jenis-jenis Surety Bond / Bank Garansi meliputi :

-              Jaminan Penawaran (Bid Bond)

-              Jaminan Pelaksanaan (Performance Bond)

-              Jaminan Uang Muka (Advance Payment Bond)

-              Jaminan Pemeliharaan (Maintenance Bond).

-              Bank garansi Umroh

-              Bank garansi sp2d

Selain layanan penerbitan Bank Garansi dan Surety Bond, kami juga membantu penerbitan produk asuransi umum lainnya.

Antara lain

-              Asuransi Pengiriman, Marine Cargo

-              Asuransi Kendaraan

-              Asuransi Contraktor All Risk (CAR)/EAR

-              Asuransi Alat Berat

-              Asuransi Reklame

-              Asuransi Kebakaran

Hubungi kami melalui Nomor yang Tertera di Atas untuk informasi lebih lanjut dan konsultasi gratis. JATIM SEKAWAN HATI, solusi penjaminan Surety Bond , Bank Garansi yang dapat diandalkan untuk keberhasilan proyek Anda.

[bankgaransidansuretybond]

Proses underwriting Advance Payment Bond Surabaya | 0812–3377–4583

JATIM SEKAWAN HATI, Perusahaan berbadan hukum (agen penjaminan Surety Bond dan Bank Garansi)  yang di dirikan di Surabaya pada tahun 2015, siap menjadi mitra terpercaya untuk kebutuhan penerbitan Bank Garansi / Surety Bond atas Proyek – Proyek yang bersumber dana APBN, APBD, BUMN, Swasta Bonafide  Dengan izin usaha yang sesuai dengan regulasi pemerintah UU Penjaminan NO 16 dan kami telah terdaftar di Otoritas Jasa Keuangan (OJK), Asippindo (asosiasi Penjaminan Indonesia) serta di LSP (Lembaga Sertifikasi Penjaminan)

Sebagai anggota Asosiasi Perusahaan Penjaminan Indonesia (ASIPPINDO), kami bersinergi baik dengan Lembaga Penjamin BUMN, BUMD, dan Lembaga Perbankan. untuk penerbitan bank garansi / Suret Bond (Penjaminan Proyek),  Dengan dukungan tenaga profesional yang berpengalaman dalam penerbitan Penjaminan Bank Garansi dan Surety Bond, kami siap mendukung kegiatan proyek Anda, baik yang bersumber dari APBN, APBD, BUMN, maupun swasta nasional.

Jenis-jenis Surety Bond / Bank Garansi meliputi :

-              Jaminan Penawaran (Bid Bond)

-              Jaminan Pelaksanaan (Performance Bond)

-              Jaminan Uang Muka (Advance Payment Bond)

-              Jaminan Pemeliharaan (Maintenance Bond).

-              Bank garansi Umroh

-              Bank garansi sp2d

Selain layanan penerbitan Bank Garansi dan Surety Bond, kami juga membantu penerbitan produk asuransi umum lainnya.

Antara lain

-              Asuransi Pengiriman, Marine Cargo

-              Asuransi Kendaraan

-              Asuransi Contraktor All Risk (CAR)/EAR

-              Asuransi Alat Berat

-              Asuransi Reklame

-              Asuransi Kebakaran

Hubungi kami melalui Nomor yang Tertera di Atas untuk informasi lebih lanjut dan konsultasi gratis. JATIM SEKAWAN HATI, solusi penjaminan Surety Bond , Bank Garansi yang dapat diandalkan untuk keberhasilan proyek Anda.

[inspireofficespace1]

Data Analytics for Insurance

Data Analytics for Insurance: Introduction

Data Analytics for Insurance is the ever-changing technological landscape, various types of insurance policies exist around the world, making it difficult for clients to decide which insurance company to go with as they are met with many questions like:

Is this company safe?

Will they give me the best offer?

What is their reputation in the market?

Insurers also face challenges with understanding customer behavior, fraud, policy risks, and claim surety before offering policies.

It has taken years for insurers to directly sell to customers and issue policies online, though many still have not been able to do so.

Graph databases utilizing semantic inquiry can represent and store data through nodes, edges, and properties.

The insurance industry has long relied on data pre-filtering, advanced mathematics, and financial theory to analyze customer behavior and estimate risks.

Actuaries are essential to the insurer’s ongoing success and profitability.

