Surety Bond Quarterly - Fall 2017 - 5

Contents

WHAT'S INSIDE
FALL 2017

14

FEATURES
10

How Can Construction
Contractors Expedite
Payment on
Federal Contracts?
Part 2 of 2. Further advice on
how contractors can learn how
to work within the system and
how they can make the system
work for them regarding changes,
REAs, claims, and more.

14

18

21

Bond Agency Owners:
The Hardest Part is Letting Go

26

New Software Selection
and Implementation is not
a Weekend Project

Surety Bond Quarterly
AN OFFICIAL PUBLICATION OF
THE NATIONAL ASSOCIATION OF
SURETY BOND PRODUCERS

www.suretybondquarterly.org

ON
POINT

NASBP

Resource Directory:

Members, Affiliates,
Associates Inside!

ESSENTIAL GUIDANCE ON TECH,
BUSINESS, AND RESOURCES

Agency Succession Planning
Cyber Security Plans
Bonds in Canada
Producers Facilitating
Claims Resolutions

www.nasbp.org

ON THE COVER

33

Is your company prepared for a cyberattack?
Do you have a plan in place for the future
leadership of your agency? Do you know how to
contact a specialist firm that you know you can
trust? From keeping abreast with the emerging
technologies most suited to the job, to employing
best business practices, to accessing reliable
surety industry resources, bond producers and
their clients will benefit from the on-point advice
in this fall issue of Surety Bond Quarterly.
ARTHIMEDES/SHUTTERSTOCK.COM

2017 NASBP Resource Directory
Here is the annual compilation
of NASBP specialist firms-bond
producers, sureties, and construction
CPAs-that surety professionals,
contractors, and allied professionals
will want to keep handy
throughout the year.

DEPARTMENTS
7

NASBP Upcoming Meetings
& Events

7

2017-2018 Executive Committee

9

From the CEO:
Advice for the Advisor!

46

FALL 2017

Is Canada Soon to Have
Its Version of the Miller Act?
Unlike the U.S., Canada currently
has no laws in existence that require
surety bonds on federal construction
contracts-but that may be
about to change.

What agency owners can do now
to ensure that the true value of
their business transfers to future
owners-and compensates the
current owner fairly.

Find out how to select a software
package to navigate the future
success of a contractor's business.

FALL 2017, VOL. 4, ISSUE 3

30

Part 1 of 2. Everyone needs a cyber
plan. Learn the basic components
of a risk-based data privacy and
cybersecurity program. Plan to read
Part 2 in the winter issue.

The Growing Importance
of the Bond Producer
in the Efficient Resolution
of Claims
How a producer's relationship with
the principal and knowledge of
basic suretyship can aid the surety
as a claim arises.

Practical Tools to
Help Jump-Start Your
Company's Cyber Plan

Index to Advertisers

View this issue, past issues
and Web-exclusive content
online anytime at
www.suretybondquarterly.org.

Surety Bond Quarterly is brought to you by the National Association of Surety Bond Producers, 1140 19th St., NW, Suite 800,
Washington, DC 20036-5104; Phone: 202.686.3700; Fax: 202.686.3656; www.nasbp.org. NASBP Manager: Kathy Jo Mapes Hoffman
Published by: Naylor Association Solutions, 5950 NW 1st Place, Gainesville, FL 32607; Phone: 800.369.6220; Fax: 352.331.3525;
www.naylor.com. Publisher: Heidi Boe, Editor: Tamára Perry-Lunardo, Project Manager: Douglas Swindler,
Marketing: Natalia Arteaga, Advertising Director: Doug Smith, Advertising Sales: Amy Gray, Matthew Yates,
Project Support Specialist: Alyssa Woods, Layout & Design: Gufran Khan
©2017 NASBP. All rights reserved. The contents of this publication may not be reproduced by any means, in whole or in part,
without the prior written consent of NASBP.
PUBLISHED SEPTEMBER 2017 * SBP-Q0317 * 6551

