Bond insurance

This is a type of insurance where an Insurance Company guarantees that Client (Insured) will perform or deliver on the task which they have been employed for. Bond insurance is offered in the following forms;-

• Performance Bond – This form of guarantee will pay the Principle if the Insured fails to perform the task being employed to handle for example construction, supply/delivery of goods and services to the standard agreed.
• Advance Payment Bond – This form of guarantee pays the Principle when they make a payment to the contractor/supplier but fail to deliver after receiving the money.
• Bid Security Bond – This form of guarantee pays out to the Principle should the insured back out from a bid after the work has been won.