Typically, companies have used Descriptive Analytics to look to the past, however, the industry is now demanding more in terms of predicting the future through Predictive analytics, and how action can alter outcomes through Prescriptive Analytics.

Big Data offers exceptional opportunities for data analysis to uncover basic patterns, gain a fundamental understanding of the insurance sector and manage intricate relations between agents and customers.

What problems does the insurance industry face?

Customers may find a great company, however, it is possible that the client might be a fraud or have life-threatening problems, which would bring huge trouble to the insurer.

Continually shifting business environments are intensifying competition and risk.

Other challenges such as theft and dishonesty are also causing difficulty for the insurance industry.

All of these challenges cause insurers to use data analytics so they can strengthen their pricing systems, understand their customers better, protect them against fraud, and assess risks.

By doing this, data analysis can provide more accurate info about many transactions, product reliability, customer satisfaction, and many more.

Big Data Platforms aim to provide users with effective analytics software for large datasets.

Data analytics implementation in the insurance sector:

Data analytics in the Insurance Industry has been a part of digital transformation for years, increasing speed, accuracy, and efficiency throughout different insurance branches.

Advanced data and predictive analytics systems help insurers make data-driven decisions, so AI in Insurance has enabled them to access high-level data and information that can be leveraged for improved processes and new opportunities.

Let’s use auto insurance as an example.

Data analytics is pushing innovation into all product lines and business functions; rather than just looking at internal data like loss histories, insurance companies analyze behavior-based analytics as well as credit scores from credit bureaus to gain evidence and insights into customers who are paying their bills on time.

This advances the traditional analytics approach that looks at claim history, physical data, and demographics.

New sources of external (third-party) data, risk underwriting tools, and behavior-influencing data monitoring are the primary developments transforming the game in this industry.

Why is data analytics necessary for the insurance sector?

Data analytics offers insurers powerful new ways to optimize each aspect of their operations, helping them make informed decisions based on data.

It can also be used to assess customer risk and detect fraud, as well as identify the most affordable insurance options for customers.

This helps both parties increase speed, accuracy, and efficiency in the industry, providing companies with high-level data and information that leads to improved insurance processes and new opportunities.

The Production Recommender System is a helpful tool driven by algorithms that allow customers to find the most suitable products for them.

Data Analytics in the Insurance Sector: Use Cases

As an example of how data analytics is used in the insurance industry, clients can use it to determine which insurer provides the best combination of price and coverage for their needs, while insurers can employ it to detect fraud and identify potentially impaired life customers.

Insurance Pricing:

Insurance Pricing is also highly impacted by these solutions, allowing prospects to compare prices across multiple companies using comparative ratings.

However, this means that some companies may be underpriced relative to risk if they are not pricing correctly, potentially resulting in significant financial losses.

With automation, users can be sure that their prices are competitive and advantageous against competitors, which will boost growth and profitability in the long run.

Claim Payment Automation Modeling:

Manual inspection of claims often leads to a long wait time for payout, resulting in higher claim amounts, decreased customer satisfaction, and potential customer retention issues.

With algorithms, though, it’s easier to determine insurance premiums with greater accuracy and reliability.

This increases customer satisfaction and ensures that claims are handled quickly and effectively. Users can also be sure of what reserves to set aside for IBNR-related losses.

Claim Development Modeling:

It’s essential to predict final claim amounts as it affects financial statements in a big way. Particularly reserves and IBNR reported in quarterly earnings statements.

With this predictive model. Users can build more reliable pricing models based on predicted losses per claim as the dependent variable.

Undertaking life insurance for customers with impaired lives:

Life insurance companies don’t typically underwrite customers with serious illnesses because it requires a comprehensive and costly medical assessment.

However, a life reinsurer can use medical history and conditions to accurately predict the risk of underwriting these individuals.

This means they can directly underwrite people with good health prospects, resulting in more customers and reduced medical costs.

Those with blood cancer have the highest chance of dying, but the death rate decreases over time.

Investigating every claim for fraud would be too expensive. This might lead to some innocent customers having a bad experience with the company.

Predictive models can help identify likely fraudulent activity. Data helps determine the age groups and occupations most prone to fraud.

Modeling of fraudulent claims:

It would be very expensive and ineffective to look into every fraudulent claim. Investigating innocent clients could also be a negative experience for the insured. Which might cause some of them to stop doing business.

