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Pinnacle Surety - Geney/Gassiot, Inc. Case Study
Synopsis: Your company is managing a $95.5 million
seismic upgrade and construction of an acute care health
facility campus in Truckee, California.
The project is among the most difficult and complex engagements
imaginable due to the harsh seasonal climate in the area, the
extensive array of state mandated health care and inspection
regulations, and the fact that the facility must remain open and
operative for patients during construction.
Mark Richardson and Pinnacle Surety arrange for $65 - $75
million in bonding capacity, get your company bonded with a top
level underwriter, and negotiate a better surety premium for the
bonds in the process.
The Story: Geney/Gassiot, Inc.
http://www.geneygassiot.com based in Reno, NV, is a
prominent general contractor and construction management firm in
the Truckee/Lake Tahoe region. Founded in 1981, it has expanded
into the greater Northern California and Northern Nevada
markets. The company has expertise in a wide variety of project
types including mountain resorts, commercial and retail
structures, hospitality developments, expansive and
comprehensive health care projects, and finally worship and
other community facilities.
This health related series of projects involved a campus wide
hospital seismic upgrade, construction of a state-of-the-art
cancer center, and significant underground work in Truckee,
California. The phasing, duration, and complexity of the OSHPD
regulations (Office of Statewide Health Planning & Development)
made this job unique in its scope and in the challenges it
presented.
The construction contract itself differed substantially from
typical construction contracts. According to Mike Geney,
President and CEO of Geney/Gassiot, Inc., “This is a uniquely
crafted contract, designed entirely from scratch and not in any
way typical within the construction industry. Mark took the time
to research it, digest it, and understand it both in terms of
the complexities involved contracting with a California Special
District as well as the opportunity the business plan
presented.”
The next step was equally, if not more important. Geney/Gassiot,
Inc. had been with a smaller surety underwriter. Mark was able
to convey through salesmanship, creativity, and hard work the
essence of this complicated project to a top surety underwriter.
One of the largest and most prominent surety writers in the
country wrote the initial $18 million bond for the first series
of projects and Geney/Gassiot, Inc. anticipates at least 3 more
bond placements, the next one being in the $14 - $15 million
range.
The final coup was negotiating a better surety premium from the
underwriter. The impact of Pinnacle’s efforts for Geney/Gassiot,
Inc. has been significant. “It created a ripple effect,” said
Mike Geney.
Conclusion: The Geney/Gassiot, Inc. story is another
example of how Pinnacle Surety lives up to its claim – “We go
the extra mile for you.”
We can also be
reached at:
714-546-5100 or 1-800-815-7774 |
You can also email us
at steph@pinnaclesurety.com
or if you prefer
please contact
us by filling out the form below.
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