Welcome to Platinum Sponsor, DRS Bond Management!
BITA is delighted to welcome DRS Bond Management (DRS) as Platinum Sponsors. Founders Chris Davies and Fiona Recker and their team will be at many of our events and meeting BITA members. As acknowledged leaders in the field of surety DRS’ services are highly relevant to many of us.
Bringing together deep expertise in corporate governance and surety broking, DRS is the trusted surety advisor to leading names in the construction and engineering sectors, as well as other companies in multiple sectors.
For companies that need to meet bonding requirements, especially in construction, surety has been transformational. Where once companies relied on bank guarantees, surety has clear and immediate advantages:
- Peripheral product for providers
- Typically require 100% collateral
- No assessment of validity of bond claim – automatically pay 'on demand' within 3-5 working days
- Can be slow to issue bonds
- Can be detrimental to customer relationships
- Core product for providers
- Start point is zero collateral
- Specialist claims assessors to establish liability and determine if beneficiary has incurred a financial loss
- Bonds issued upon receipt of premium
- Customer relationships are often long-standing and beneficial to both parties
DRS can help BITA members in 3 important bonding circumstances:
Have your bond wordings checked by DRS. Leave no stone unturned to make sure that what you are entering into is fair to all but, most importantly, leaves you with no nasty surprises down the line;
Examine how much cash could be unlocked by switching to Surety from Bank Guarantees. The cash requirement for your bonding requirements could be slashed depending on the strength of your balance sheet. More cash in the business buys you time and choices if the waters turn choppy.
Get your bonds released in a timely fashion. It is your money locked away and it is ultimately you that needs to ensure that you have it back as soon as possible.
Commenting on their new partnership with BITA, Chris and Fiona said: “We are deeply honoured to be part of the BITA family and greatly look forward to meeting members and supporting their business objectives. Our own objective is to stay at the cutting edge of meeting bonding requirements, not only in terms of surety products but also in terms of service and technology delivery. We are going to do great things together.”
If you would like to know more about DRS, please call Chris and Fiona on 020 7471 87120 or email firstname.lastname@example.org