Financial Guarantee

Eliminate your exposure to cost overruns

 

Traditional Problem: In approximately half of all renovation projects, cost overruns are between 40% and 200% of the initial bid. Also every year, 17.2% of contractors in New York go out of business taking 77,245 projects and $700M of homeowner's hard earned money with them. 

Bolster Solution: With the Bolster Financial Guarantee in place, owners can rest assured that a Bolster Contractor's bid is the absolute maximum they will pay for their renovation project.

 

3-Bed Co-op Reno, Brooklyn

Adam & Kat's Problem: Not having done a renovation before, and with a strict completion and move-in date imposed upon them, Adam and Kat's biggest concern going into the project was not knowing how they could get to the end result in the most time and cost efficient way possible. Several contractors they met assured them their project would be delivered on time and to budget, but Adam and Kat were unable to know for sure if they would deliver as promised.

Bolster's Solution: All Bolster projects are eligible to be backed by a leading insurer who, via the industry's first 100% Performance and Payment Bond, financially guarantee the success of your project. Upon learning of this, Adam reached out to Bolster and, after moving through our Design & Build process with his recommend Bolster Architect and Contractor, received an On-Target Bid backed by Bolster's Financial Guarantee. 

The Bolster Financial Guarantee means that If Aaron had failed to perform for any reason or was experiencing delays, the insurer would pay to complete Adam and Kat's project, up to its full value, at no extra cost while legally pursuing Aaron for any claims it settled. This of course helped keep Aaron and his team on their A-game and limited the likelihood of delays or cost-overruns from impacting Adam and Kat.

As promised, Adam & Kat were able to move into their apartment on time and their project was completed successfully within budget.

Cost: Up to 5% of On-Target Bid