Surety Bonds are insurance policies which promise to pay compensation to one party of a contract in the event that another party to the same contract fails to perform in accordance with its terms.

You can now submit a form online in order request a call from the insurer with a non-binding premium indication. To complete the form click here. 
 

What is Surety?

Surety is ‘a person who takes responsibility for another’s performance of an undertaking.’ Insurers take financial responsibility for companies who have entered into contracts to provide goods and services to others.

What is a Surety Bond?

Surety bonds are undertakings from insurers to pay compensation to one party on a contract in the event that another party to the contract fails to perform in accordance with the terms of that contract.

Surety bonds come in all different shapes and sizes depending on the nature of the underlying contract they are guaranteeing.

 
What type of bonds are available? 

• Performance bonds;

• Retention bonds;

• Advance payment bonds;

• Highway bonds;

• Sewer bonds and

• NHBC bonds

How do I apply?

To apply for the bond simply contact Jessica Jewell, Client Liaison Executive on 01223 508407 who will ask you for the following details:
 

• Bond Beneficiary;

• Description and location of works;

• Contract amount;

• Bond amount required (usually 10% of contract amount) and

• Period of works and start date.

You will hear from the insurers directly.

How much will it cost?

Your premium indication will be based on a number of factors, such as:
 

• The bond amount required;

• The length of time required for;

• How long your company has been trading and

• How profitable your company is. 

The insurers will therefore carry out a credit check and might also request additional financial information such as trading accounts in order to consider your application.