Ask the Surety Pro

Ask the Surety Pro

How Do I Know if my Bonding Company is Financially Stable?

How Do I Know if my Bonding Company is Financially Stable

Aug 3 2021

Anderson & Catania Surety Services has access to over 40 surety bond companies. Richard G. Anderson, CEO of Anderson & Catania Surety Services LLC, discusses why having this expansive access to the bonding marketplace puts AC Surety at an advantage and how contractors can determine if their bonding company is financially stable. How do contractors…
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Is a Joint Venture the Fastest Way to Increase Bonding Capacity?

Is a Joint Venture the Fastest Way to Increase Bonding Capacity

Jul 15 2021

Brent Headley, Surety Account Executive at Anderson & Catania Surety Services LLC, discusses some of the caveats to joint venturing as it relates to bonding support. Are there any common pitfalls that contractors may face while joint venturing? Are there any common pitfalls that contractors face while joint venturing? Yes, each contractor involved with the…
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Is a Bank Line of Credit Required to Grow Bonding Capacity?

Is a Bank Line of Credit Required to Grow Bonding Capacity

Jun 28 2021

Joe Catania, President of Anderson & Catania Surety Services, explains how bond companies view bank lines of credit. How does the availability impact the surety bond underwriting process? A bank line of credit adds extra cushion and comfort to the surety underwriting process.  The surety underwriter likes to see the bank support just in case there…
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How is a Work-In-Progress Report Used to Determine Bonding Capacity?

How is a Work-In-Progress Report Used to Determine Bonding Capacity

Jun 21 2021

Brent Headley, Surety Account Executive at Anderson & Catania Surety Services LLC, underscores the important role a WIP report plays in a contractor’s bonding capacity. How Is The WIP Utilized To Make Management Decisions? The main purpose of a work-in-progress (WIP) report is to analyze and track profitability on open projects. Fading project profitability can…
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Congratulations to the 2021 recipients of the Seabee Memorial Scholarships!

2021 Seabee Memorial Scholarships Recipients

Jun 17 2021

Given annually, Seabee Memorial Scholarships help defray the cost of higher education for the children of Seabees and CEC Officers. This is the second year Anderson & Catania Surety Services LLC proudly helped sponsor the scholarships, which memorialize the 403 Seabees and CEC officers killed since 1942.  “The Seabees provide the foundation for the Navy and…
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What Is the Deadline for Reporting My CPA Financial Statement to My Bond Company?

What Is the Deadline for Reporting My CPA Financial Statement to My Bond Company

Jun 1 2021

Joe Catania, President of Anderson & Catania Surety Services, explains the importance of sharing year-end financial statements with your bond company. Has COVID-19 impacted the timeframes for delivery of 2020 CPA financial statements? Yes, we’ve seen late statements since the CPAs have helped clients with SBA PPP loan forgiveness and due to the extended 2020…
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Will Minimizing Company Taxes Impact My Bonding Capacity?

Will Minimizing Company Taxes Impact My Bonding Capacity

May 18 2021

Richard G. Anderson, CEO of Anderson & Catania Surety Services LLC, discusses the delicate balance between tax obligation and financial retention strategies as it relates to a contractor’s bonding capacity and the role of the surety in finding that balance. Which year-end tax deferral strategies are commonly used by construction companies? Year-end tax deferral strategies…
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Why Do I Need to Sign a General Indemnity Agreement to Obtain Bonding?

Why Do I Need to Sign a General Indemnity Agreement to Obtain Bonding

May 5 2021

Joe Catania, President of Anderson & Catania Surety Services, explains the importance of the general indemnity agreement in securing bonding. What Is Meant by Stating That Surety Credit Is Unsecured Credit While Banking Is Secured Credit?  The surety credit relationship is unsecured credit.  The General Indemnity Agreement (GIA) is the only document that ties the…
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