Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds. NASBP producers engage in contract and commercial surety production throughout the United States, Puerto […more]
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.
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.
The XBRL data standard can automate the consumption of financials and Work in Process reports from contractors, eliminating the need to key in data during the underwriting process because it renders that data computer-readable. The XBRL data standard will not change the underwriting process or what data is used, it will simply change how the […more]
Hear speakers from the National Association of Surety Bond Producers (NASBP) and Liberty Mutual discuss how data standards can improve the surety underwriting process. See demonstrations of tools that can be used to create and consume XBRL formatted Work in Process reports that contractors provide to sureties.
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]