Bonds

The objective of a bond policy is to pay the damages received by the Insured - Beneficiary as a consequence of the contractor's failure to carry out a work, supply a product or provide a service. In other cases, the Bond can cover the compliance with Legal or Regulatory requirements


COVERAGE CLASSES:

  • Bid Bond: Covers the damages caused by the retraction of the winning bidder in a bidding process.
  • Performance Bond: Payment of damages to the Beneficiary as a consequence of the breach of a contract or a legal obligation.
  • Advanced Payment Bond: Protects the Beneficiary against improper management of the money given to the contractor for the execution of a work.
  • Payment of wages: Protects the workers of a project against the contractor's failure to pay their wages or pay the suppliers of the equipment or services.
  • Maintenance Bond: The Insured is protected against construction faults that appear once the work has been finished.
  • Warranty Bond: The Insured protects against quality problems in a supply of goods already made or technical failures detected in installed equipment.

DISTRIBUTION CHANNELS:

  • Retail Brokers
  • Reinsurance Brokers
  • Insurance Companies
  • Contractors

REINSURANCE SUPPORT AND CAPACITY:

  • Lloyd’s Market and other International Reinsurers: USD10,000,000 per Principal