Surety Solutions

Insurance bonds (Surety) provide conditional security to protect the beneficiary against default or insolvency of a company, up to the limit value. The use of Surety Solutions can replace Letters of Credit and Bank Guarantees, releasing trapped working capital.

• Performance  – a standard requirement within a construction contract, employers typically seek a bond for 10% of the contract value.
• Retention –  fast becoming a popular way to avoid the problems associated with retention recovery. Amounts that would otherwise have been held as retention are instead paid and a bond is provided to the employer.
• Advanced Payment –Such a bond provides significant cash flow benefits to the contractor, enable advance payments to be made in advance of work/services being carried out.
• Bid – provides protection to the employer to ensure that if the contractor fails to honour the terms of the bid they will be compensated.
• Section – a guarantee on behalf of a property developer or house builder, to complete the roads and sewers for handover to the appropriate local authority.
• Restoration – often sought for major contracts which effect the environment, to ensure that the landscape is restored following completion on the project.
• HMRC – duty deferment and customs bonds are used by importers to manage the payment of duty on goods and are issued to the benefit of HMRC. Implementing a bond eases cash flow by deferring payment for a given period. 

We can also place:

• Pension
• Travel 

Please contact Callum Griffiths (Head of Surety) on 0113 531 5561 for an independent and unbiased review of your requirements.

Surety providers: