New Review of Surety Programs for Service and Supply/Install Contracting
In underwriting public works’ contractors, surety companies extensively prequalify those businesses to confirm that they have the capital, capacity, experience and character to perform the specific contract. But, public funds are spent on a lot of other products and services beyond construction. Private Industry has always provided goods and services to our government entities. Supply and Service Contract awards make up a significant portion of governmental budgets across the country.
San Clemente, CA, February 13, 2017 --(PR.com)-- Steven Swartz has been a licensed surety agent for 27 years. He established South Coast Surety in 1995, as a bond only agency. He has been actively involved with the National Association of Surety Bond Producers, helping craft many of their educational programs on commercial and commercial contract surety.
Today, South Coast Surety services thousands of insurance brokers and direct surety accounts across the country. They have established a number of surety programs with a strong niche in non-construction contract bonding. They also have in-house underwriting authority for commercial and contract bonds with a number of surety companies.
In the article, "The Mystery of Non-Construction Surety Bonds," Mr. Swartz provides an expert opinion on the status of the surety industry's programs that support businesses that bid and contract with government agencies across the nation for providing goods and services. He details the type of businesses that make up the sectors of service contracting as well as what sort of firms are considered supply/install contractors.
He further brings attention to the need for public entities to be consistent in their contract term requirements on protecting public funds. He makes a case for all government entities to regard non-construction contracts with the sort of exposure risk that is the same as construction contracts. Nearly all public entities have laws requiring performance and payment surety bonds for the qualification of the contractors bidding on the public jobs and the protection of taxpayer monies being used for public projects and goods.
In conclusion, he shows how the surety industry has responded to the need to be inclusive of a wide range of contractor size and type operations. And supports the expansion of the use of surety protection for more than just construction contracting.
Today, South Coast Surety services thousands of insurance brokers and direct surety accounts across the country. They have established a number of surety programs with a strong niche in non-construction contract bonding. They also have in-house underwriting authority for commercial and contract bonds with a number of surety companies.
In the article, "The Mystery of Non-Construction Surety Bonds," Mr. Swartz provides an expert opinion on the status of the surety industry's programs that support businesses that bid and contract with government agencies across the nation for providing goods and services. He details the type of businesses that make up the sectors of service contracting as well as what sort of firms are considered supply/install contractors.
He further brings attention to the need for public entities to be consistent in their contract term requirements on protecting public funds. He makes a case for all government entities to regard non-construction contracts with the sort of exposure risk that is the same as construction contracts. Nearly all public entities have laws requiring performance and payment surety bonds for the qualification of the contractors bidding on the public jobs and the protection of taxpayer monies being used for public projects and goods.
In conclusion, he shows how the surety industry has responded to the need to be inclusive of a wide range of contractor size and type operations. And supports the expansion of the use of surety protection for more than just construction contracting.
Contact
South Coast Surety
Steven Swartz
949-361-1692
www.southcoastsurety.com
Steven Swartz
949-361-1692
www.southcoastsurety.com
Contact
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