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- Business Sectors
- Business Covers
- Business Schemes
- Business Protection
- Group Business
- Bonds
- Community Insurance
- Construction Insurance
- Cyber Liability Insurance
- Food Sector Insurance
- Homecare Insurance
- Hospitality Insurance
- Leisure Insurance
- Legal Contingency
- Logistic Insurance
- Manufacturing Insurance
- Motor Trade Insurance
- Nursing Home Insurance
- Professional Indemnity Insurance
- Retail Insurance
- WING Insurance
Contact Our Expert
Experts In Bonds For Construction
As one of Ireland's largest independently owned Insurance Brokers with access to a large panel of rated Surety Providers, we are able to match our clients to the most appropriate Bond Provider.
Our team will be here to give you with the best advice on all bonding requirements.
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Bonds
We are pleased to be able to provide a broad suite of Bonds to our clients including: Performance Bonds, Retention Bonds, Advance Payment Bonds, Revenue and Customs Bonds and Environmental Bonds.
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Surety
These bonds can be issued by either a bank or an insurance company and is a guarantee to cover a loss sustained by an employer following default by a contractor. Performance Bonds are typically for 10% of the contract value and the cost to the contractor will depend on their financial history, experience, size and length of the contract amongst other factors.
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Retention
This is a guarantee enabling release of retention monies held under a specific contract. The bond effectively replaces the retention monies held by the employer and again assist with cashflow as retentions are often held longer than the 12 months maintenance.
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Development
Development bonds are typically there to ensure that the relevant planning conditions relative to the development are met.
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Revenue
Revenue and customs Bonds or Duty Development Bonds - these bonds allow traders to defer payment of duties to a later date.
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Advance Payment
This is a guarantee for monies paid in advance by an employer for goods or services provided. This is especially useful assisting with cashflow.
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Maintenance
A guarantee to specifically cover the maintenance of a contract but does not cove release of the retention moneys
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Environmental
We can offer Environmental Protection Agency (EPA) Bonds which cover the cost of restoration following the closure of a licensed facility, the decommissioning costs related to the energy business and the fulfilment of relevant licences such as landfill sites or waste treatment facilities. The Bond can be issued by either a Bank or an Insurance Company and is a guarantee to cover a loss sustained by an Employer following default by a Contractor. Performance Bonds are typically for 10% of the contract value and the cost to the Contractor will depend on their
Bonds Frequently Asked Questions
- What is a Bond? A Bond is a guarantee given to an Employer by a Surety (Usually a Bank or Insurance Company) to cover a loss sustained under the terms of a Contract following default by the Contractor.
- What Needs To Be Provided? In view of the fact that a bond is tantamount to a financial guarantee the majority of information required is financial including audited accounts, latest management figures and completion of our standard application form and bank questionnaire.
- How Do I Apply For A Bond? Using our standard application form and sending it to our Bond team together with the relevant financials.
- What Does A Performance Or Surety Bond Guarantee? A Bond guarantees that if a Contractor defaults under the said Contract the Surety will satisfy the loss sustained by the Beneficiary in completing the Contract up to the Bond Sum
- How Long Does The Bond Remain In Force? This can vary but as a general rule the Bond will remain in force for the duration of the Contract plus the maintenance period if required. The Bond may also have a specific release date inserted to avoid any ambiguity.
- What Is The Turnaround Time In Receiving My Bond? From the time we receive the completed forms and financials in we would expect to have a provisional quote within a week, subject to no further information being required.
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