A Note On The And Financial Information Of Prospects Essay

976 Words 4 Pages
At my place of work, the owner likes to keep a small workforce and his ideas big, where he relies on individuals to be able to properly adjust to different factors concerning administrative surety underwriting and financial information of prospects or current book of business, as the organization mediates the three organizations procedure. A surety bond underwriter is an individual who reviews surety bond applications and any other required documents in order to evaluate the risk of the bond for the insurance company and general contractor/develops involved. Surety bond underwriters typically considered the middle man in the procedure, however approvals for new surety bond applications and for current surety bond renewals are based on the underwriting, so is the cost of a surety bond, helping all in business stay in business.

One difficult aspect of being an underwriter is dealing with right people but have bad credit or claim. Subsequently, the surety bond underwriter would evaluate the application or contractors credit history of the surety bond principal(contractor), business financials and use this evaluation to determine if the risk was acceptable to the Insurance organization. If the risk of default as determined by the underwriting was too high, the bond may not be approved. But even in the case of high risk, the underwriter may be willing to take on the risk for the right client or the insurance company at a higher bond rate along with collateral being posted for…

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