Travelers

A member of our Financial Services community since January, 2016.

Bond & Specialty Insurance provides a wide range of customers with surety and management liability products and risk management services.  Coverages include performance, payment and commercial surety bonds for construction and general commercial enterprises, as well as fidelity and crime coverages and directors & officers, employment practices, fiduciary and professional liability coverages, primarily for U.S.-based […more]


WIP/Surety Working Group

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.


Small Business Administration Accepts XBRL Data for Surety Bond Guarantee Program

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.


XBRL US Surety Working Group Initiates Public Review of Contractor Financials Data Standards

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.


Surety

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]