Conclusion:

The use of big data analytics in insurance is on the rise; companies spent $3.6 billion in 2021 alone. Companies that invest in this technology enjoy efficiency gains of 30%. Cost savings of 40-70%, and an increase in fraud detection rates of 60%. Both customers and companies benefit from these solutions, which allow insurers to better target their customers’ needs.

[shamimahammedz]

Does My Workers Comp Audit Refund Indicate That I Received A Fair Price?

I have repeatedly received the following comments from customers; "Stuart, don't worry about [this year's] audit this year. We got a refund of the labor audit." This mentality is understandable since everyone knows how difficult it is for an insurance company to split their (your!) money. The client believes that receiving a reimbursement check after a workers' comp audit should be an indicator of processing, valuation, etc. Fit. But that's not really the case. 

Almost all of the workers' comp audit reimbursements you'll receive from your workers' compensation insurance company happen when business activity (payroll) declines. For work compensation, you must pay a fee for every $100 of wages. So of course you'll get a workers' comp audit refund at the end of the year if payroll falls short of your original payroll estimate. This is the usual result of a workers' comp audit and has nothing to do with fair valuation. 

Workers Comp Audit: What Could Go Wrong?

In fact, when I did a workers' comp audit on past overcharging policies, I found errors that caused the workers' comp audit refunds to be even between the years. which annual payroll audits return refunds and the years leading up to additional premiums. You could have gotten a $7,000 refund, but he must have $27,000!  

One of the reasons errors are so common is that there are so many moving factors in the accurate calculation of premiums. 

Determining accurate work comp payroll

Determining proper employee classification

Auditing Experience Modification Rate data

Schedule Rating (safety) Debits & Credits

Auditing Contractor's Credit Calculations

Proper application of mid-term endorsements

Rating Bureau rule & State Regulation compliance

and so on....

What Else Could Go Wrong Beyond Your Workers Comp Audit?

In addition to excessive fees that can be resolved with a workers' comp audit, there may be some issues that you can only resolve with an extension. Maybe you're not in the right program. Depending on your claim history and risk tolerance, you may be able to see the overall cost of a guaranteed cost vs. with group restrictions and discover that there are better ways to finance this risk (save money). 

Beware Of The Work Comp Sleight Of Hand

Another issue with your renewal could be to carefully consider your rate and "underwriting company". Is your service provider competitively priced? Has your account moved from one of your carrier's lower-priced registrars to a higher-priced registrar? This is a common way for workers' compensation providers to maintain the amount they charge in a reduced rate environment or when your experience change rate calculation is reduced. 

For example, a traveler has several registrars (not an exhaustive list, like what I found in my head!), each with different rates:  

The Travelers Indemnity Company

The Travelers Indemnity Company of America

The Travelers Indemnity Company Of Connecticut

Travelers Casualty and Surety Company

Travelers Casualty Insurance Company of America

Travelers Property Casualty Company of America

etc.

I am currently looking at a Missouri based company (Traveler account) whose history is:  

19/20 Current Policy - The Travelers Indemnity Company Of Connecticut (most expensive of these 4 based on currently filed MO rates)

Last year 18/19 - Travelers Compensation Company (2nd most expensive of these 4 based on MO rates currently filed)

17/18 - The Travelers Indemnity Company of America (least expensive of these 4 based on MO rates currently filed)

16/17 - Travelers Property Casualty Company of America (3rd most expensive of these 4 based on MO rates currently filed) 

(Important: it is not a blow against tourists. All insurers do this because national regulations do not allow an individual insurer to prioritize their rates.) 

So this company may not know (yet) that it has faced increasingly expensive underwriters over the past 2 years. The pay environment in the workplace in Missouri, like the rest of the country, has declined in recent years, but a company like this has failed to capitalize on its benefits (at least not by any means). is the full benefit). 

Many customers are working hard, reducing claims and reducing experience mods, but are still not seeing the price drop as expected due to "circumstances" such as a change of underwriting company, an increase in debit price (or a decrease in credit). use), etc. feel that "something is wrong" often their instincts are correct. 

How Do I Know If I'm Getting A Good Price For Workers Comp Insurance?

A good starting point is to calculate your costs per full-time employee. If calculating this metric annually, you can use it to benchmark it by comparing it to industry results found in RIMS's annual benchmark survey. It's pretty straightforward to calculate the total cost of workers' compensation/headcount, but let me know if you have any questions (e.g., how to account for seasonal and temporary workers). 

