With the Automated Bond Management Program, the brainchild of Lockton Insurance Brokers (a subsidiary of Lockton, www.lockton.com) and InSure Vision Technologies (www.insurevision.com) users can manage bond portfolios for homebuilders across the country.
The program represents an integration of IVT's SurePath Network-a Web-based bond processing system-and Lockton's proprietary bond management software. According to the companies, the product "provides a seamless information and transaction environment among homebuilders, Lockton's surety professionals, and insurance carriers."
Homebuilders with access to Lockton's system use a single entry point to request bonds from anywhere. The company then retrieves the requests, processes them, and carries them to execution without data entry duplication.
"Real-time access to bond portfolio information enables senior finance people to monitor reports, manage their outstanding liability more effectively, and move bonds through exoneration," said Tom McCall, executive vice president of Lockton's Orange County office. "In addition to the cost savings, timely exoneration of bonds reduces homebuilder liability for damages made after the project is completed."
The Automated Bond Management program features processing of bond requests, renewals, and exoneration; online bond request and execution; same-day bond tracking; real-time bond review and update; and remote report printing and customization, which includes transaction reports, executive summary, project manager reports, renewal lists, and recently closed or cancelled bonds.
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