Mid-Atlantic General Contractor Secures Bond for Largest Project & Receives New Improved Surety Program with Procore Risk Advisors
The Challenge
A prominent family-owned commercial builder with multi-state operations in the mid-Atlantic area was looking forward to embarking on its largest job in its history. The project, which was 2.5 times the size of any of its previous successful projects, would enable the general contractor to venture into significant growth opportunity areas. The firm had done considerable due diligence to position itself for success, but as it got closer to the project start date, the leadership team received unexpected news: their surety would not provide the required bond for the project. With a significant, urgent bond need and expanding backlog, the firm reached out to Procore Risk Advisors to explore surety support.
The Solution
Procore Risk Advisors immediately mobilized on behalf of the contractor and utilized their deep construction background, surety expertise and financial acuity to prepare a compelling submission. The Procore Risk Advisor Broker team employed relationships in the market and secured a formal proposal from a new surety partner — a feat the former national broker fell short of accomplishing. Procore Risk Advisors presented the contractor with a program that not only met the immediate need, but also enabled the contractor to plan future growth with the vital surety support it needed.
The Results
Significant Capacity Boost
Procore Risk Advisors successfully amplified the client's aggregate capacity by 80% (from $30 million to $55 million), creating a wider berth for risk coverage.
Job Growth
By achieving a substantial 150% increase in single job capacity (from $10 million to $25 million), Procore Risk Advisors effectively enabled clients to undertake larger, more ambitious projects.
Cost Efficiency & Growth
Procore Risk Advisors excelled in establishing a future-ready surety program that fosters business expansion, surpassing prior brokers. Moreover, by securing a more cost-efficient, flat rate instead of a sliding scale, significant financial savings were realized.
As a partner with Procore Risk Advisors, the customer witnessed first-hand the benefits of a tech-enabled construction brokerage. PRA’s detailed financial analysis and rapid response resulted in improved insurance proposals within a week, offering increased capacity, lower pricing, and the elimination of personal indemnity.
