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…

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…

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…

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…

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…

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…

Donzaleigh Powell, a surety consultant at Anderson & Catania Surety Services, LLC, offers tips on how to best highlight the skills of your contractors to a surety company. (video transcript) We suggest maintaining updated resumes and bios of your key employees. As you look to grow evaluate your team. Does someone have experience with the…

Brent Headley, Surety Account Executive at Anderson & Catania Surety Services LLC, explains why general contractors should ask subcontractors to post a performance and payment bond back to them. At What Dollar Amount Should Subcontractors Bond-Back? There are many answers to this question. If a bond-back is required by the surety company, the surety company…