Obtaining a large surety for a Hi-tech client
With the growing need for technology products in the public sector, major contracts are being awarded that require large bond capacity. Keyes excels at providing financial products, such as surety. Keyes Coverage has worked with multiple sureties to secure multi-million-dollar capacity for a client that was competing to win a multi-year contract. We stressed to underwriters that there is little risk in IT Service Providers because the actual performance aspect of the contract is minimal, compared to the ability to provide the hardware. The hardware comes with its own guarantee from the manufacturers that provide the hardware. They ensured the availability and capability to provide the hardware with the awarding of the contract to our client. Keyes Coverage didn’t let the financial constraints of the surety underwriting process derail the process. By providing the surety with the most pertinent, in-depth information, they were more capable of assessing the real risk as opposed to the perceived risk. As a result, our hi-tech client received the bond.