Surety Industry E-commerce Clearinghouse Eliminate Bid Bond Errors!

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1 Surety Industry E-commerce Clearinghouse Eliminate Bid Bond Errors! Providing Peace of mind Connecting Contractors With Owners

2 Info Tech and Surety2000 A Perfect Pair to Take Home

3 Insurance Services Office, Inc. ISO In the U.S. and around the world, ISO serves more than 2,900 insurers, reinsurers, as well as agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies. Data security is the best available. Provides statistical, actuarial, underwriting and claims information and analyses, consulting and technical services, policy language, and information about specific locations for a broad spectrum of commercial and personal lines of insurance. State insurance filings receive ISO interaction.

4 Are you ready for on-line bid lettings? Do you have too much paper? Too little time? Do you want to stop disqualifying bids because of bid bond errors? Do you want improved Peace of Mind in authenticating surety bonds? Do you want quick links to the U.S. Treasury and A.M. Best web sites? Do you want to further improve your efficiencies? Do you want to spend less money on your bid letting process and more on completed work? Do you want to improve your understanding of Digital Signatures?

5 Do paper bid bonds work with on-line bid letting systems? Let s think it through

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9 106 th Congress, House of Representatives, 2 nd Session, Report , June 8, 2000 ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT TITLE I ELECTRONIC RECORDS AND SIGNATURES IN COMMERCE Sec General Rule of Validity. (a) IN GENERAL - with respect to any transaction in or affecting interstate or foreign commerce- (1) a signature, contract, or other record relating to such transaction may not be denied legal effect, validity, or enforceability solely because it is in electronic form; and (2) a contract relating to such transaction may not be denied legal effect, validity, or enforceability solely because an electronic signature or electronic record was used in its formation.

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11 Accurate, Validated, Verified, and Authentic Available to all licensed Sureties, Agents, Contractors & Owners Non-Exclusive, Non-Proprietary & Real Time S2000 Corp Muncaster Road Rockville, MD John King Southern Regional Director (Voice) (Fax) Call: TODAY!

12 Copyright S2000 Corp. All Rights Reserved

13 Electronic Surety Transactions for On-Line e-bid Lettings Eliminate Bid Bond Errors Contractor Vendor INFO TECH Surety2000 Bid Bond Expedite/ BidX DOT Surety2000/ISO/VeriSign Secure Server Process-Deliver-Authenticate Surety Agent Surety Insurance Company

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18 Bid Bond Verified By: SURETY2000 VERIFICATION: S2000 Bond Authorization #: 4SNY Date of Bid Bond Approval: 10/21/2000 3:02:53 PM Contractor: ABC Contracting, Inc. Address: 100 Smith St. Anywhere, FL Surety Name: Liberty Mutual Insurance Company State of Incorporation: NY NAIC#: Owner / Obligee: State of NY Dept of Transportation Address: 555 Harshman St., Albany, NY Amount of Bid Security: 5% of Bid Amount Description of Job: Resurfacing On I-95 between Rt. 121 and Rt. 15 Bond Form: Bid Bond in accordance with contract specifications Contract# or IFB#: Entered By: John Smith Executed By: Jane Smith, Power of Attorney Limited to $10,000,000 per bond transaction A.M. Best Link : Click here to view A.M. Best rating of the surety company U.S. Treasury List Link : Click here to view U.S. Treasury listing of the surety company

19 Now Surety Agents Can Supply Contractors With Surety 2000 Bid Bond Authorization Codes Eliminate administrative errors on Bid Bonds & Accept More Valid-Responsive Bids Designed to Allow Last Minute, Timely Response for Bid Submittal Quick-Convenient Link to A.M. Best Insurance Rating Guide Quick-Convenient Link to U.S. Treasury List Reduce paper Reduce costs

20 Any Web Browser, Any PC, No Software to load Point and click to acquire Your Bid Bonds! Simply Enter Digital Signatures By VeriSign Information is Secure at ISO s Data Facility S2000 Integrated With Expedite and Bid Express Instantly Authenticate Surety Transactions Advanced Public Key Infrastructure (PKI) Security Is The Highest Available

21 Info Tech and Surety2000 A Perfect Pair to Take Home

22 Surety2000 Pilot Program The Surety2000 Pilot Program is designed to introduce the use of the electronic surety transaction system to all participants: owners, surety agents, surety insurance companies, and contractors.

23 Step One Your DOT would agree to implement the Surety 2000 Pilot Program at a future date. About four weeks lead time is preferred. DOT sends/posts a bulletin to all qualified contractors about the Surety2000 Pilot Program (a sample generic letter/message can be supplied).

24 Step Two Surety2000 will announce to all surety agents and all surety companies that the pilot program is being implemented, as an option. Training seminars are then scheduled throughout the designated pilot area for all surety agents, company and applicable DOT personnel. There is no charge for this service. All surety agent information and surety branch information is loaded into Surety2000. User IDs and Passwords are then delivered.

25 Step Three At a mutually scheduled date, using your DOT modified paper bid bond form (to be included within the contract specifications), surety agents will afford Surety2000 authorization codes to contractors to present at the first bid letting. Your DOT then accepts the codes and enters the Surety2000 secure website to verify bid security. The process will be reviewed for accuracy and usage.

26 Expected Benefits From the Surety2000 Pilot All costs and expenses relating to the pilot program are assumed by Surety2000. All participants develop a working knowledge of the system. The pilot program moves your DOT closer toward optimizing the use of Expedite or Bid Express to eliminate bid bond errors. A review of the system and usage can be efficiently experienced and evaluated. All participants develop an appreciation for all the benefits of the system.

27 Info Tech and Surety2000 A Perfect Pair to Take Home