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AGC and NASBP Release New Edition of the Construction and Surety Industries' Primer

Aug 22, 2011 11:18 AM

The Associated General Contractors of America (AGC) and National Association of Surety Bond Producers (NASBP) announce the release of the new, revised edition of the construction and surety industries’ primer on the surety bond product, The Basic Bond Book. The construction and surety industries have relied for two decades on this resource to introduce contract surety bonds to those entering the construction and surety industries.

Lawrence F. McMahon, Senior VP and surety manager for Alliant Insurance Services, Inc., San Diego, said, “The Basic Bond Book continues to be a great resource to help educate both contractors and new surety professionals about the surety product. The revised edition covers everything from what a surety bond is to types of bonds to what surety companies look for in a contractor to bond claims to common misconceptions about surety bonds. I would recommend it to anyone who needs to understand what a surety bond is and what it is designed to do.”

Dave Hanson, chairman of the AGC Surety Bonding and Risk Management Forum, which was charged with development of the publication, and Senior VP and general manager at Walbridge, Tampa, Fla. “The surety credit relationship is an indispensable relationship for successful contractors. This book will give people new to that relationship the information they need to understand the key aspects of the bonding process.”

McMahon, who is active in NASBP and the San Diego Chapter of AGC of America, added, “I am pleased that this second edition is dedicated to the memory of the original author, Jack Curtin, who was tireless in his efforts to educate contractors, legislators, and bond professionals about the vital importance of the surety product in maintaining the health of the construction industry and promoting the public trust.”

AGC and NASBP collaborated on this 2011 edition. The principal authors of this edition included NASBP Professional Development Committee members: Erle Benton of Cretcher Heartland Inc., Matt Cashion of The Cashion Co., Inc., David Castillo of The Gray Casualty & Surety Co., and Bud Herndon of CNA Surety Corp.

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