News Release

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

SIO ANNOUNCES 2002 TIGER TRUST INDUCTEES

APRIL 18, 2003, WASHINGTON, DC – The Surety Information Office (SIO) inducted Bradley Babcock of Liberty Bond Services in Milwaukee, WI, and John J. Daley, Vice President of the California Insurance Center in Walnut Creek, CA into the Tiger Trust. The Tiger Trust is an honorary society of surety industry professionals who persuade private construction project owners or lenders to specify contract surety bonds on their project. 

Babcock was inducted for convincing the Good Shepherd Lutheran Church of Naperville, IL to specify a surety bond on a $4.5 million church addition and renovation. Babcock was instrumental in educating the church on the benefits of surety bonds. 

Daley was inducted for his role in the decision of The Mechanics Bank of Oakland, CA to require a surety bond for the financing of a $3.4 million project. Recalling a presentation Daley made to the bank, the lending officer decided to require the owner of the Glenview/Beaumont Apartments to bond the general contractor on the demolition and construction work for the 20-unit complex.

The Tiger Trust medallion and pin, sponsored by the Surety Information Office, was presented April 16, 2002 at the National Association of Surety Bond Producers Annual Meeting in Palm Springs California and also will be presented at The Surety Association of America Annual Meeting in Chicago, IL on May 15, 2003. 

Surety bonding is a careful, rigorous, and professional process in which surety companies and surety bond producers prequalify contractors to assure project owners that these contractors are capable of performing the contract and paying certain laborers, subcontractors, and suppliers. 

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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.