What are Trade and Construction Guarantees Insurance?
Trade Guarantees
- Commercial fuel guarantees to fuel majors
- Retail fuel guarantees to service stations
Construction Guarantees
The construction industry requires a broad range of guarantees. Hollard has expert guarantee underwriters that cater to the full complement of such guarantees, including:
- Bid bonds/guarantees
- Performance guarantees
- Advanced payment guarantees
- Retention/Defects liability guarantees
Revenue Authority Guarantees
- Customs and excise bonds
- Warehouse bonds
- Namport bonds
- Road bonds
Major benefits of Insurance-backed guarantees include:
- Provides the employer/supplier comfort in respect of the 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
