Surety Bond Quarterly - Summer 2017 - 31

Continued from page 21

Peter Gibbs at the joint NASBP/SBA
bonding awareness pilot program held
in the fall of 2016 in Maryland.

sureties submit claim applications
online directly to the SBG Program.
Gibbs said this electronic claims filing system got off to a slow start in
terms of use by the sureties but is
now being used by all SBG partners.
Another recent change is realignment of the OSG offices to provide
adequate support for the eastern,
middle, and western states. Each
of these three area offices has a

manager and a marketing specialist to meet the needs of OSG partners and help with their questions
or concerns. "My staff understands
customer service is important to me
and the success of our program, so
every effort is made to ensure we're
adequately meeting the needs of our
stakeholders." Gibbs emphasized.
These changes have speeded up
the submission of bonding applications and the payment of bond guarantees. "We process bond guarantee
applications in less than two days
and claims in less than eight days,"
Gibbs reported. "We're working efficiently and smarter with our partners
to ensure small businesses are supported in a timely manner. In comparison with the paper-based application
process in place prior to the initial
launch of our electronic application
system in 2007, we now approve bond
guarantees and claims in less than
one-quarter of the time it used to take.
Contractors are happy because they
receive the bonds they need quickly,

frequently without having to post
collateral or other financial support.
Our authorized bond producers and
surety partners have been sharing
their appreciation for the Program
and recent improvements with us
and with others in the surety industry, especially with regard to the now
almost fully electronic application
process and our very quick response
time. A testament to our success and
great relationship with the industry
is the recent addition of seven new
surety firms partnering with SBA and
the SBG Program, bringing the total
number of participating sureties to 30.
"SBA's Surety Bond Guarantee
Program is not your grandfather's
program anymore," Gibbs stressed.
"We are constantly looking at innovative ways to improve the process to
make sure our partners and contractors benefit from our products. We are
striving to open doors to bonding!"
Plan to register for the complimentary July 25 NASBP Virtual Seminar
at 2 p.m. ET to learn more.
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853616_RLI.indd 1

NATIONAL ASSOCIATION OF SURETY BOND PRODUCERS | WWW.NASBP.ORG
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21/01/17 4:38 am


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Table of Contents for the Digital Edition of Surety Bond Quarterly - Summer 2017

NASBP Upcoming Meetings & Events
2017–2018 Executive Committee
From the CEO: Bringing Summer Heat: A Rundown of “Hot” Stuff in the Evolving World Surrounding Surety
Howard Cowan—Building on a Solid Foundation
Mitigating the Hidden Risks in the “New Normal” Construction Environment
Acting Director of the U.S. SBA Office of Surety Guarantees
Drones Take Flight in the Construction Industry
2017 AIA Contract Documents: Selected Key Changes
NASBP to Release Continuing Education Course: Joint Ventures in Construction
How Can Construction Contractors Expedite Payment on Federal Contracts?
Insurtech for Surety: The Future Is Closer than You Think!
Index to Advertisers
Surety Bond Quarterly - Summer 2017 - Intro
Surety Bond Quarterly - Summer 2017 - cover1
Surety Bond Quarterly - Summer 2017 - cover2
Surety Bond Quarterly - Summer 2017 - 3
Surety Bond Quarterly - Summer 2017 - 4
Surety Bond Quarterly - Summer 2017 - 5
Surety Bond Quarterly - Summer 2017 - 6
Surety Bond Quarterly - Summer 2017 - 2017–2018 Executive Committee
Surety Bond Quarterly - Summer 2017 - 8
Surety Bond Quarterly - Summer 2017 - From the CEO: Bringing Summer Heat: A Rundown of “Hot” Stuff in the Evolving World Surrounding Surety
Surety Bond Quarterly - Summer 2017 - Howard Cowan—Building on a Solid Foundation
Surety Bond Quarterly - Summer 2017 - 11
Surety Bond Quarterly - Summer 2017 - Mitigating the Hidden Risks in the “New Normal” Construction Environment
Surety Bond Quarterly - Summer 2017 - 13
Surety Bond Quarterly - Summer 2017 - 14
Surety Bond Quarterly - Summer 2017 - 15
Surety Bond Quarterly - Summer 2017 - 16
Surety Bond Quarterly - Summer 2017 - 17
Surety Bond Quarterly - Summer 2017 - 18
Surety Bond Quarterly - Summer 2017 - 19
Surety Bond Quarterly - Summer 2017 - Acting Director of the U.S. SBA Office of Surety Guarantees
Surety Bond Quarterly - Summer 2017 - 21
Surety Bond Quarterly - Summer 2017 - Drones Take Flight in the Construction Industry
Surety Bond Quarterly - Summer 2017 - 23
Surety Bond Quarterly - Summer 2017 - 2017 AIA Contract Documents: Selected Key Changes
Surety Bond Quarterly - Summer 2017 - 25
Surety Bond Quarterly - Summer 2017 - 26
Surety Bond Quarterly - Summer 2017 - NASBP to Release Continuing Education Course: Joint Ventures in Construction
Surety Bond Quarterly - Summer 2017 - How Can Construction Contractors Expedite Payment on Federal Contracts?
Surety Bond Quarterly - Summer 2017 - 29
Surety Bond Quarterly - Summer 2017 - 30
Surety Bond Quarterly - Summer 2017 - 31
Surety Bond Quarterly - Summer 2017 - Insurtech for Surety: The Future Is Closer than You Think!
Surety Bond Quarterly - Summer 2017 - 33
Surety Bond Quarterly - Summer 2017 - Index to Advertisers
Surety Bond Quarterly - Summer 2017 - cover3
Surety Bond Quarterly - Summer 2017 - cover4
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