The WIP Working Group is responsible for standardizing data in Work-in-Process reports and promoting the use of these standards for data collection in the surety underwriting process.
Liberty Mutual Surety™, a member of Liberty Mutual Insurance, is the 2nd largest surety in the U.S. and a leading surety globally. With underwriting offices in seven countries and bonds issued throughout the world, we work with agents and customers to build mutually profitable relationships by providing smart business solutions, ease of doing business, and […more]
The Small Business Administration’s Surety Guarantee Program is now able to ingest XBRL-formatted Work-in-Process Reports, eliminating manual data entry for bond agents and contractors.
The XBRL US Surety Working Group, today announced the publication of a draft release of the Contractor Financials Taxonomy, which contains data standards to capture income statement and balance sheet information about contractors.
XBRL US announced the start of a 60-day public review of the Work in Process (WIP) Taxonomy, developed to evaluate how structured data can streamline surety underwriting data processing to reduce costs and increase timeliness and consistency. AIG, Travelers and Zurich Insurance join to sponsor the program, along with early entries GALLINA LLP, Liberty Mutual and the NASBP.
Surety providers review the contractor’s financial statements to identify risks and determine eligibility for surety bonds. Financial statements include a Work in Process (WIP) report that describes the financial performance and status of a contractor’s construction projects. Today’s surety underwriting process is highly manual and therefore, labor-intensive, time-consuming and costly. Working Group Members Using Data […more]