The National Association of Surety Bond Producers (NASBP) is a national trade association whose membership includes firms employing licensed surety bond producers placing bid, performance, and payment bonds throughout the United States and its territories. NASBP members, known as bond producers or surety agents, play a vital role as advisors and as educators of contractors to help them meet underwriting requirements for surety credit. The bond producer serves as a trusted advisor and integral member of the contractor’s informal advisory team, which also includes an attorney, accountant, banker/lender, and surety company.
NASBP Bond Producers Help Contractors Obtain Surety Credit
A bond producer matches a contractor with a surety company that is best suited to service and to understand the contractor’s unique needs and circumstances. In addition, a bond producer guides the contractor through the bonding process and assists the contractor in preparing the construction company’s financial documents for submission to the surety and to meet the surety’s underwriting requirements. Bond producers can suggest how to improve the contractor’s documentation to meet the surety’s underwriting requirements, which are unique to each surety.
NASBP Bond Producers Help Contractors Maintain, Increase Surety Credit
A bond producer will share his/her surety expertise and extensive knowledge of the marketplace to help the contractor continue to build their business and to maintain and increase the contractor’s surety capacity. For example, a bond producer often provides the contractor a strategy for successful development and execution of a business plan, which includes all aspects of running a healthy business from financial performance, to talent, to risk management, and to perpetuation of the construction business. In addition, a bond producer can introduce a contractor to qualified accountants, bankers, and lawyers who understand construction business needs specific to the contractor client. The relationship between a bond producer and the contractor often extends over many years.
Through their membership in the NASBP, NASBP bond producers have access to numerous tools and resources that help them effectively assist small and emerging contractor clients. NASBP bond producers also have knowledge of public and government programs that provide programs designed for small and emerging contractors, such as the U.S. Small Business Administration’s Surety Bond Guarantee Program and the U.S. Department of Transportation’s Bonding Education Program (BEP). For more information about these and other resources, visit the Links page of SuretyLearn.org.
To find a bond producer and a construction accountant, visit the Directories page of SuretyLearn.org.