Cost per FTE helps you see through the shadow of wage fluctuations. Your rising or falling payroll makes it hard to tell if your plan is getting more expensive or cheaper. When you hire, you expect to be paid more for paid work and the business will increase tremendously. However, as your payroll grows, you can track this cost per FTE to ensure the increase is ONLY caused by your payroll increase and not by some other factor. 

On the other hand, if your total work compensation costs decrease as a result of reduced business activity (payroll), you may receive lower reimbursements and total renewal prices while your overall cost per employee is reduced. Your time increases. In this case, assuming your plan is getting cheaper due to lower pay is an illusion if your cost per FTE is indeed higher. 

This entire discussion assumes that you do not experience volatile changes in claims each year, which would have a reasonable impact on the expected loss, price, and cost per FTE. your. But if you're steadily or steadily improving in claims management and your plan costs (cost per FTE) aren't keeping up, there's a reason. And, an independent audit could expose that or those reasons. 

Please Don't Tell Anybody (Broker) Where You Heard This!

Calculate your cost per FTE and even go back a few years. Then share the numbers with your broker. Let your broker know that you are watching this and ask them to help you lower this indicator. If you're not getting good pricing options, cost containment ideas, back-to-work ideas, and more, let me know (I have a lot!). 

Why This Is Important?

Finally, I posted the image below a month ago and I really think the upcoming checks (policies expiring in late 2020 and early 2021) will be complicated. While you can expect refunds from workers' comp audits and reduced premiums due to lower payrolls, let's be diligent about keeping everything else in place. We don't want bigger and more costly problems once our businesses and economy return to normal. 

A job premium workers comp audit done by an independent auditor will not only save you money immediately, but it can also identify issues that need to be addressed on your next renewal and save you money. money in the future. 

[amistadbailbonds]

How is Bail Set in Virginia?

Virginia witnesses a substantial number of offenses, totaling over 147,000 crimes a year. Although this state's crime rate is lower than the national median, the number is still quite significant, leading to numerous arrests by law enforcement teams. When people are arrested, they can seek bail to secure release from pre-trial detention. Since a majority of the offenses are bailable, most defendants can opt for this solution to return home as they wait for trial. Bail bonds in Richmond, VA,can offer a convenient and affordable solution for alleged offenders who want to secure release from jail. But how does the process work, and how is bail set in this state? Let's break down everything you need to know about the bail-setting process in Virginia.

(Source: https://www.neighborhoodscout.com/va/crime)

Bail Process in Virginia: An Overview

When a person gets arrested, the police take the alleged offender to the local jail for booking. Soon after the arrest, a bail hearing occurs, where a Judge or Magistrate evaluates the case and determines whether or not the person should get bail.

Bail allows the person to get released from pre-trial detention on personal recognizance or a secured or unsecured bond. In case of recognizance, the person can provide a written assurance stating they will attend all Court hearings. However, secured and unsecured bonds require a monetary guarantee to ensure adherence. Typically, the bail amounts in Virginia lie in the following range:

Misdemeanors: $500-$5000

Property/drug felonies: $2500-$10000

Serious felonies- $25000-$50000

A defendant can seek help from a Richmond, VA bail bondsmanto underwrite a surety bond on their behalf if they cannot afford to post bail.

How Do the Authorities Set Bail in Virginia?

Chapter 9 of the Code of Virginia highlights the guidelines for setting bail. It recommends that judicial officers should consider the following factors while deciding whether a person should get bail:

Nature of the alleged offense and the circumstance in which it took place.

The use of firearms in committing the alleged crime.

The significance of the available evidence.

The track record of the alleged offender like the person’s employment, family, education, substance abuse, etc.

Ties to the local community in Virginia.

Criminal and conviction records.

Records of missing Court hearings or skipping bail.

Chances of the person trying to obstruct justice by harming potential witnesses, victims, jurors, or family members.

[robtolley]

The Role of Surety Bonds in the Construction Industry

A surety bond serves as a financial guarantee that the contractor will fulfil their contractual obligations, such completing the project on time, paying suppliers and subcontractors, and adhering to specifications. Surety bonds reassure project owners that they will be protected if a contractor fails to meet their obligations.

Surety bonds involve the obligee (project owner), principal (contractor) and the surety company.

The Functions of Surety Bonds

As well as the above protections, surety bonds can smooth the transition from construction to permanent financing by removing liens and reduce the risk of a contractor diverting project funds.

