While learning about surety bonds you may run across the term surety underwriter and think, hmmm, what is that exactly? Well, now you can finally find out.
A surety underwriter is a person who reviews a surety bond application and determines if the company can provide the bond in question. They evaluate risk both for the company and the client seeking a bond.
Risks Involved With Surety Bonds
A surety underwriter has a responsibility to both the client and the company to minimize risks. This means communicating effectively is key.
It is up to the underwriter to help determine what the client and company must deal with to get the most out of a surety bond. The surety underwriter asks questions about what type of bond, the history of the client, the financial requirements, and other general questions about bonding.
Should a surety underwriter fail to perform these duties then the title company and client can face backlash. They are essentially figuring out if the client and company are a good match.
Making sure that the bond company, and the client requesting the bond, will uphold all requirements and mandates is imperative. If things fall through the cracks then it can lead to lawsuits, headaches, and a lot of money needing to be spent.
Working With The Right Underwriter
Many people are under the impression that surety underwriters work for an insurance company. But surety bonds and insurance are different beasts. Sure there are similarities, but when you’re working with an underwriter you’re generally working with a bond company.
A surety bond company should have a solid reputation, a sound understanding of the bond you require, and the ability to deliver it quickly. When you choose Jurisco then you receive all those things.
It is important that the surety underwriter is as reliable as the company itself.
Make Contact Today
Do you need a surety bond for court or for your business? Contact Jurisco today and speak to a surety underwriter about your needs and let them help you secure a bond quickly.