This seminar will provide both an overview and detail on the commercial surety line of business. It will be presented by experienced and knowledgeable commercial surety underwriters and professionals. The Seminar will provide newer entrants into the surety industry with details regarding the many types of commercial surety bonds and considerations regarding the underwriting process. Underwriting issues will include topics such as bond language evaluation, financial analysis, indemnity, and assessment of the class of business risk. The seminar also will include a “taste” of more specialized bond types such as Customs bonds, reclamation bonds and workers’ compensation self-insurance bonds. Instruction will be supplemented with interactive case studies.
We will be accepting registrations on a first-come, first-served basis. To register, please fill out the Registration Form and return it with the registration fee to: Meetings Department, The Surety & Fidelity Association of America, 1101 Connecticut Ave., NW, Suite 800, Washington, DC, 20036. Please submit your registration by October 1, 2014 to ensure that you are included on the advance registration list. To verify that space is available, please call 202-463-0600.
A full refund of the seminar registration fee will be provided if the reservation is canceled by October 1, 2014.
The seminar will be held in Chicago at the Embassy Suites Hotel – Downtown (600 N. State Street). To make hotel reservations, please call the Embassy Suites directly at 1-800-362-2779. A special rate of $209 per night is available for meeting attendees. All reservations must be guaranteed with a valid credit card and are subject to a 24-hour cancellation policy. Please mention that you are attending The Surety & Fidelity Association of America Commercial Surety Seminar. This special rate is available until October 3, 2014.
October 29, 2014
8:00 a.m. – 8:45 a.m. CONTINENTAL BREAKFAST
8:45 a.m. – 9:05 a.m. WELCOME & INTRODUCTION
9:05 a.m. – 9:30 a.m. COMMERCIAL SURETY INDUSTRY OVERVIEW
This session will provide a high level survey of the commercial surety line of business, including historical premium and loss experience.
9:30 a.m. – 10:00 a.m. BOND FORM CONCEPTS
This session will provide an introduction of particular features of a bond form that affect the risk profile of the bond being underwritten, including provisions addressing cancellation, accumulation, nature of obligation (e.g. compliance or financial guarantee) and type of overage (claims made vs. occurrence)
10:00 a.m. – 10:40 a.m. LICENSE & PERMIT BONDS
This session will address the underwriting considerations, bond forms and statistics of three frequently written license and permit bonds: contractor’s license, motor vehicle dealer and mortgage broker.
10:40 a.m. – 11:00 a.m. BREAK
11:00 a.m.– 11:40 a.m. FIDUCIARY BONDS
This section will cover the forms and underwriting considerations of various types of fiduciary bonds – administrator, executor, guardian, trustee.
11:40 a.m.– 12:50 p.m. REVIEW AND CASE STUDY # 1
12:50 p.m. – 1:50 p.m. LUNCH
1:50 p.m. – 2:30 p.m. COURT BONDS
This section will cover the forms and underwriting considerations of various types of required in court proceedings – defendant's appeal, attachment, replevin.
2:30 p.m. – 3:10 p.m. FINANCIAL STATEMENT ANALYSIS
This session will present techniques and skills to assist the surety professional in navigating his or her way through the bond principal’s financial statement, including the principal’s annual report, 10K, and 10Q.
3:10 p.m. – 3:30 p.m. BREAK
3:30 p.m. – 4:30 p.m. A GLIMPSE AT SOME TOUGHER BONDS (WORKERS COMPENSATION SELF INSURANCE, CLOSURE/POST CLOSURE AND RECLAMATION BONDS)
Although a newer surety professional may not encounter the higher risk bonds at the early stages of his or her career, it is never too early to be exposed to them. This session will cover the underwriting considerations, bond forms and applicable statutes related to workers’ compensation self-insurance bonds, closure/post closure bonds and mining reclamations bonds.
4:30 p.m. – 5:40 p.m. REVIEW AND CASE STUDY #2
5:40 p.m. ADJOURN
October 30, 2014
8:00 a.m. – 9:00 a.m. CONTINENTAL BREAKFAST
9:00 a.m. – 9:40 a.m. GENERATING BUSINESS – MARKETING COMMERCIAL SURETY
This session will cover techniques and considerations for building your commercial surety book of business.
9:40 a.m. – 10:20 a.m. CUSTOMS BONDS
Although underwriting Customs bonds generally requires a specialized knowledge, underwriters should have a general working knowledge of these bonds, as larger principals often have Customs bond needs in addition to other commercial surety needs. This session provides an overview of the forms and underwriting considerations of Customs bonds.
10:20 a.m. – 11:00 a.m. TAKING INDEMNITY
Indemnity is a critical component of a surety’s risk mitigation strategy. Thus, a strong working knowledge of the indemnity agreement is essential. This session will cover the clauses of a typical general agreement of indemnity. This session also will include a discussion of the requirements of taking indemnity correctly, depending on how the principal is organized. Particularly in the area of commercial surety bonds, the underwriter encounters bond principals that are organized in many different ways (corporation, partnership, limited liability company, sole proprietorship).
11:00 a.m. – 11:40 a.m. NON CONSTRUCTION CONTRACT BONDS
This session will examine the underwriting considerations regarding a growing class of commercial surety - bonds that secure the performance of a non-construction contract, such as a contract to provide various services (e.g. transportation, advertising, and accounting).
11:40 a.m. – 12:50 p.m. REVIEW AND CASE STUDY # 3
12:50 p.m ADJOURN
SFAA MEMBERS: $285
Pay by Check or Credit Card
Make checks payable to The Surety & Fidelity Association of America. Return Registration Form with payment to Meetings Department, 1101 Connecticut Ave., NW, Suite 800, Washington, DC, 20036.
Complete and fax a Registration Form and Credit Card Authorization Form to 202-463-0606