Rancho Mesa's Alyssa Burley and Account Executive of the Surety Department Andy Roberts talk about managing surety relationships going into 2023 and even beyond.
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Director/Host: Alyssa Burley
Guest: Andy Roberts
Producer/Editor: Lauren Stumpf
Music: "Home" by JHS Pedals, “News Room News” by Spence
© Copyright 2023. Rancho Mesa Insurance Services, Inc. All rights reserved.
transcript
[Introduction Music]
Alyssa Burley: Hi! This is Alyssa Burley with Rancho Mesa’s Media Communications and Client Services Department. Thank you for listening to today’s top Rancho Mesa news brought to you by our safety and risk management network, StudioOne™. Welcome back, everyone. My guest is Andy Roberts, Account Executive in the Surety Group with Rancho Mesa. Today, we're going to talk about managing surety relationships going into 2023 and beyond. Andy, welcome to the show.
Andy Roberts: Thank you, Alyssa. It's great to be back.
AB: So, over the past few years, there's been a lot of talk about a looming recession. And if a recession happens and we're not quite sure how severe it will be. But it's important for contractors to be taking an active approach in building their relationship with their bond company and really utilizing the services of a surety specific agent. So, what do you recommend contractors do to build those important relationships as we face an uncertain economic climate?
AR: So, you know, with surety companies being inherently conservative, it's important that they, you know, build a relationship with their underwriter. Annual meetings should be conducted as this provides the underwriter valuable insight into the company while also allowing them to build a more personal relationship with the contractor. And, you know, additionally, it is important that there is regular communication between all parties throughout the year regarding the contractor’s financials and performance on jobs. As this type of discussion can help build trust between all the parties.
AB: All right. And why is it wise for a contractor to utilize a surety specific broker for their bond program?
AR: So, the surety industry is specialized and very relationship driven, which, you know, makes partnering with the right broker even more critical as the country moves into unprecedented financial times. Bond specific brokers know each carrier's appetite, they have relationships with the underwriters, and they should be able to easily determine which surety will be able to provide a program to match the contractor's needs. And, you know, this type of knowledge and experience can greatly benefit a contractor in the event that the economy begins to turn and the surety markets begin to limit capacity and/or, you know, pull back from offering bond programs.
AB: All right. And that all makes sense. So, Andy, if listeners have questions about their surety relationships or bond program, what's the best way to get in touch with you?
AR: So, I can be reached at 619-937-0166 or by email at aroberts@ranchomesa.com
AB: All right. We're going to keep rolling. And I'm going to do some rapid fire questions.
AR: Oh, cool.
AB: And, feel free to elaborate if you want or just pick one or the other.
AR: Okay.
AB: All right. So, a car or truck?
AR: 20-25 year old me says truck, 37 year old me says car.
AB: Okay. All right, mp3 player- like listening to music on an mp3 or a record?
AR: Probably mp3.
AB: Yeah. I have heard that there is a comeback of vinyl.
AR: I've been- a lot of my friends are, have vinyl and stuff like that, too. I just have never invested or listened to it much. So-
AB: Yeah.
AR: And I like to be able to like skip songs.
AB: Okay, so along those same lines, do you rather watch a movie at home or go to a theater?
AR: Watch a movie at home.
AB: Okay.
AR: Probably.
AB: Yeah. A little more comfortable?
AR: A little more comfortable.
AB: And so, would you eat like- so, if you're watching a movie, would you have popcorn or candy?
AR: Candy.
AB: Yeah.
AR: Probably Sour Patch Kids, those are my favorite.
AB: And then at the end of the movie, your tongue is completely raw.
AR: At the La Mesa office, they have the- our vending machine there and for the first time ever, they put Sour Patch kids in it.
AB: Wow.
AR: And I was like, oh, sweet. Then it was broken, so it doesn't spin. So, I put my money in and I push the buttons and nothing shot out.
[Outro Music]
AB: That's disappointing.
AR: It was super- it was like the worst Tuesday ever.
AB: All right. Well, I think those are all the questions I have for you. This is Alyssa Burley with Rancho Mesa. Thanks for tuning in to our latest episode produced by StudioOne™. For more information, visit us at ranchomesa.com and subscribe to our weekly newsletter.
