Sep 1, 2017 E-Bonding ─ A Paperless Solution to Construction Surety Bonds

In keeping with the growing trend toward automation, the construction, surety and insurance broker industries continue to explore the use of technology. The capability to create, record, execute, and deliver a digital bond over a paper bond has started. Tenders may include a provision to supply an electronic bond (e-bond) with an electronic tender (e-tender). An e-bond simplifies the process and includes security features that validate the bond; it’s not simply a scanned copy of an executed bond issued the traditional way. The results are enhanced service levels and streamlined administrative practices. There are various platform providers that support the e-bond and e-tender process. Set-up is easy but must be activated before you can start submitting bonds digitally. Speak to your insurance professional to…

Read More