SPECIALIST INSURANCEPerformance Bond Insurance
As one of the UK's leading insurance brokers, our team of specialists has extensive experience in the field of liability insurance.
Performance Bond insurance is a policy issued to Contractors to guarantee against the failure of the other party to meet obligations specified in a contract. It is designed to protect the main contractor if the sub contractor fails to construct according to the specifications in the contract, the project/property owner is guaranteed compensation for any monetary loss.
Payment from the performance bond is available only to the project/property owner. No one else can make claims against it. In order for a performance bond to be effective, the contract must be specific about the work to be done. A contractor cannot be held accountable for vague descriptions that are open to interpretation.
The Bond will generally be as a percentage of a contract value and as an indemnity to the main contractor at the sub contractors own expense.
An example of where a Performance bond may be required: A contractor may issue a bond to a client for whom a building is being constructed. If the contractor fails to construct the building according to the specifications laid out by the contract, the client is guaranteed compensation for any monetary loss.
We are able to offer terms from a British Insurance Brokers Association Approved Facility along with other leading insurers. To discuss in more detail or for more information please contact our specialist.
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