NASBP Contract Surety Fundamentals Online Course Now CE-accredited in All States 

Contract Surety Fundamentals, NASBP’s newest online training course that provides a comprehensive overview of contract surety bonds – bid bonds, performance bonds, and payment bonds, has been approved for continuing education (CE) credit in all states and Washington, DC. Now depending on their state, surety professionals can earn up to nine hours of CE credit. The complete list of state CE hours for this course can be found by clicking here.

Developed by a team of industry experts in partnership with WebCE, the leading nationwide supplier of state-of-the-art continuing education courses for licensed insurance professionals, the Contract Surety Fundamentals course provides a thorough orientation to contract surety products – how they are underwritten, the protections they provide, and how they are administered. In addition, NASBP members, affiliates, and associates receive a special discounted pricing for other WebCE courses when accessing them through the NASBP website.

Surety professionals can take the course, priced at $189, at their own pace over a 12-month period. Many have found the on-line course to be informative as well as convenient to meet CE credit.

“It was good to be able to take a course in surety in order to earn the C.E. hours I needed. I have also recommended the course to the support staff in my office for a good overview and understanding of the business we are in,” said Shelly Bolender of International Fidelity Insurance Company.

C. Poindexter of Surety One/Poindexter Surety Services, said, “Contract Surety Fundamentals provides an excellent foundation in contract surety. The course is clear and well written and was a pleasure to take.”

To take the course, click here. For more information, contact Ann Latham at alatham@nasbp.org.

The curriculum, organized in 10 modules, takes approximately nine to 12 hours to complete. The modules cover the following topics:

Chapter 1 – Overview of the Construction Industry 

•   Industry Background
•   Nature and Significance of the Construction Industry
•   Features of the Business Environment
•   Characteristics Common to Contractors
•   Types of Contracts
•   Bonding and the Surety Underwriting Process
•   Project Ownership and Rights of Lien
•   Contract Changes
•   Financing Considerations
•   Joint Ventures
•   Reporting for Financial and Income Tax Purposes
•   Planning and Initiating the Project
•   Variations in Size and Methods of Operation
•   Project Management

Chapter 2 – What Is Surety?

•   Overview
•   What Is a Surety Bond?
•   Kinds of Contract Bonds
•   Functions of a Surety

Chapter 3 – What the Surety Looks for in a Contractor

•   Capacity to Perform
•   Sufficient Financial Strength
•   Financial Analysis

Chapter 4 – Miscellaneous Bonds

•   Maintenance Bonds
•   Lien Bonds
•   Release of Lien Bonds
•   Retention Bonds
•   Sales and Use Tax Bonds
•   Health and Welfare Bonds
•   Subdivision Bonds

Chapter 5 – Construction Procurement and the Roles of Those Involved

•   Role of the Owner
•   Role of the Design Professional/Engineer or Owner’s Representative
•   Construction Management Methods
•   Bonding Subcontractors
•   Hedging Your Bets
•   A Subcontractor in Default

Chapter 6 – Bond Claims

•   Types of Claims
•   Performance Bond Default
•   Payment Bond Default

Chapter 7 – Other Services of a Surety

Chapter 8 – Special Concerns of Sureties

•   Background
•   Surety Bond Guarantee Program
•   The Subcontractor
•   The Developer
•   Developers Becoming Contractors
•   Contractors Becoming Developers
•   Hazardous Waste Remediation Projects
•   Dual Obligee Bonds
•   Guarantees and Warranties in Contracts
•   Business Perpetuation

Chapter 9 – Popular Misconceptions

•   Letters of Credit
•   Bond Thresholds
•   The 10 Percent Case

Chapter 10 – Role of the Professional Surety Bond Producer