Bond Insurance
Bond insurance is a type of insurance policy that a bond issuer purchases that guarantees the repayment of the principal and all associated interest payments to the bondholders in the event of default. Bond issuers buy insurance to enhance their credit rating in order to reduce the amount of interest that it needs to pay.
Performance Bond
Performance Bond is a guarantee given in favour of the principal on behalf of the contractor confirming that the contractor will execute the contract within the terms of the contract and the bond agrees to indemnify the principal in the event of non-performance and/or partial performance by the contractor.
However, the liability of the guarantor, is reduced by the extent of the performance of the contractor.
Our performance bonds help entrepreneurs demonstrate that they can fulfill their contracts and will conform to all laws.
Note: Bond businesses are strictly on cash and carry bases subject to the fulfillment of certain terms and conditions by the contractor.
Our agents are always upbeat to speak with entrepreneurs about the performance bonds are vital for their business. We pride ourselves on our own administration and our incredible insurance designs.
Advanced Payment Bond
This is a guarantee given to a principal on behalf of the contractor for the advance payment or mobilization to the contractor by the principal for the execution of the contract entered into by both parties.
This bond therefore guaranteed that the contractor will utilize the advance payment for the execution of the job and in the event of his failure to do that the bond will indemnify the principal to the extent of the non-execution of the contract.
Note: Bond businesses are strictly on cash and carry bases subject to the fulfillment of certain terms and conditions by the contractor.
Speak with a Universal Insurance Plc. agent about how our Advance Payment bonds can protect your business.