Surety Bond Quarterly - Winter 2017 - 13

these impromptu meetings, because
they're not preparing for it and you
get whatever's on their mind right
then and there," he said.
Maintain the Pace
Runners who want to sustain or
improve their position over the course
of a long race must pay attention to
the way they're traveling at every
point. To forge strong links with their
customers, surety professionals must
monitor and nurture relationships on
an ongoing basis.
"It's like any relationship; if you
neglect it or don't communicate, it's
not going to work. I'd equate it a little
to a marriage, where you really have
to communicate constantly or little
things that build up cause problems,"
said McMahon.
"The key to nurturing relationships
is to be there consistently for that
person; you are there to share experiences," added Guignard. "They
see how you respond, you see how
they respond, and you develop a
stronger bond."
One way to add value to a relationship is learning everything you can
about your client's competitors and
building partners.
"I really focus on my clients' competition, not only because his competition may be a prospect but more
importantly because what his competition is doing makes an impact
on what he does and how he does
it," said Edmunds. "If you know
who his competition is, you're able
to gauge the market conditions he is
dealing with as he tries to manage an
effective business."

This can be an opportunity to get
closer to a client. "We need to be a
positive reinforcement and try to help
our clients work through situations
even when we have to deliver bad
news or ask them to do something
like increase capital in their company
to restore their financial condition,"
said Zimmerman.
He recently was working with a client who was doing a very difficult
joint venture project with a foreignowned corporation. As they worked
through some challenging situations,
both he and his client occasionally
vented their frustrations.
"But both of us came back with
very quick acknowledgments that we
were venting because of the situation, and we both appreciated what
the other was doing to work through
it. We ultimately got it done and
maintained a strong relationship.
I think that's inherent in a healthy
relationship, to be able to be real
with a client and not fear that's going
to jeopardize your relationship,"
Zimmerman added.
But sometimes the relationship can
be too seriously strained to retrieve.
That can happen if there's broken
trust or if the client's business or values or people have changed. At that
point, you might have to tell the client that you are no longer a good fit
and that they might do better finding

someone more in line with their current business philosophy.
Bringing Your Best
Runners earn the respect of their
peers by consistently putting forth
their best efforts. Surety bond professionals earn the respect of their
contractor and subcontractor clients-
and build lasting connections with
them-by conducting business in an
ethical manner.
"Clients have to respect me as a
professional and what I do. I'm not a
commodity, and if they want to treat
me as a commodity, we just don't do
business," added Babcock.
"Clients and contractors sometimes
think of their banker and their lawyer
and their CPA in one light and treat
the surety producers as some kind
of huckster," added Petrasek. "If you
allow yourself to be treated like that,
you won't have a professional relationship with your client."
"I think the most important thing is
to develop trust," said Guignard. "You
have to demonstrate that you are good
at what you do, that you are professional and honest and have integrity."
In the long run, relationships built
upon mutual trust and respect will
be the most enduring and the most
satisfying for both surety bond professionals and the contractors and
subcontractors that they serve.
●

Know When to Call a Halt
Runners may become injured during
the course of any race. Sometimes
they may be able to power through,
but other times the best thing to do
is leave the course.
Connections between surety bond
producers and their customers can
become strained when things aren't
running as smoothly as either side
would wish. The best way to handle a
problem is to be upfront about it and
to try to fix whatever has gone wrong.
NATIONAL ASSOCIATION OF SURETY BOND PRODUCERS | WWW.NASBP.ORG
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Table of Contents for the Digital Edition of Surety Bond Quarterly - Winter 2017

NASBP Upcoming Meetings & Events
2017–2018 Executive Committee
From the CEO: Looking Backward to Reach Forward
Relationships for the Long Run
Subcontractor Default Insurance: Relevant Considerations for the Surety Claims Professional
Bottom Line Protection with Job Cost Accumulation & Allocation
Inside the AIA’s New Insurance and Bonding Contract Exhibit
The Calm After the Storm: Managing Disaster Response Contracts
Practical Tools to Help Jump-Start Your Company’s Cyber Plan
Index to Advertisers
Surety Bond Quarterly - Winter 2017 - Intro
Surety Bond Quarterly - Winter 2017 - cover1
Surety Bond Quarterly - Winter 2017 - cover2
Surety Bond Quarterly - Winter 2017 - 3
Surety Bond Quarterly - Winter 2017 - 4
Surety Bond Quarterly - Winter 2017 - 5
Surety Bond Quarterly - Winter 2017 - 6
Surety Bond Quarterly - Winter 2017 - 2017–2018 Executive Committee
Surety Bond Quarterly - Winter 2017 - 8
Surety Bond Quarterly - Winter 2017 - From the CEO: Looking Backward to Reach Forward
Surety Bond Quarterly - Winter 2017 - 10
Surety Bond Quarterly - Winter 2017 - Relationships for the Long Run
Surety Bond Quarterly - Winter 2017 - 12
Surety Bond Quarterly - Winter 2017 - 13
Surety Bond Quarterly - Winter 2017 - Subcontractor Default Insurance: Relevant Considerations for the Surety Claims Professional
Surety Bond Quarterly - Winter 2017 - 15
Surety Bond Quarterly - Winter 2017 - 16
Surety Bond Quarterly - Winter 2017 - 17
Surety Bond Quarterly - Winter 2017 - 18
Surety Bond Quarterly - Winter 2017 - 19
Surety Bond Quarterly - Winter 2017 - 20
Surety Bond Quarterly - Winter 2017 - 21
Surety Bond Quarterly - Winter 2017 - 22
Surety Bond Quarterly - Winter 2017 - 23
Surety Bond Quarterly - Winter 2017 - 24
Surety Bond Quarterly - Winter 2017 - 25
Surety Bond Quarterly - Winter 2017 - Bottom Line Protection with Job Cost Accumulation & Allocation
Surety Bond Quarterly - Winter 2017 - 27
Surety Bond Quarterly - Winter 2017 - 28
Surety Bond Quarterly - Winter 2017 - 29
Surety Bond Quarterly - Winter 2017 - Inside the AIA’s New Insurance and Bonding Contract Exhibit
Surety Bond Quarterly - Winter 2017 - 31
Surety Bond Quarterly - Winter 2017 - 32
Surety Bond Quarterly - Winter 2017 - The Calm After the Storm: Managing Disaster Response Contracts
Surety Bond Quarterly - Winter 2017 - 34
Surety Bond Quarterly - Winter 2017 - Practical Tools to Help Jump-Start Your Company’s Cyber Plan
Surety Bond Quarterly - Winter 2017 - 36
Surety Bond Quarterly - Winter 2017 - 37
Surety Bond Quarterly - Winter 2017 - Index to Advertisers
Surety Bond Quarterly - Winter 2017 - cover3
Surety Bond Quarterly - Winter 2017 - cover4
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