The City and County of Honolulu faced a challenge: how to build affordable, low-income housing on an island known for its high construction costs. The solution turned out to be pre-fabricated units manufactured in Canada, shipped to Honolulu and installed by a local contractor.
But before construction could begin, the contractor, T. Iida Contracting, needed to secure a $24 million bond. Based on a colleague’s recommendation, the agent decided to ask Old Republic Surety to consider the account.
“This was not a typical project,” she says. “It was new to the island and new for the contractor. It was a favorable solution for the City and County of Honolulu, but from Old Republic Surety’s standpoint it was a new venture.”
