The Biden administration is advancing its commitment to extend internet access to rural areas through its $42 billion Broadband Equity and Access Development (BEAD) program – and insurers might just hold the key to its success.
Surety bonds, according to Dave Herman, President of General Indemnity Group, are set to play a crucial role in President Biden's plans for accelerating internet access expansion.
With a history dating back to the 1935 Miller Act, surety bonds offer a trusted guarantee in construction projects, ensuring completion and fostering trust among stakeholders.
A recent policy shift permitting the use of performance bonds in the Broadband Infrastructure Program (BEAD) is welcomed by Herman, as it provides a more flexible and capital-efficient option for service providers, particularly smaller ones.
This change is anticipated to expedite infrastructure projects, opening doors for advisors to explore new opportunities in the surety bond market.
For further insights, please refer to the original press release.
