Please fill up the forms to initiate the processing of your bonds
Why you need a bind
Types of Bonds & Insurance Explained
Types of Bonds & Insurance Explained
Contractor’s All-Risk Insurance – insures the project against actual physical damage or disruption of the work in progress including equipment and machinery within the job site and third party liability.
Performance bond – Guarantees the full and faithful compliance by the principal of its undertaking to complete the works in accordance with the approved plans, specifications and terms and conditions of the contract.
Surety (downpayment) bond – Guarantees the recoupment of the downpayment given by the obligee to the principal through deductions from the progress billings submitted by the latter and approved by the obligee.
Guarantee bond – Also known as warranty bond, it guarantees the correction and repair of hidden defects in the materials and workmanship used by the principal in the project found or becoming evident within one year from the date of final acceptance by the obligee.
