[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-240009-105":53,"doc-detail-240009-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","data-standards-in-surety-underwriting-may-2-2016-executive-summary","Data Standards in Surety Underwriting - May 2, 2016 - Executive Summary","","Surety underwriting relies on evaluating contractors’ financial data to determine risk and eligibility for surety bonds, but the current workflow is highly manual. Contractors commonly submit PDFs or spreadsheets, forcing sureties and banks to re-key information before analysis. The paper proposes automating collection using data standards so previously paper-based inputs become computer-readable. XBRL is recommended because it is open, global, widely used, and supports straight-through processing. It also explains industry context, bond types, party roles, and the role of WIP reports updated each quarter.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":11,"@type":70,"position":76},"https://docshare.wps.com/template/presentations/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/data-standards-in-surety-underwriting-may-2-2016-executive-summary/240009/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/data-standards-in-surety-underwriting-may-2-2016-executive-summary/240009.png","ImageObject",442,249,{"name":88,"@type":89},"Aurelia","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-11-04","2026-09-11",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",9,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"Why is the current surety underwriting data-gathering process inefficient?","Question",{"text":109,"@type":110},"It is highly manual and requires re-keying contractors’ submitted PDFs or spreadsheets into financial systems before analysis. This causes time delays, added costs, and negative impacts on contractors’ credit access.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"What data standard does the working group propose for automating information collection?",{"text":114,"@type":110},"The paper proposes XBRL (eXtensible Business Reporting Language) because it is open, freely available globally, and well-suited for financial data.",{"name":116,"@type":107,"acceptedAnswer":117},"What role do WIP (Work-in-process) reports play in the contractor process?",{"text":118,"@type":110},"WIP reports provide detailed project-level performance information on costs, revenues, and profits, and are typically updated and resubmitted quarterly so sureties can monitor ongoing activities and results.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},240009,1791744555,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":20,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":47},1099514068365,"https://ap-avatar.wpscdn.com/avatar/10000253d8d9f28188e?_k=1776742907772140068","Data Standards in Surety Underwriting  \nMay 2, 2016  \nExecutive Summary  \nThe surety underwriting process requires the evaluation of financial data collected from contractors to identify risks and determine eligibility for surety bonds. Today’s data-gathering process is highly manual, which is inefficient, time-consuming and labor-intensive. Contractors typically submit PDFs or spreadsheets to the sureties and banks, which must then be re-keyed into their financial systems before analysis begins. Reported data includes financial statements, and Work-in-process (WIP) reports that describe the financial performance and status of a contractor’s individual construction projects. The WIP report is usually updated and resubmitted each quarter so that the surety can monitor activities on an ongoing basis. These inefficiencies mean time delays, added and unnecessary costs and negative impact on credit for contractors.  \nA working group has been established representing sureties, bond producers, contractors, accounting firms and software providers to evaluate the use of standards in the surety underwriting process. This paper, developed by the working group, proposes automating the information collection process by using data standards that will make previously paper-based data computer-readable. The XBRL (eXtensible Business Reporting Language) standard is proposed because it is uniquely suited to financial data, is an open, freely available global standard and is widely used for reporting by public companies, financial institutions and governments. Data standards like XBRL enable straight-through-processing from the reporting entity to the user and allow for automation.  \nAdopting XBRL into the process will result in contractors getting faster and more efficient access to credit from the sureties on which they rely; sureties will be able to dramatically improve the efficiency of data collection and analysis in the underwriting process.  \nCurrent Situation  \nSurety is a specialized line of insurance that involves three parties. In the context of a contract surety bond, the parties are: 1) the principal (contractor), which is the party that undertakes the obligation; 2) the surety, which guarantees that the obligation (work) will be performed; and 3) the obligee, who is the owner of the project and who receives the benefit of the work and the protection of the bond. In the context of this white paper, sureties can issue three types of surety bonds: bid, performance and payment bonds.1  \nTypically, there is another party involved in the transaction known as a bond producer (also called surety agent), who is a licensed producer or broker specializing in surety and serving asan intermediary between the contractor and the surety. Contractors work with bond producers who identify sureties that will be a good match for a particular contractor, based on size, industry and other factors. Once the relationship between the contractor and surety is in place, the bond producer continues to work with the two parties to advise how they can work together. The bond producer often receives financials and other materials from the contractor for review before they are shared with the surety.  \nMarket Size  \nThe U.S. surety industry generates $5.5 billion in written premiums each year. The global market exceeds $12 billion. The National Association of Surety Bond Producers (NASBP) represents licensed bonding agencies throughout the U.S. and in various foreign countries. Most sureties that write bonds in the U.S. are members of The Surety & Fidelity Association of America (SFAA), which has approximately 400 individual underwriting company members.2 These sureties work with hundreds of contractors, providing surety bonds to guarantee performance and payment. Contractors are large and small companies, and the majority are private. There are thousands of contractors in the United States. The CFMA (Construction Financial Management Association), a member assoc","cbCaisM6nq32TXS6","https://ap.wps.com/l/cbCaisM6nq32TXS6","pdf",642205,"English","# Executive Summary\n## Current Situation\n## Market Size\n## Contractor Process","[{\"question\":\"Why is the current surety underwriting data-gathering process inefficient?\",\"answer\":\"It is highly manual and requires re-keying contractors’ submitted PDFs or spreadsheets into financial systems before analysis. This causes time delays, added costs, and negative impacts on contractors’ credit access.\"},{\"question\":\"What data standard does the working group propose for automating information collection?\",\"answer\":\"The paper proposes XBRL (eXtensible Business Reporting Language) because it is open, freely available globally, and well-suited for financial data.\"},{\"question\":\"What role do WIP (Work-in-process) reports play in the contractor process?\",\"answer\":\"WIP reports provide detailed project-level performance information on costs, revenues, and profits, and are typically updated and resubmitted quarterly so sureties can monitor ongoing activities and results.\"}]","Data Standards in Surety Underwriting - May 2, 2016 - Executive Summary | PDF",1789156140]