Insurance experts such as Rob Tolley know that surety bonds also provide an intermediary, in the form of the surety, to whom the project owner can air grievances and complaints. In some cases, they can even lower construction costs by facilitating the use of competitive bids.

How to Obtain a Surety Bond

To obtain a surety bond, the project owner must first assess the type of surety bond they need. There are different types of surety bonds, including contract bonds, court bonds, licence and permit bonds, and fidelity bonds. Next, surety bond providers should be researched to identify a reputable provider that specialises in issuing these types of bonds. Once this has been done, the project owner will need to prepare the documentation and information needed to apply for the bond – the exact requirements regarding this will vary depending on the type of surety bond being sought.

After submitting an application, the underwriting process will begin. During this stage the bond provider will assess the project owner’s creditworthiness, financial stability and any risks involved in issuing the security bond. If the application is approved, the bond will be issued and the obligee (project owner) will need to pay a premium, which is a percentage of the bond amount. Once payment is made, the surety bond provider will deliver the bond to either the obligee or appropriate party as necessary.

Is a Surety Bond a Type of Insurance?

Insurance experts like Rob Tolley, former London broker, understand that a surety bond is not, in fact, a type of insurance. Rather, it is an enforceable agreement between parties and functions similarly to a line of credit for the party applying for it. As such, the surety will require the project owner to sign an indemnity agreement through which they will be legally obliged to pay any amounts paid out by the surety on valid claims against the bond.

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CNA Financial Corp Company Market Analysis Report - Company Market size - Company profile

CNA Financial Corp (CNA) is an insurance holding company that offers commercial property and casualty insurance products. It offers insurance products for general liability, management liability, professional liability, directors & officers, workers’ compensation, marine, and business interruption. It also offers surety and fidelity bonds, and commercial auto insurance. CNA Financial market analysis CNA Financial Company Profile

It offers services such as risk management, warranty, and claims administration. It markets and distributes its products to professionals, small, medium, and large businesses, associations, insurance companies, and other groups through a network of brokers, independent agents, and managing general underwriters. The company operates in the Americas and Europe. CNA is headquartered in Chicago, Illinois, the US.

Subscribe to access CNA Financia… interactive dashboard for 12 months get access to premium industry data, predictive signals and more

Subscribe to access CNA Financia… interactive dashboard for 12 months get access to premium industry data, predictive signals and more

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At the S|CPA Group, we audit and review construction financial statements for surety bonds and help you meet the various underwriting requirements. We serve Austin, Dallas, Fort Worth, Plano, San Antonio, Central Texas, and the surrounding areas.

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Penjaminan Bank Garansi Surabaya | 0812–3377–4583

Jaminan pelayanan terpercaya untuk Performance Bond Surabaya, Peningkatan reputasi Principal dalam pelaksanaan pekerjaan Surabaya, Jaminan kepastian kontrak Surabaya, Proses underwriting Performance Bond Surabaya, Persyaratan Performance Bond Surabaya

JATIM SEKAWAN HATI, Perusahaan berbadan hukum (agen penjaminan Surety Bond dan Bank Garansi)  yang di dirikan di Surabaya pada tahun 2015, siap menjadi mitra terpercaya untuk kebutuhan penerbitan Bank Garansi / Surety Bond atas Proyek – Proyek yang bersumber dana APBN, APBD, BUMN, Swasta Bonafide  Dengan izin usaha yang sesuai dengan regulasi pemerintah UU Penjaminan NO 16 dan kami telah terdaftar di Otoritas Jasa Keuangan (OJK), Asippindo (asosiasi Penjaminan Indonesia) serta di LSP (Lembaga Sertifikasi Penjaminan)

Sebagai anggota Asosiasi Perusahaan Penjaminan Indonesia (ASIPPINDO), kami bersinergi baik dengan Lembaga Penjamin BUMN, BUMD, dan Lembaga Perbankan. untuk penerbitan bank garansi / Suret Bond (Penjaminan Proyek),  Dengan dukungan tenaga profesional yang berpengalaman dalam penerbitan Penjaminan Bank Garansi dan Surety Bond, kami siap mendukung kegiatan proyek Anda, baik yang bersumber dari APBN, APBD, BUMN, maupun swasta nasional.

Jenis-jenis Surety Bond / Bank Garansi meliputi :

-              Jaminan Penawaran (Bid Bond)

-              Jaminan Pelaksanaan (Performance Bond)

-              Jaminan Uang Muka (Advance Payment Bond)

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-              Bank garansi sp2d

Selain layanan penerbitan Bank Garansi dan Surety Bond, kami juga membantu penerbitan produk asuransi umum lainnya.

