What Trade and Construction Guarantees Insurance offers
Construction Guarantees – The construction industry requires a broad range of guarantees, the full complement of which our expert guarantee underwriters cater to, includes:
- Bid Bonds /Guarantees
- Performance Guarantees
- Advanced Payment Guarantees
- Materials Off-Site and On-Site Guarantees
- Retention/Defects Liability Guarantees
- Supply Guarantees
- Utility Guarantees
Trade Guarantees – these are guarantees that typically cater for industries such as freight forwarding, clearing and logistics. Such guarantees include:
- Customs Guarantees (Deferred Duty & VAT, Bonded Warehouse, Road, Temporary Import, Customs Rebate, Manufacturer of Excisable Product)
- Commercial Fuel Guarantees to Fuel Majors
- Airline Guarantees
Some of the major benefits of the Insurance backed guarantee are:
- Provides the employer/supplier comfort against non-performance of contractual obligations and therefore increased costs of completion or non-payment.
- Provides the client with increased cash flow and working capital
- Protects the client against non-payment of retained funds in the absence of a guarantee, should the employer not be in a position to make payment
