We asked Artificial Intelligence source ChatGTP what it thought a Surety Bond Agents role in a Client's Bond Claim was and the answer is pretty close to what our thoughts are. You’ll find ChatGTP’s answer below in red italics but first, we added a few comments in advance about what the agents at Shorewest Surety Services do to assist clients.
Shorewest Surety Services is a bond only agency that specializes in contract bonding. When a client gets notified they have potential issues on a project, the agent's goal is to advise and assist. The first thing we do is get all the necessary details on the dispute and talk to the underwriting team to ensure there is no disruption in the current relationship. Next, we discuss the claim with the surety claims team to describe the problem from our client's perspective and summarize the client’s history in an attempt to enhance the relationship as the claim department rarely knows anything about our client. While the two important steps above are being discussed, we also review relevant contact information for the job in dispute, and make sure the underwriting file is updated. Our goal is to assist with every step of the claim process for both the client and the surety to hopefully maintain relationships throughout the dispute. As you read the ChatGTP summary below, you will realize that technology has advanced significantly in the past few years, and at Shorewest Surety Services, we embrace new technology and hope that someday it will write all of our blog posts.
When asked what the role of a surety agent is in a bond claim—ChatGTP says “A surety bond agent plays a crucial role in the surety bond claim process. Their primary responsibility is to facilitate communication and interaction between the parties involved in the claim: the obligee (the party seeking compensation), the principal (the party who purchased the bond), and the surety company (the entity that issued the bond).
When a claim arises, the surety bond agent typically acts as a liaison between the obligee and the surety company. They help gather the necessary documentation and information related to the claim, ensuring that it is complete and submitted within the required timeframe. The agent may also review the terms and conditions of the bond to assess the validity of the claim.
Furthermore, the surety bond agent may provide guidance to the principal on how to handle the claim process effectively. They can explain the obligations and responsibilities outlined in the bond agreement, and advise the principal on any necessary actions or steps to take.
Overall, the surety bond agent serves as a knowledgeable resource and intermediary, assisting all parties involved in navigating the surety bond claim process and ensuring compliance with the terms of the bond agreement.”
ChatGTP has an incredible answer and if you are looking for an agency that looks out for your best interest, please consider us.
Interested in getting a surety bond quote today? The team here at Shorewest Surety would love to help. For the last 20+ years, we’ve been exclusively focused on helping construction contractors get the best rates, expertise, and service possible. We truly care about our client's success and are honored to partner with them and share our bonding expertise so they can bid on the projects that matter most. Give us a call today at (800) 264-1634 and talk with an agent who will give you a personalized quote.