We can help with all the bonds and guarantees described below, just call our experienced financial guarantee insurance providers on 01204 364 842 for expert and impartial advice.
The following is a list of the more common types of bonds and a brief description of their use:
Sometimes referred to as performance bond insurance, these are very often required by the employers of contractors to ensure that they (the employer) have some funds available to cover the additional costs to which they may be exposed should the contractor become insolvent.
These provide a guarantee to HM Revenue & Customs for the payment of duty and are particularly useful where goods are held in a bonded warehouse.
A retention bond (retention bond insurance) is a guarantee given in place of money that would otherwise be held as a retention.
Road and sewer bonds (road bond insurance) are given to the owners of roads and sewers that statutory obligations in respect of the construction are fulfilled.
Sometimes referred to as indemnity insurance for restrictive covenants. Where there are restrictive covenants and rights affecting land or property commonly arising due to lost deeds. The loss arises when a breach of restrictive covenant has occurred and the beneficiaries of the covenants/rights seek to enforce the same against the insured.
Where there is no legal grant of a right of way to and from the property. The loss arises because the legal owner of the access way may seek to prevent the rights being exercised. This type of guarantee is also known as ‘right of way indemnity insurance’ or ‘public right of way insurance’.