Understanding what a surety underwriter does can help unlock all the value an underwriter can bring to the surety bond process. You don’t have to specialize in bonds to save money on cheaper surety bond rates. You just have to find someone else who does specialize in surety bonds–that someone is likely to be called a surety underwriter. Let’s dive more into underwriting, what it entails, and give a couple of examples.
As always, if you wish to skip the blog and want to talk instead, you can contact a surety underwriter at Jurisco.
Surety underwriters work with surety bonds. There are a wide variety of surety bonds covering a range of situations including appealing a decision in a courtroom to legally operating a business. Bonds can stand in as a guarantee work will be completed or that a business can be trusted because they are bonded.
Among the most common types of surety bonds are:
A surety underwriter reviews surety bond applications to determine if the application can be approved. Surety underwriters evaluate risk both for the company and the client seeking a bond. This evaluation will determine whether or not the company can provide the surety bond in question.
A surety underwriter has a responsibility to both the client and the company to minimize risks. The underwriter is there to determine what the client and the company must deal with to deliver the best bond possible.
One way the surety underwriter determines risk is to ask questions. Typical topics an underwriter may ask questions about include:
Without accurately evaluating risk a surety underwriter fails both the title company and client.
Underwriters want to make sure that:
One common question about underwriters is whether or not they are involved with insurance companies. While they appear similar on the surface, surety bonds and insurance are very different beasts altogether.
An underwriter is working with a bond company, not an insurance company.
Jurisco can deliver any type of surety bond you need. Working with Jurisco, a nationwide surety bond company with a five-star reputation means you will be connected to the most reputable surety underwriters.
Working with a company like Jurisco will allow you to take care of the surety bond process fast and easily. You can always rely on surety underwriters working to deliver the best bond experience possible including offering the lowest surety bond rates.
Contact Jurisco now to tell a surety bond expert about your needs. Have more questions about a surety underwriter? Give us a call or send a message. Ready to apply? Check out the surety bond application page.