Surety Bonds

Back To School? Builders Needed


With 54% of public school districts across the country needing to replace or update multiple buildings, leaders are creating new approaches to speed things up.


Speeding Up The School Building Process?


A 2020 report from the Government Accountability Office points to the poor state of school building infrastructure nationwide. Thirty-six states have provided capital funding for school construction and renovation. In some areas leaders are exploring how “P3 relationships,” more common in higher education and community projects, can speed up the building process for K-12 education. For example, Prince George’s County, Maryland, plans to build six schools in three years, using a “P3 bundle”Construction Dive reports:


To build just one school would typically take seven years, but through a public-private partnership (P3), which is thought to be the first in the nation to bundle the design, financing, construction and maintenance of a group of schools, the district will have six newly built schools by July 2023, creating room for 8,200 students.


Five middle schools and one K-8 school are being built, and the maintenance contract will last 30 years. The total cost to the school district is $1.23 billion, but the district hasnt spent a dime and wont until the schools are fully constructed and ready for students under the district’s exact specifications.


Calling Builders Across The Country


As building projects of all kinds pop up everywhere, builders across the country are invited to Pre-Qualify For A Surety Line of Credit from Colonial Surety Company. Simply sign up, fill out a few details about your business and receive free Dun and Bradstreet scores. Once pre-qualified, submit additional information to be approved for a surety single and aggregate line of credit. Then, you’ll have a competitive advantage as you use The Partnership Account® Services to:


  • Issue your own bid bonds online
  • Order payment and performance bonds online
  • Obtain your surety line of credit in writing
  • See your underwriting profile from The Owner’s Dashboard® service, updated in real time
  • Gain security that no one ever sees your bid
  • Never miss a bid again


Pre-Qualify for The Partnership Account® Services and Get Free Scores Now!


Risky Business?


Failing school infrastructure poses big risks across the country: studies reveal the impact of school facilities on the ability of students to learn. For example, in Los Angeles, attending a newly constructed school facility for four years, closed 45% of the match achievement gap and significantly improved attendance.


Given the public health challenges caused by COVID-19, many architects, builders, educators and public leaders are especially eager to seize new opportunities to build schools that will keep children safe—and inspired—as they learn. Experts predict that new and renovated school facilities will incorporate flexible designs to accommodate both individual and group learning. Embracing the possibilities of outdoor spaces and letting the outside in, as well as designing for high tech learning experiences are also high on the list across the country. Of course, the importance of air circulation and ventilation means HVAC contractors are critically needed for school construction, as are plumbers with expertise in contactless fixtures and a green mindset. As the action revs up, don’t forget: Colonial Surety’s I-Bond® portfolio makes it easy to secure the bonds needed—instantly, and digitally, anywhere in the country.


Jump To The head of the Class?


Construction Dive has also reported that relief funding bills over the past several months have resulted in $190.5 billion available for school facilities. Closed buildings have even enabled some districts to make rapid progress on repairs and plans halted last year. Hurry, You Could Be Bidding Now!


Yes, Partnership Account® Services Please!


Founded in 1930, Colonial Surety Company is a leading direct writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed and a tech innovator too.