Antara lain

-              Asuransi Pengiriman, Marine Cargo

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-              Asuransi Contraktor All Risk (CAR)/EAR

-              Asuransi Alat Berat

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Hubungi kami melalui Nomor yang Tertera di Atas untuk informasi lebih lanjut dan konsultasi gratis. JATIM SEKAWAN HATI, solusi penjaminan Surety Bond , Bank Garansi yang dapat diandalkan untuk keberhasilan proyek Anda.

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Proses underwriting Performance Bond Surabaya | 0812–3377–4583

JATIM SEKAWAN HATI, Perusahaan berbadan hukum (agen penjaminan Surety Bond dan Bank Garansi)  yang di dirikan di Surabaya pada tahun 2015, siap menjadi mitra terpercaya untuk kebutuhan penerbitan Bank Garansi / Surety Bond atas Proyek – Proyek yang bersumber dana APBN, APBD, BUMN, Swasta Bonafide  Dengan izin usaha yang sesuai dengan regulasi pemerintah UU Penjaminan NO 16 dan kami telah terdaftar di Otoritas Jasa Keuangan (OJK), Asippindo (asosiasi Penjaminan Indonesia) serta di LSP (Lembaga Sertifikasi Penjaminan)

Sebagai anggota Asosiasi Perusahaan Penjaminan Indonesia (ASIPPINDO), kami bersinergi baik dengan Lembaga Penjamin BUMN, BUMD, dan Lembaga Perbankan. untuk penerbitan bank garansi / Suret Bond (Penjaminan Proyek),  Dengan dukungan tenaga profesional yang berpengalaman dalam penerbitan Penjaminan Bank Garansi dan Surety Bond, kami siap mendukung kegiatan proyek Anda, baik yang bersumber dari APBN, APBD, BUMN, maupun swasta nasional.

Jenis-jenis Surety Bond / Bank Garansi meliputi :

-              Jaminan Penawaran (Bid Bond)

-              Jaminan Pelaksanaan (Performance Bond)

-              Jaminan Uang Muka (Advance Payment Bond)

-              Jaminan Pemeliharaan (Maintenance Bond).

-              Bank garansi Umroh

-              Bank garansi sp2d

Selain layanan penerbitan Bank Garansi dan Surety Bond, kami juga membantu penerbitan produk asuransi umum lainnya.

Antara lain

-              Asuransi Pengiriman, Marine Cargo

-              Asuransi Kendaraan

-              Asuransi Contraktor All Risk (CAR)/EAR

-              Asuransi Alat Berat

-              Asuransi Reklame

-              Asuransi Kebakaran

Hubungi kami melalui Nomor yang Tertera di Atas untuk informasi lebih lanjut dan konsultasi gratis. JATIM SEKAWAN HATI, solusi penjaminan Surety Bond , Bank Garansi yang dapat diandalkan untuk keberhasilan proyek Anda.

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Surety Bond Indonesia BERKELAS, WA 0819-9397-2946

Surety Bond Indonesia KLIK https://wa.me/6281993972946, Contoh Surat Permohonan Bank Garansi Bni, Surat Pengembalian Bank Garansi, Bank Garansi Underwriting, Surat Pengambilan Bank Garansi, Contoh Surat Revisi Bank Garansi

Jasa bank garansi adalah lahat KLIK https://wa.me/6281993972946 bank garansi klaim jambi, garansi bank kredit adalah Makassar, format bank garansi kppn Kupang, bank garansi maybank Metro, bank garansi materi Bogor

Jika saat ini anda sedang mencari jasa pembuatan bank garansi & konsultan penjamin keuangan terpercaya dan termurah di sinilah tempat nya.

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Kami merupakan Jasa pembuatan bank garansi terpercaya dan Handal dalam melayani nasabah serta sangat mengutamakan kepuasan Pelanggan . Jenis jaminan yang kami terbitkan yaitu sbb: 1.Jaminan Penawaran ( Bid Bond ) 2.Jaminan Pelaksanaan ( Peformance Bond ) 3.Jaminan Uang Muka ( Advance Payment Bond ) 4.Jaminan Pemeliharaan ( Maintenance Bond ) 5.Jaminan Akhir Tahun SP2D/Pembayaran ( Payment Bond )

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