With the impact COVID-19 is having in the workplace, the surety bond industry is facing tremendous challenges.
That’s because unlike many companies that can have their office staff work remotely, it is virtually impossible in the surety bond industry.
Standard paper surety bonds are cumbersome, requiring corporate seals, powers of attorney, and notarization.
Typically there are multiple obligees, contractors, and surety companies, requiring the number of bond form types, corporate seals, and powers of attorney to grow exponentially.
It’s also dangerous. Coronavirus has been shown to exist live on cardboard and other paper products for up to 24 hours. Handling such copious amounts of paper through so many hands is unsafe.
More than ever before, it’s crystal clear that using electronic surety bonds is an ideal solution to keep business flowing.
Thankfully there is an answer--Surety2000, the surety industry’s failsafe standard for over 20 years.Every major surety company (Travelers, Liberty Mutual, Chubb, CNA, etc.) and department of transportations in 48 states have been using Surety2000 exclusively since 1999.
Sometimes it is critical situations like the current pandemic that serve is the catalyst for change… prompting people and businesses to adopt better processes.
This is one of those instances. Surety2000 has been the better way for 20 years, and now it can help you experience a rock-solid, secure and advanced electronic process for executing surety bonds.