NATIONAL ASSOCIATION OF SURETY BOND PRODUCERS | WWW.NASBP.ORG

5

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

NASBP Upcoming Meetings & Events
2017–2018 Executive Committee
From the CEO: Advice for the Advisor!
How Can Construction Contractors Expedite Payment on Federal Contracts?
The Growing Importance of the Bond Producer in the Efficient Resolution of Claims
Practical Tools to Help Jump-Start Your Company’s Cyber Plan
Bond Agency Owners: The Hardest Part is Letting Go
New Software Selection and Implementation is not a Weekend Project
Is Canada Soon to Have Its Version of the Miller Act?
2017 NASBP Resource Directory
Surety Bond Quarterly - Fall 2017 - Intro
Surety Bond Quarterly - Fall 2017 - cover1
Surety Bond Quarterly - Fall 2017 - cover2
Surety Bond Quarterly - Fall 2017 - 3
Surety Bond Quarterly - Fall 2017 - 4
Surety Bond Quarterly - Fall 2017 - 5
Surety Bond Quarterly - Fall 2017 - 6
Surety Bond Quarterly - Fall 2017 - 2017–2018 Executive Committee
Surety Bond Quarterly - Fall 2017 - 8
Surety Bond Quarterly - Fall 2017 - From the CEO: Advice for the Advisor!
Surety Bond Quarterly - Fall 2017 - How Can Construction Contractors Expedite Payment on Federal Contracts?
Surety Bond Quarterly - Fall 2017 - 11
Surety Bond Quarterly - Fall 2017 - 12
Surety Bond Quarterly - Fall 2017 - 13
Surety Bond Quarterly - Fall 2017 - The Growing Importance of the Bond Producer in the Efficient Resolution of Claims
Surety Bond Quarterly - Fall 2017 - 15
Surety Bond Quarterly - Fall 2017 - 16
Surety Bond Quarterly - Fall 2017 - 17
Surety Bond Quarterly - Fall 2017 - Practical Tools to Help Jump-Start Your Company’s Cyber Plan
Surety Bond Quarterly - Fall 2017 - 19
Surety Bond Quarterly - Fall 2017 - 20
Surety Bond Quarterly - Fall 2017 - Bond Agency Owners: The Hardest Part is Letting Go
Surety Bond Quarterly - Fall 2017 - 22
Surety Bond Quarterly - Fall 2017 - 23
Surety Bond Quarterly - Fall 2017 - 24
Surety Bond Quarterly - Fall 2017 - 25
Surety Bond Quarterly - Fall 2017 - New Software Selection and Implementation is not a Weekend Project
Surety Bond Quarterly - Fall 2017 - 27
Surety Bond Quarterly - Fall 2017 - 28
Surety Bond Quarterly - Fall 2017 - 29
Surety Bond Quarterly - Fall 2017 - Is Canada Soon to Have Its Version of the Miller Act?
Surety Bond Quarterly - Fall 2017 - 31
Surety Bond Quarterly - Fall 2017 - 32
Surety Bond Quarterly - Fall 2017 - 2017 NASBP Resource Directory
Surety Bond Quarterly - Fall 2017 - 34
Surety Bond Quarterly - Fall 2017 - 35
Surety Bond Quarterly - Fall 2017 - 36
Surety Bond Quarterly - Fall 2017 - 37
Surety Bond Quarterly - Fall 2017 - 38
Surety Bond Quarterly - Fall 2017 - 39
Surety Bond Quarterly - Fall 2017 - 40
Surety Bond Quarterly - Fall 2017 - 41
Surety Bond Quarterly - Fall 2017 - 42
Surety Bond Quarterly - Fall 2017 - 43
Surety Bond Quarterly - Fall 2017 - 44
Surety Bond Quarterly - Fall 2017 - 45
Surety Bond Quarterly - Fall 2017 - 46
Surety Bond Quarterly - Fall 2017 - cover3
Surety Bond Quarterly - Fall 2017 - cover4
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