Clark Construction, Inc. Works with Procore Risk Advisors to Improve Surety Program

The Challenge

The team at Clark Construction, Inc. planned significantly more work in its future, including diversifying its portfolio and bidding more bonded projects. However, the leadership team at Clark was experiencing friction in their existing surety relationship, including scrutinous underwriting processes and burdensome collateral and personal indemnity requirements. Without confidence in the surety’s support for upcoming bond needs, the company didn’t know if it had the bonding capacity to meet its vision.

The Solution

Recognizing the need for a strategic partner, Clark Construction worked with Procore Risk Advisors. The contractor immediately benefited from partnering with a broker who had surety-specific expertise and could better advocate for improved surety support. Procore Risk Advisors helped the firm leverage its existing Procore technology to demonstrate an upward profitability trend and deliver a very strong case for underwriting. Within four days, the Procore Risk Advisors team secured a formal proposal from a new surety provider with significantly improved program terms.

The Results

• Enhanced Financial Flexibility: Procore Risk Advisors successfully increased aggregate capacity by 25% and removed the need for full personal indemnity and collateral, facilitating more expansive project capabilities.
• Optimized Rate Structure: Transitioning from a complex tiered sliding scale to a predictable flat rate, Procore Risk Advisors delivered a simplified, cost-effective pricing model.
• Personalized Growth Support: With the comprehensive approach, Procore Risk Advisors is not just improving current conditions but paving the way for future business growth and expansion.

Clark Construction is now well-positioned to continue pursuing federal and public work, which is attractive in anticipation of market shifts or industry downturns.