News Release

For Immediate Release 
Contact: Marla McIntyre 
202-686-7463; mmcintyre@sio.org

SIO ANNOUNCES PUBLICATION OF FREE MATERIALS
ON CONTRACT SURETY BONDS AND COMPANIES 

OCTOBER 6, 2003, WASHINGTON, DC – The Surety Information Office (SIO) has recently updated and published two free brochures: Surety Companies: What They Are & How to Find Out About Them and Surety Bonds Versus Bank Letters of Credit. These informative brochures are ideal for decision makers on construction projects as well as those interested in learning more about contract surety bonds.

Surety Companies: What They Are & How to Find Out About Them clarifies what a surety company is and explains how to find information on a particular surety company through readily available resources, such as surety bond producers, state insurance departments, U.S. Department of the Treasury, ratings organizations like A.M. Best Company, and The Surety Association of America’s Surety Bond Authenticity Program.

Surety Bonds Versus Bank Letters of Credit provides a comparison chart that clearly illustrates the differences between these risk management products. Areas of comparison include: the prequalification process; effect on borrowing capacity; type and duration of coverage; how they are obtained; cost; and claims. 

Free copies of Surety Companies: What They Are & How to Find Out About Them and Surety Bonds Versus Bank Letters of Credit and SIO’s other materials may be ordered online at www.sio.org or by contacting SIO at 202-686-7463; sio@sio.org.

-30-

SIO was formed in 1993 to disseminate information about the benefits of contract surety bonding in private and public construction. Located in Washington, DC, SIO is supported by the National Association of Surety Bond Producers (NASBP) [surety agents and brokers] and The Surety Association of America (SAA) [surety companies]. Surety bonding is a careful, rigorous, and professional process in which surety companies prequalify contractors and then assure project owners that these contractors are capable of performing the contract and will pay certain subcontractors and suppliers associated with the project.