The purpose of this course is to provide a thorough orientation to contract surety compared with other forms of insurance and to give instruction on how to attend to the details of contract surety bonds at all relevant stages. The focus is on the key elements of contract surety and includes legal requirements, underwriting processes, participant roles, and risks. The course describes the required financial information and explains why and what should be collected and reviewed and how this information is used. The student will be introduced to the key factors in successful conduct including working with bonds, proven management principles, and the ethical standards and expectations of a professional.
The course includes the following chapters:
- Overview of the Construction Industry
- What Is Surety?
- What the Surety Looks for in a Contractor
- Miscellaneous Bonds
- Construction Procurement and the Roles of Those Involved
- Bond Claims
- Other Services of a Surety
- Special Concerns of Sureties
- Popular Misconceptions
- Role of the Professional Surety Bond Producer