The NASBP document titled "Frequently Asked Questions from Bond Producers About Their Role in the Contract Bond Claims Process" is formatted into FAQs and general guidance responses for bond producers when they are faced with the inevitable and various questions from obligees, principals, claimants, attorneys, and the press. These questions and answers do not provide legal advice, but they do provide illustrative guidance to bond producers.
If you haven’t yet read this new resource, you can find it on the NASBP website in the Producer’s Toolbox or you can access it by clicking here.
In order to highlight this new educational tool, NASBP has been featuring in each issue of Pipeline one of the FAQs and the general guidance response to that question. Below is the sixth FAQ and response:
I need to give information about the bonded principal to the relevant surety claims department. Should I relay the information by email or by a phone call?
Relaying information to the surety claims department about the bonded principal by phone call is generally preferable over email. A phone call will allow for a quick verbal exchange and an opportunity for the surety to ask questions in real time and to let you know if it needs for you to send any documents.
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Be on the lookout for a highlighted FAQ and response from this NASBP document in the next issue of Pipeline. NASBP would be very pleased to hear your comments on these FAQs and your suggestions for other FAQs to include in a future version of the FAQs. Share your thoughts about this document at
info@nasbp.org.