BBi Ireland were approached 2 weeks before Christmas by a Building Contractor who had been awarded a project which was due to start at the beginning of January for a local school. The award of this project was dependent on producing this bond and his existing surety facility providers were maxed out and he needed an urgent solution before he could accept the project.
About the client
- Construction Company
- €5 million plus business
- North East Country
- Involved in the construction industry, local authority contracts, large commercial projects and education sector.
The challenge
The client had exhausted all their facilities with insurers and needed to find an urgent solution for their bonds, because failing this they would lose out on a contract worth €8 million. A normal bond to be put in place can take anything from 4-6 weeks.
Our solution
BBi Ireland identified an insurer who was willing to present competitive terms, but we needed to work closely with the client to provide all the project and financial information to allow insurers assess the risk appropriately. We gathered information from the client, presented it to insurers who worked quickly to provide terms that were palatable for the client.
Following negotiations on the bond premium, we worked towards getting the physical bond approved and into the hands of our client, to allow them land onsite from 2nd January. We worked on this over the break between Christmas and New Year holidays to facilitate the delivery of the bond in a timely manner.
Conclusion
Thanks to our proactive approach and industry expertise, our client was able to deliver the physical bond to the Department of Education on time, ensuring the award and timely commencement of the €8 million school construction project. By acting quickly and coordinating with both the client and insurer over the holiday period, BBi Ireland removed potential delays and provided a seamless solution in a situation where time was critical.
If your business is facing tight deadlines or complex bonding requirements, BBi Ireland can provide fast, tailored solutions to keep your projects on track. Get in touch with us today to discuss how we can support your next project.
