Surety Bond Quarterly - Winter 2014 - (Page 38)

continued from page 24 especially considering all that the surety has at risk. If a construction company doesn't have a well-designed training program and doesn't spend money and time developing future leaders, the company is weak, even if its financial position appears to be strong. These are weaknesses which are never seen on a financial statement or WIP schedules, which can easily bring a company down. What should surety agents and underwriters do? Ask a lot of questions of your contractors, such as: * Do you have a person assigned to company-wide training, such as a training director? * What types of formal training, if any, do your people get? * Does the company have a culture of developing and investing in its people? * Do you have a leadership-development program? * Who will take over the leadership of the company if something happens to the current leaders? If your contractors cannot give you assurance that all of this is in place, think cautiously about giving them the bonding lines they are looking for. It is your responsibility to assess risk - be careful. Gordon S. Robbie, CPA, is a Managing Director with Bonadio Construction Consultants, a subsidiary of The Bonadio Group. He can be reached at grobbie@bonadio.com or 518-464-4080. Cashin Spinelli & Ferretti, LLC www.cslc.com Surety Consultants & Construction Management ► Construction Monitoring ► Claims Analysis ► Funds Control ► Estimating ► Scheduling ► Program Management Index to Advertisers ACCOUNTING CICPAC ....................................................................................................... 20-21 www.cicpac.com E. F. Alvarez & Company, PA ..............................................................................35 www.efacpa.com Lanigan, Ryan, Malcolm & Doyle, PC ...................................................................9 www.lrmd-cpa.com Soren McAdam Christenson LLP .......................................................................38 www.smc-cpas.com ASSOCIATIONS CICPAC ................................................................................................. 20-21, 37 www.cicpac.com ATTORNEYS Langley LLP ........................................................................................................9 www.l-llp.com CLAIM CONSULTANTS Cashin Spinelli & Ferretti LLC ............................................................................38 www.csfllc.com CPA FIRMS E. F. Alvarez & Company, PA ..............................................................................35 www.efacpa.com INSURANCE ACSTAR Insurance Company .................................................. Outside Back Cover www.acstarins.com Alliant Insurance Services, Inc................................................... Inside Back Cover www.alliant.com Allstar Financial Group ......................................................................................16 www.allstarsuretybonds.com Dayhill Group ............................................................................Inside Front Cover www.dayhillgroup.com Selective Insurance Company of America ..........................................................24 www.selective.com Trisura Guarantee Insurance Company ..............................................................17 www.trisura.com SOFTWARE Blair Business Systems .....................................................................................29 www.blairsystems.com SPECIALTY SURETY MARKET Contractor Managing General Insurance Agency Inc. .........................................24 www.cmgia.com SURETY COMPANIES Berkley Surety Group ..........................................................................................4 www.berkleysurety.com Granite Re, Inc. .................................................................................................24 www.granitere.com Merchants Bonding Co. .......................................................................................3 www.merchantsbonding.com SURETY SOFTWARE Blair Business Systems .....................................................................................29 www.blairsystems.com Xenex Enterprises Inc........................................................................................29 www.xenex.ca Soren McAdam Christenson LLP Hauppauge, NY 631-737-9170 Farmington, CT 860-269-0330 Horsham, PA 215-392-4450 Libertyville, IL 847-984-1440 (909) 798-2222 smc@smc-cpas.com 35 YEARS Experience () Exceptional service We serve all contractors Compliance work Miami, FL 786-212-1694 38 surety 719078_Cashin.indd 1 BoNd Quarterly | WINTER 2014 04/11/14 6:56 PM 692250_Soren.indd 1 Wide range of business advisory services, retirement, succession and estate planning, business valuations and employee benet plans audits. www.smc-cpas.com 5/12/14 5:34 PM http://www.cicpac.com http://www.efacpa.com http://www.lrmd-cpa.com http://www.smc-cpas.com http://www.cicpac.com http://www.l-llp.com http://www.csfllc.com http://www.efacpa.com http://www.acstarins.com http://www.alliant.com http://www.allstarsuretybonds.com http://www.dayhillgroup.com http://www.selective.com http://www.trisura.com http://www.csfllc.com http://www.blairsystems.com http://www.cmgia.com http://www.berkleysurety.com http://www.granitere.com http://www.merchantsbonding.com http://www.csfllc.com http://www.blairsystems.com http://www.xenex.ca http://www.smc-cpas.com http://www.smc-cpas.com

Table of Contents for the Digital Edition of Surety Bond Quarterly - Winter 2014

NASBP Upcoming Meetings
2014-2015 NASBP Executive Committee
From the CEO: Education is everywhere and in everything we do
Practical Insights: What You Need to Know-Lease Accounting, A new standard is coming
Surety Up North
Training the Next Generation of Surety Talent
EJCDC’s New P3 Document
The Top 10 Things Public Owners Should Know About Surety Bonds
What's a Construction Company's Most Valuable Asset?
NASBP Virtual Seminars
School’s Back!
New NASBP Resource: Information map of advocacy issues
Meetings in Photos
The Importance of Cracking the “WIP” Monthly
U.S. Customs and Border Protection to Deploy eBond
NASBP Outreach Continues Throughout the Year
Index to Advertisers

Surety Bond Quarterly - Winter 2014

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