Reporting Assistance

Keeping surety credit in place

You can’t blame the Surety. How is a Surety to determine your performance other than the information you provide? After all, their not sitting at one of your desks, they’re sitting at theirs. And while sitting at theirs they develop an impression of you and to maintain a healthy bond line you must impress. It is amazing how many contactors go to great lengths to obtain a bonding line but do nothing to maintain it.

Some contractors think that once a bonding line is in place it is a permanent fixture. This can’t be further from the truth. In fact, one of the reasons why Sureties often end a Contractor-Surety relationship is because they become frustrated with getting timely and quality information from the contractor. The banks get the information they need on a timely basis, why does the Surety play second fiddle? This can be from a flawed perception.

The fact of the matter is both banks and sureties provide credit. Both rely on the same financial information to extend that credit, and both are secured with assets of your company. But did you know the bank is normally in first position ahead of the Surety when it comes to your assets? That should mean that the Surety is the one that gets the greatest respect, but the fact is they often get none, and this is a prime reason for Surety relationships to fail. If they don’t get quality information on a timely basis how can a contractor expect to maintain a bonding line? That is where Druml Group comes in.

We know exactly what the Surety is looking for and exactly how to provide it. We’ll train you to provide the information your Surety is looking for and to do so on a timely basis in the format they expect. It may be that you need one of our other services to develop a process to produce the financial information a Surety is looking for, but one way or another, we’ll make sure you can produce it, and on a timely basis. Then when your account is being reviewed by a Surety underwriter while sitting at their desk, you can be assured that you will have impressed them the best. We call that maximizing your Surety relationship, and we have the knowledge and the ability to deliver.