Surety Bond Quarterly - Winter 2014 - (Page 8)

From the CEO Education is everywhere and in everything we do! Whenever I speak with a NASBP member, affiliate or associate, the importance of education, in the broadest sense of the word, always works its way into the conversation. I cannot really say that I am surprised by that constant occurrence, as I am an adherent to the belief that everything we do has some component of education, both in receiving knowledge and in imparting knowledge. As a surety professional, you are well-versed in the fact that you must keep abreast of matters that impact your abilities to progress as a surety professional and to serve the needs of your clients. If you do not stay "on top of things," you will not have the knowledge, skill sets, and the attendant commissions for long-term success. You also know that the merits of what you do and what you offer professionally are not self evident or well known to many, requiring you to be able to educate the uninitiated effectively in as few words as busy peoples' short attention spans allow. Even those that regularly are exposed to surety bonds as obligees, such as public owners, may actually understand very little about the rationale, operation, and benefits of surety bonds. To that end, this issue gives you a tool: a "top 10 list" of things public owners should know about surety bonds, to assist you in that critical educational effort. I am fond of a quote from Maya Angelou: "When you learn, teach, when you get, give." Perhaps there is no better personification of that quote than the actions of the faculty at NASBP's William J. Angell Surety Schools. These men and women devote considerable amounts of personal time to teach surety professionals, even competitors, at all career levels. They often remark that they learn as much from the students as they impart. Nurturing, training, and mentoring the next generation of surety professionals - administrative personnel, producers, and underwriters - is of considerable interest to the surety community at large. Sureties, through their own training programs or through the NASBP Surety Schools, 8 surety BoNd Quarterly | WINTER 2014 are increasing their efforts to attract and to educate young professionals, so the surety industry will have the influx of diverse talent necessary to thrive in the future. Among the articles in this issue is one that spotlights such surety company efforts, relating the wonderful career opportunities available to surety professionals in today's industry. It is easy to think that corporate surety bonds are a uniquely American risk mechanism, but the truth of the matter is that corporate surety bonds, though most prevalent in the United States, have been and increasingly are being used in many countries around the world. In fact, one of the oldest operating surety companies is a Canadian insurance company, the Guarantee Company of North America, which was founded 142 years ago. Indeed, use of surety bonds has had a long presence in Canada, despite the absence of a uniform statute, like the Miller Act in the United States, requiring bonds on federal construction contracts. What are the differences between surety bonding practices in Canada and in the United States? Canadian surety professionals educate us in this issue on the important distinctions. Globalization even is affecting U.S. accounting standards, as governing bodies in the accounting industry seek greater convergence of accounting standards around the world. In the last issue, you learned of recent changes to the treatment of revenue recognition and their import for construction companies. In this issue, you will learn about the new accounting standards affecting leases. Much is occurring in accounting standards, and the Surety Bond Quarterly will continue to identify and to examine those with the greatest impact to surety professionals and their clients. Other articles in this issue address what is occurring in customs e-bonds, how to use NASBP Virtual Seminars as a means to educate clients, and the importance of work-in-progress reports. We may not be accustomed to the thought that our daily professional actions fall into the classification of educative actions, but once you reframe your notions, education is everywhere and in everything we do. I hope you enjoy this issue of Surety Bond Quarterly! ● Warm wishes, Mark McCallum NASBP CEO

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