Surety And Bonds
Surety Bonds are primarily used in the construction and infrastructure sectors to cover performance obligations and are a flexible alternative to bank guarantees. Commonly issued bonds include: Performance Bonds, Advance Payment Bonds, Bid Bonds, Retention Release Bonds, Maintenance Bonds and off-site Material Bonds.
Insurance House has expert brokers ready to guide you through the process of Surety Bonds.
An Insurance House Broker will assist you with the following:
- Provide a pre assessment of your Surety application, prior to submission to the Surety provider
- Submit the Surety application to all appropriate Surety markets
- Review, discuss and broke the application
- Past history, financial forecasts and operational protocols and compliance with appropriate Australian and New Zealand standards
- Issue Surety Bonds against the facility arranged, typically turning Bond applications around within 24 hours
- Manage and retrieve outstanding bonds
- Assist with and negotiate with your Principals as and when the Surety Bond comes into question
Surety Bonds provide a unique insurance alternative to traditionally secured guaranteed bank facilities by allowing the flexibility to leverage off your capital base, enhancing working capital and liquidity opportunities. It allows you to free up funds, reduce debt and tender for additional contracts.