Technology

Bolster mints guarantee for remodeling projects

Innovative policy guarantees completion of projects at fixed price

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From delays to bankruptcy, any number of contingencies can throw a wrench in construction projects. That's why the government and many commercial property owners often require construction companies to buy a guarantee that covers their completion. Homeowners, however, have never enjoyed access to that sort of insurance, forcing them to bite the bullet if their remodeling contractor mucks up a job. Enter Bolster. The online remodeling marketplace sells what it claims is the first guarantee to cover home remodeling projects on time and at an agreed-upon price. “It eliminates all of the financial risk associated with remodeling a home,” said CEO Fraser Patterson. The company, which has raised $2.3 million so far, doesn’t just sell the guarantee. Similar to Sweeten, it also matches consumers with contractors. (Most of Bolster's partner contractors are based in New York City, but it has plans to expand its network other regions.) Here's how the process works: 1. ...