Booming Real Estate Market Spells Opportunity for Insurance Agents April 7, 2021 The COVID-19 pandemic and resulting shutdowns caused the US economy to shrink by 3.5% in 2020. Many industries were hit hard, and are still attempting to bounce back from last year’s losses. That said, one industry in particular was not only able to …
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Surety Bond Basics: Understanding Bond Terms April 1, 2021 Surety bonds are different from more traditional lines of insurance, and agents who primarily deal in home, life, and auto insurance are often left scratching their heads when it comes time to renew their customers’ bonds. Unlike insurance, the term duration requirements for a surety bond …
How to Obtain More Contractor Customers March 24, 2021 Insurance agents are experts in understanding market trends and classes of business that are on the rise. Over the past year residential and commercial construction has boomed, with the industry seeing an increase in projects started of 7% compared to the previous year. Due to …
How the American Rescue Plan Act Impacts Small Businesses March 16, 2021 President Biden recently signed into law the American Rescue Plan Act of 2021 (H.R. 1319), a $1.9 trillion emergency legislative package which seeks to provide the resources needed to address the ongoing COVID-19 public health crisis and spur a strong economic recovery. …
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Do Surety Companies Offer Refunds? Insurance agents often ask us “are premiums on surety bonds refundable?” There are multiple factors at play when determining your customer’s refund eligibility. Generally speaking, the surety company will asses the following when determining if they can return premium: Does their rate filing allow for return premium? Can the bond …
How Technology is Transforming the Insurance Industry March 8, 2021 Technological advancements have drastically changed how insurance agents conduct business. Industry veterans recall how they served as the end all be all of their customers’ insurance experience. Very rarely did consumers interact directly with carriers, and a lack of readily available information made it …
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Who Needs a Surety Bond? Surety bonds can be confusing, and insurance agents often times turn to surety experts, such as BondExchange, for assistance in serving their surety customers. Being ahead of the curve is one of an insurance agent’s most prominent skills, especially as it relates to marketing and retaining new and existing …
February 4, 2021 Surety Bond Basics: Understanding Premium Rates As an insurance agent, the chances that you will service customers needing surety bonds are pretty high. There are over 11,000 different types of surety bonds, and oftentimes your customer needs a bond as a prerequisite to obtain a business license or pull a permit. One …
January 29, 2025 SBA Surety Bond Guarantee Program Explained The Small Business Administration’s (SBA) Surety Bond Guarantee Program (“SBG Program”) allows small contractors to qualify for surety bonds on projects with a total project cost of up to $9 million for non-federal jobs and $14 million for federal contracts. The purpose of the SBG program …
January 21st, 2021 Surety Bond Glossary for Insurance Agents Customers who need surety bonds often use terminology unfamiliar to most insurance agents. Agents with a basic understanding of common language used in the surety industry (“surety-speak”) can more effectively service their customers. You won’t hear much of this language from BondExchange underwriters, but regardless, …
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