NASBP developed the document Always Verify Your Bond! in response to the stated interest of its Members, Associates, and Affiliates for many and various educational materials from NASBP and to help combat instances of fraudulent surety bonds through education. The document is a one-page tool that surety professionals can give to their clients (and refer to themselves), which sets forth a two-step process to help them verify the authenticity of every contract surety bond before acceptance. The two-step process shows them how (1) to check the authority of the surety to issue the surety bond, and (2) to verify that the surety actually authorized the issuance of the surety bond
Aug_2019_Verify_Your_Bond.pdf
Always Verify Your Bond!
Canadian Study Verifies Surety Protection Has Economic Value On Dec. 5, 2017, Bill 142 passed unanimously in the Ontario Legislature, requiring public construction work to be protected by performance and payment bonds
Learn how to avoid becoming a victim of bond fraud. This is Part 2 of NASBP General Counsel Martha L
Prt2_indsuretiesABAF&SLwCom.pdf
Learn how to avoid becoming a victim of bond fraud. This is Part 1 of NASBP General Counsel Martha L
Prt1_indsuretiesABAF&SLwCom.pdf
NASBP advises contractors to be sure they've taken the necessary steps to verify the authenticity of a surety bond
Battling Surety Bond Fraud: Why Bond Verification Is So Important
The NASBP SuretyLearn for Contractors website is a one-stop shop for free surety information for bond producers and their current or prospective small contractor clients.
They will discuss red flags before a company files for bankruptcy, how sureties can work to avoid “claw back,” and the importance of documentation and communication between the surety, bond producer, and surety client to control risk!
Insurance Automation Group (Booth #20) Advanced Digital Technologies Brings New Efficiencies and Benefits to the Surety Value Chain Crowe (Booth #12) “Submit It and Get It” Experience for Surety Agents: Automation that Underscores the Importance of Surety Agents, While Providing Deeper Insights into Contractor Data InRev (Booth #22) The Modern Surety Bond Underwriter The Institutes RiskStream Collaborative (Booth #5) The insurance industry’s largest member-led non-profit blockchain consortium aiming to streamline data flow and verification, while reducing time, cost, and risk. PledgX (Booth #17) PledgX Helps You Manage Risk and Service in Surety Bonding by Turning Data into AI-driven Actionable Insights Tinubu (Booth #18) Which is Better: Building Your Own Surety Technology Solution or Buying One Off-the-Shelf? Xenex (Booth #15) Eyes on Technology in the Surety Industry Resources / Links: XBRL-US Standards to Automate Processing for Contractors, Agents & Sureties Webinar XBRL-US Data Collection in Surety Underwriting Infographic Presentation: Standards to Improve Data Collection in Surety Underwriting Surety Automation website - Surety Data Standards NASBP WIP Spreadsheet for XBRL - Convert your WIP reports to XBRL formatted data