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,
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!
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
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