RELATIONSHIPS: The importance of building strong, trustworthy ...

Posted: May 23, 2012 | Author: siagroup | Filed under: Uncategorized |

Written by: Luann Cole

Building relationships is extremely important in the surety bond world.? Whether you are dealing with a contractor/bond agent relationship or bond agent/surety underwriter relationship, it is vital to keep relationships current, up to date and functioning properly so that you can more easily obtain bonds when needed

Components of a Successful Contractor/Bond Agent Relationship:

Trust and Dependability:

• As a contractor, you must be able to trust that your bond agent will not share vital information with anyone except the bonding company.
• As a contractor you must be able to depend on your bond agent to determine the best bonding companies to suit your needs.
• As a bonding agent, your client should feel that they can depend on you to be available at all times to assist with their bond needs.? Sometimes bond requests come at the last minute and your client depends on you to help them get it processed.

Open and Direct Communication:

• It is vital that contractors stay in touch with their bond agents by keeping the line of communication open throughout the year. This provides the bonding agent with the opportunity to discuss items that may be needed to ensure efficient and quick responses to the contractor?s bond requests at any given time.
• As a contractor, you should check-in with your bond agent frequently throughout the year, even if you are not a frequent bond user. You want to keep all information current in order to avoid last minute rushing to gather information and potentially missing a bond opportunity.

Components of a Successful Bond Agent/Surety Underwriter Relationship:

Trust and Dependability:

• This relationship also needs to be one of trust and dependability because the underwriter is the decision maker regarding the amount of bonding afforded to the contractor.
• The underwriter reviews the financial information provided and makes the ultimate decision as to the size of projects a contractor can obtain.

Open and Direct Communication:

• The bond agent should have a relationship with the underwriter in which the agent knows exactly the type of business the underwriter is willing to consider so as to not waste the contractor?s time sending information to irrelevant companies.
• Additionally, a strong relationship can encourage the underwriter to step out of the box, and really understand and handle peculiar situations that may arise.

Taking the extra time to maintain relationships is vital in all aspects of life especially with your business relationships.? Having established, dependable and trustworthy relationships with your business partners makes doing business a breeze!

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