Treasury Listing (T-List)

What Is the Treasury List?

The Treasury Listing — officially known as Circular 570 — is a list published by the U.S. Department of the Treasury's Bureau of the Fiscal Service. It identifies every surety company that is approved to provide surety bonds on federal contracts and projects.

Think of it as the federal government's stamp of approval. If a surety company is on this list, it means the Treasury has reviewed their finances, found them solid, and authorized them to back bonds on federal work. The list is updated regularly and is publicly available.

You'll often hear it called the "T-List" or "Treasury Circular 570" — they all mean the same thing.

Why Does the T-List Matter to You as a Contractor?

As a contractor, the T-List impacts you in several important ways:

1. Federal Projects Require T-Listed Sureties

If you're bidding on any federal construction project — whether it's a military base, federal courthouse, VA hospital, or any project funded with federal dollars — the Miller Act requires you to provide performance and payment bonds. Those bonds must come from a surety company that appears on the Treasury List. A bond from a non-listed surety will be rejected, and your bid could be thrown out.

2. Many State and Local Projects Follow Suit

While state and local governments set their own bonding rules, many of them also require — or strongly prefer — T-Listed sureties. Some state "Little Miller Acts" specifically reference the Treasury Circular 570 as the standard. Even when it's not explicitly required, project owners view a T-Listed surety as a sign of financial reliability.

3. It Signals Your Surety Is Financially Sound

Getting on the Treasury List isn't easy. Surety companies must meet strict financial requirements including minimum capital, adequate reserves, and ongoing regulatory compliance. When your bonds come from a T-Listed surety, it tells project owners and general contractors that your bonding is backed by a financially solid company — which reflects well on you.

4. Private Projects Benefit Too

Even on private construction projects where bonds aren't legally required, GCs and developers who require bonds from subcontractors will typically want to see bonds from T-Listed sureties. It's become an industry standard of quality.

What Information Is on the T-List?

For each approved surety, the Treasury Listing provides:

Understanding the Underwriting Limitation

The underwriting limitation is the most important number on the T-List for contractors. It tells you the maximum dollar amount of a single bond that surety company can write on a federal project.

Here's what that means in practice:

• If you need a $5 million performance bond and your surety has an underwriting limitation of $20 million, you're fine — the surety can issue that bond on its own.
• If you need a $25 million performance bond and your surety's limitation is $20 million, the surety alone can't cover it. But there are solutions (see below).

When the Bond Amount Exceeds the Limitation

If a project requires a bond larger than your surety's underwriting limitation, your surety bond agent can arrange one of these solutions:

1. Co-Surety: Two or more T-Listed sureties combine their underwriting limits to cover the full bond amount. Each surety is directly liable for its share.
2. Reinsurance: Your primary surety issues the full bond but transfers a portion of the risk to one or more reinsurers behind the scenes. This is common and seamless from your perspective — you still deal with one surety.

Either way, your bond agent handles the logistics. As a contractor, you typically don't need to worry about the mechanics — just know that a larger project doesn't necessarily mean you need a different surety.

How to Look Up a Surety on the T-List

The Treasury List is free and publicly available. Here's how to check it:

1. Go to the Bureau of the Fiscal Service website at fiscal.treasury.gov
2. Navigate to the "Surety Bonds" section under Bureau Programs
3. Search the Circular 570 listing by company name or browse alphabetically
4. Verify the surety's name, underwriting limitation, and authorized states

You can also ask your surety bond agent directly — any reputable agent will tell you which sureties they work with and confirm they're T-Listed. At Surety Specialist, every surety we work with is on the Treasury List.

How Does a Surety Company Get on the T-List?

The Treasury Department doesn't just add any company to this list. To be approved, a surety must:

• Meet minimum capital and surplus requirements — The surety must demonstrate it has enough financial reserves to back the bonds it writes
• File annual financial statements — The Treasury reviews these to ensure ongoing solvency
• Maintain proper state licenses — The surety must be licensed in the states where it writes bonds
• Comply with federal regulations — Including rules on bond forms, claims handling, and financial reporting
• Pass periodic audits — The Treasury can audit surety companies to verify their financial condition

If a surety fails to maintain these standards, the Treasury can reduce its underwriting limitation or remove it from the list entirely. This is rare, but it does happen — which is why the T-List is a reliable indicator of surety strength.

T-List vs. A.M. Best Rating: What's the Difference?

You might also hear about A.M. Best ratings when discussing surety companies. Here's how these two measures differ:

Most project owners and general contractors want to see both — a T-Listed surety with a strong A.M. Best rating (typically A- or better). This gives the highest level of confidence that your bonds are backed by a rock-solid company.

What This Means for Your Bonding

As a contractor, here's the bottom line:

• Always work with a T-Listed surety. It's required for federal work and preferred everywhere else. There's no reason not to.
• Check the underwriting limitation if you're going after larger projects. Make sure your surety can handle the bond size you need — or that your agent can arrange co-surety or reinsurance.
• Don't stress about the details. A good surety bond agent handles all of this for you. They'll place your bonds with the right T-Listed surety for your situation and project size.

Frequently Asked Questions

Can I check if my surety is T-Listed before I bid?

Absolutely. Ask your bond agent to confirm your surety is on the Circular 570 list, or look it up yourself on the Treasury's website. You should verify this before submitting a bid on any federal project. If your bond comes from a non-listed surety, your bid will be non-responsive.

What happens if a surety gets removed from the T-List?

If a surety is removed, bonds already issued remain valid — but the surety can no longer write new bonds on federal projects. If this happens with your surety, your bond agent will move you to a different T-Listed surety for future bonds. This is extremely rare and your agent would alert you immediately.

Does the T-List apply to bid bonds too?

Yes. On federal projects, bid bonds, performance bonds, and payment bonds must all come from T-Listed sureties. Remember — bid bonds are always free through Surety Specialist.

Is the T-List the same as being "admitted" in a state?

No, they're separate. Being "admitted" means a surety is licensed by a state's insurance department to write bonds in that state. Being T-Listed means the surety is approved by the federal government to write bonds on federal projects. A surety needs both — state admission for state/local work and T-Listing for federal work.

Do subcontractors need T-Listed sureties?

If a general contractor requires a subcontractor to provide bonds on a federal project, those bonds should come from a T-Listed surety as well. Even on non-federal work, GCs typically specify T-Listed sureties in their subcontract bonding requirements to ensure quality and reliability.