Kearey Construction 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, Kearey Construction 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 firm to venture into significant growth opportunity areas. 

The team at Kearey had done considerable due diligence to position the firm for success, but as they 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 the need for a significant, time-sensitive bond 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 Kearey Construction. The Risk Advisors team utilized their deep construction background, surety expertise and financial acuity to prepare a compelling submission. Employing relationships in the market, the brokerage secured a formal proposal from a new surety partner. Procore Risk Advisors presented Kearey Construction 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 Kearey Construction’s aggregate capacity by 80%, creating a wider berth for risk coverage.
• Job Growth: By achieving a substantial 150% increase in single job capacity, Procore Risk Advisors effectively enabled Kearey Construction to undertake larger, more ambitious projects.
• Cost Efficiency & Growth: Procore Risk Advisors excelled in establishing a future-ready surety program that fosters business expansion. 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, Kearey Construction witnessed first-hand the benefits of a tech-enabled construction brokerage. The detailed financial analysis and rapid response from the brokerage resulted in improved surety proposals within a week, offering increased capacity, lower pricing, and the elimination of personal indemnity.