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