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Surety Based Risk managment ( SBRM)
Welcome to SRC Digital Insurance Services Insurance
Welcome to next generation surety.
No paper forms, wet signatures, notaries, FedEx's, time delays or hassles.
Data is administered digitally and bond documents utilize standardized XBRL data elements.
The text on each form is specific to each form, but the data elements are consistent for an "apples to apples" data exchange.
SBRM is a framework developed by SRC Digital Insurance Services that digitizes the traditional surety bond process to issue next generation digital surety documents and then can monitor the project progress by administering the “Application for Payment” (AFP) for more transparent and efficient risk management ecosystem.
Instead of relying on paper forms, wet signatures, manual verification, and fragmented information flows, SBRM uses standardized digital data and electronic validation of surety documents to create an efficient document generation and data exchange functionality.
SBRM as moving surety risk management from a paper-based, manual process to a digitally validated, data-centric system. The surety document becomes not only a financial guarantee but also a trusted source of structured project risk information that can be shared among owners, contractors, lenders, insurers, and other permissioned stakeholders.
For project owners and general contractors, it provides next generation risk management for contractor qualification, and project administration.
For general contractors, subcontractors and suppliers, it provides efficient document generation and application for payment generation and transparency. Enables surety the ability to monitor projects for more flexible underwriting and for run-off to be quantified to free up surety capacity for other projects.
For capital markets, it provides transparency for real time project monitoring and improved risk management.
How It Works – Digital Document Generation for Data Exchange
See Instructions on the FISTech Platform
1. Project participants register with FISTech
2. Principal and/or surety broker create a project and identify stakeholders
· Project Owner
· Finance / Lender
· Architect
· Construction Manager
· Prime Contractor
· O&M Contractor
· Subcontractor
· Supplier
· Insurance Company
· Insurance Broker
· Surety Company
· Surety Broker
3. Then select an agreement type
· Prime Contract
· Subcontract
· Supply
4. Then select a digital document type
· Surety Capacity and IDEA Confirmation
· Bid Bond - Annual
· Prime Contractor Performance Bond Only
· Prime Contractor Payment Bond Only
· Prime Contractor Bid Bond
· Contractor Warranty Bond
· Prime Performance Bond (Surety is Liable for Design Costs of Work)
· Prime Design-Build Performance Bond (Surety Not Liable for Design Services)
· Prime Payment Bond (Surety Liable for Design Costs of Work)
· Prime Payment Bond (Surety is Not Liable for Design Services)
· Subcontractor Bid or Proposal Bond
· Subcontractor Performance Bond
· Subcontractor Payment Bond
· Separate Prime Performance and Payment Bond Issued in Tandem
· Separate Subcontract Performance and Payment Bond Issued in Tandem
· Separate Supply Performance and Payment Bond Issued in Tandem
· Combined Prime Performance and Payment Bond
· Combined Subcontract Performance and Payment Bond
· Supply Bond
· Combined Supply Performance and Payment Bond
· PPA Payment Bond Only
· PPA Performance Bond Only
· PPA EPC Only Payment Bond Only
· PPA EPC Only Performance Bond Only
· Decommissioning Bond
· Permit Bond
· Surety Capacity and IDEA Confirmation
· Utility PPA Payment Bond
· Consent of Surety and Increase of Bond Amount
· Consent of Surety for Final Payment and Bond Closure
· Consent of Surety - Text
· Federal Payment Bond for Other than Construction Contracts
· Federal Performance Bond for Other than Construction Contracts
5. Data is entered for the appropriate digital document
6. Principal requests the digital document
7. Surety Broker approves the digital document, same as traditional process.
8. Digital surety document is verified with surety company.
9. Verified surety document is available for download in XBRL for importing into another system
10. Stakeholders gain access to relevant project data, enabling more consistent and transparent information sharing.
How It Works – Project monitoring for Data Exchange
1. Stakeholder logins in and selects project.
2. Stakeholder enters the initial data for the first application for payment
3. Application for Payment is negotiated and finalized
4. Stakeholder enters subsequent applications for payment, with prior data carried forward.
5. Application for Payments are negotiated and finalized
6. Permissioned stakeholders have access to the applications for payment for project monitoring and improved risk management
Any questions please let us know: Dixon@srcdis.com
Learn More
FISTech for Finance, Insurance and Surety
Frequently Asked Questions
Where is the best place to start engagement with the digital ecosystem.
- Reach out to your surety broker and send them a link to this page or have them email us at dixon@srcdis.com
Is the Digital Ecosystem and data sets the final product.
- No, digital ecosystems are being developed right now. This collaboration seeks to contribute towards an ongoing best practices future.
Is an excel spreadsheet or the online form the actual surety bond.
- No, that is just an easy way to secure the data elements. The surety bond document is created "as executed" when the surety validates the bond is in their system and the data elements are identical.
Is completing the Application for Payment data spreadsheet or online entry all that is needed to get paid.
- No, the application for payment still needs to be approved. Once approved project stakeholders will have access to the data as permissioned.
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