What is Bond Insurance?Bond insurance are essentially served to guarantee an interested third party that the bondholder shall discharge their duties and obligations under the bond otherwise, we as the insurers shall be called upon to pay up to the guaranteed amount as compensation in case of a breach. Below you will find the kind of bond insurance we issue.
These bonds are provided as a surety that the one who wins a tender will supply the good or service for which they won the tender and should they fail, the bond money will be paid to the principal to meet the cost of fresh tendering in the event that the winner of the bond fails to meet the project requirements upon winning the tender.
These are issued to a contractor as a guarantee that a sum of money will be paid to the employer or third party if the contractor fails to complete the project at the agreed time. It essentially is a surety issued by an insurance company or a bank to guarantee the satisfactory completion of a project by a contractor.