Rediscover a Worthwhile Resource – SIO.org
When is the last time you went to SIO.org to examine the resources of the Surety Information Office (SIO) or to nominate a person or a firm for surety award recognition? SIO, jointly created and administered by NASBP and The Surety & Fidelity Association of America (SFAA), exists as a singular information resource for anyone looking for information about surety bonds and the surety bonding process. Originally conceived in 1993 as a promotional office to increase the use of corporate surety bonds in the private sector, SIO currently is being reimagined by the leadership of NASBP and SFAA in an effort to broaden its outreach to private and public sectors and to include information about commercial surety bond topics. The SIO Policy Board, together with a working task force composed of NASBP and SFAA representatives, are examining SIO objectives and ways in which to improve SIO.org.
In the meantime, a number of SIO materials have been updated. Among these are:
• Contract Surety Bonds: Understanding Today’s Market (PowerPoint presentation)
• Informed Decisions: Surety Bonds or Bank Letters of Credit (PowerPoint presentation)
• Electronic Filing of Resources (web article)
• Managing the Risk of Contractor Default (PowerPoint presentation)
• Miller Act (web article)
In addition, five brochures have been revised and refreshed with contemporary design and graphics. They are downloadable from SIO.org and are:
• The Surety Safeguard: How Bonding Protects Taxpayer Dollars
• Surety Bonds or Bank Letters of Credit: Important Distinctions
• Surety Bonds vs. Subcontractor Default Insurance: Important Differences
• Why Do Contractors Fail? Surety Bonds Provide Prevention and Protection
• Protect Your Construction Lending Capital with Surety Bonds: Affordable Protection
The most recent Construction Executive Surety Supplement, published in the November 2014 issue of Construction Executive, has been posted recently on SIO.org. This Surety Supplement is downloadable and contains insightful articles giving the latest information and perspectives from surety industry leaders.
Another important role that SIO plays in the surety professional community is its sponsorship of promotional and advocacy awards. SIO sponsors awards for Excellence in Surety Bond Promotion. Local surety associations are eligible to receive Silver and Gold awards for Excellence in Surety Promotion, which recognize specific levels of public relations and educational activities undertaken to promote use of corporate surety bonds.
Local surety associations (LSAs) also are eligible for advocacy awards, recognizing efforts advocating for suretyship, such as opposing legislation to increase statutory bond thresholds. Individual NASBP and SFAA members who undertake promotional efforts that generate a significant, beneficial impact on the surety industry are eligible for the Platinum Award. The highest industry recognition, the Tiger Trust, is awarded those NASBP and SFAA members who successfully persuade owners or lenders to specify contract surety bonds on their projects. To nominate your LSA for a promotion/advocacy award or an individual for the Tiger Trust, please go to the awards page at awards.suretyinfo.org where nomination forms along with criteria information are available. Online entries together with supporting documentation for these awards will be accepted through February 6, 2015.