Performance Bonds and Latent Defects
Insurance designed for contractors and sub-contractors within the construction industry to financially protect themselves should they be unable to perform your contractual obligations.
Performance or default bonds are issued by the contractor to the developer or employer and offer security in the form of a financial guarantee should the contractor be unable to fulfill their contractual obligations at any stage.
Latent defects insurance is designed to protect the developer’s property asset from building defect liability and is generally included as part of the performance bond.
A property bond would usually cover both the initial ‘construction’ period and the follow-up ‘defects liability’ period, during which time the contractor makes good any latent defects that arise.
As specialists within the construction industry, we understand the need for this type of insurance and can arrange a performance bond to suit your individual requirements, with specialist underwriters, if necessary.
We have been providing insurance solutions for commercial and personal clients since 1960.
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