{"id":19,"date":"2009-05-11T16:52:40","date_gmt":"2009-05-11T21:52:40","guid":{"rendered":"http:\/\/www.suretybonds.com\/blog\/?p=19"},"modified":"2026-01-21T12:08:34","modified_gmt":"2026-01-21T18:08:34","slug":"surety-bonds-in-the-2000s","status":"publish","type":"post","link":"https:\/\/www.suretybonds.com\/blog\/surety-bonds-in-the-2000s\/","title":{"rendered":"Surety Bonds in the 2000s"},"content":{"rendered":"

Today\u2019s Surety Market <\/strong>
\nAs the surety market balanced out in the mid-2000s, the underwriting process became more streamlined.\u00a0 Contractors now know what to expect when applying for a surety bond.<\/p>\n

A surety bond is a type of credit, indicating that the surety company \u201cguarantees\u201d that the contractor is \u201cworthy\u201d financially and has enough experience to proceed with a project.\u00a0 Therefore, the surety company has the right to require a certain amount of documentation from an applicant in order to make an informed decision to grant a bond.<\/p>\n

Below is some of the crucial information that surety companies will most likely require.\u00a0 As a surety bond producer, our job at Surety Bonds.com is to help guide you through these steps.<\/strong><\/p>\n

\u2022\u00a0\u00a0\u00a0 Business financials<\/strong> \u2013 Financial statements for the last three to five years will be required.\u00a0 Usually that means copies of Revenue\/Expense statements, Cash Flow statements, and Balance Sheets.\u00a0 Some surety bond companies will require that these statements are prepared and signed by a CPA.\u00a0 If the applicant is a new company, the most recent financials will be required, as well as possibly a copy of the new company\u2019s business plan.
\n
\n\u2022\u00a0\u00a0\u00a0 Current owner\u2019s personal financial and credit statements<\/strong> \u2013 All owners of the construction company with a 5% or more ownership may be required to provide personal financial statements and credit history.\u00a0 Why are personal credit and financials important?\u00a0 A surety company may require personal indemnification from the construction company\u2019s owners in the case that they default on a contract.\u00a0 That means if the company goes under, the owners will still personally pay the financial responsibility of the construction bid contract.<\/p>\n

\u2022\u00a0\u00a0\u00a0 Owner\u2019s resume<\/strong> \u2013 In order to determine whether a contractor is capable of completing a construction bid on time, on budget, and meeting all requirements, a surety company may require the construction company\u2019s owner(s) to provide their resume of experience.\u00a0 This will help the surety company decide whether the contractor is a high or low risk if a surety bond is issued.<\/p>\n

What happens after all this information is submitted to a surety company?\u00a0 If all information is complete and accurate, then the construction company or contractor can expect to hear back generally within 48 hours.\u00a0 Surety companies know that time is of the essence in some construction projects, and as long as both parties cooperate with information, a surety bond can be issued in a reasonable time.<\/p>\n

We hope you found this information helpful and we look forward to earning your business at Surety Bonds.com<\/a>.<\/p>\n

Read more:<\/p>\n

Surety Bonding in the 1990s<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Today\u2019s Surety Market As the surety market balanced out in the mid-2000s, the underwriting process became more streamlined.\u00a0 Contractors now know what to expect when applying for a surety bond. A surety bond is a…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[63],"tags":[],"featured_image_src":null,"author_info":{"display_name":"SuretyBonds.com Administrator","author_link":"https:\/\/www.suretybonds.com\/blog\/author\/admin\/"},"yoast_head":"\nSurety Bonds in the 2000's<\/title>\n<meta name=\"description\" content=\"A surety bond is a type of credit, indicating that the surety \u201cguarantees\u201d that the contractor is \u201cworthy\u201d and has the experience to proceed with a project.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.suretybonds.com\/blog\/surety-bonds-in-the-2000s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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