Bond Insurance

Insurance Bond – A performance bond is an Insurance Bond issued by an insurance company guarantee satisfactory completion of a project by a contractor. Performance bonds are commonly used in the construction and development of construction projects. If the contractor does not complete the project specified in the contract Insurance company will either pay for the completion of the project or hire a contracting firm to complete the project which is called a counter indemnity clause. This is standard clause in the Insurance Market. It Provides the Insurance Company with a legally binding undertaking from the contractor to indemnify against any claims that may arise from the principal.

Bond Insurance

Site Notes:

The owner of a project is assured of the completion of the project.
The owner does not need to incur additional costs.
Insurance Company tries to establish that the owner did not comply with the technical conditions of a bond to avoid paying the compensation.

Documents Required:

Company SSM Information
Corporate Profile
Audited Accounts - Last 3 years
Personal Financial Statements of Company Directors
Letter Of Award
Bill Of Quantity
Johnathan Koshy
Choosing Allianz is one of the best decisions we've made! Thank you NVS.

Johnathan Koshy

Operations Director