Some buildings and structures may have many uniform rooms or pieces within them and those, such as hospitals and hotels, may be candidates for modular construction. In modular construction, separately made parts of a building are stacked or placed together to make the final building. For example, in a hotel built in a modular fashion, separately made hotel rooms are combined to form the final structure. A hospital would have separate wings constructed separately and then combined.
The real benefit of these kinds of structures is the speed at which they can be built. A hotel can take 16 months total to construct and less than a year after the modular parts are brought on site, as seen in San Francisco. The more a company invests in modular, the cheaper each building will be too, theoretically. And the speed at which each can be built will increase as well.
The more modular units a company builds, the more it will have ready to give project owners a taste of what the ultimate end structure will look like. There will be fewer performance defaults because the parties will know how much of what they already have will need to be put together and the project owner will be less likely to decide to be against the project further on, as they will know what they are getting into from an earlier point. Project owners will be able to see a speedier return on investment as they get these structures to market faster. There can still be some custom elements such as the exterior, but if all the internal parts are premade and just need to be put together, everything goes more quickly and there will be less of a chance for performance default by the contractor.
So where can you purchase bid and payment/performance bonds for a project?
Colonial offers the direct and digital way to obtain bid and payment/performance bonds as well as any other surety bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print your bond from your office. It’s that simple!
Colonial gives you an easier way to manage your bid and payment/performance bonds online. Having your single and aggregate limits in writing allows you to update your work on hand and adjust your bonding capacity in real time.