Page Tags: FAQ

Thursday 14th March 2024
When are performance bonds required?

What are performance bonds? Performance bonds are a type of financial guarantee. They are issued by a guarantor (a bank or insurer) on behalf of a builder or contractor, to the other party in a project contract (i.e. the client). Under the bond, a certain amount of money will be paid to the client if […]

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Thursday 14th March 2024
What are performance bonds?

What does ‘performance bond’ mean? A performance bond is a guarantee, usually issued by a bank or insurance company on behalf of a building company (or a sub-contractor). If the builder or sub-contractor doesn’t complete a building project as agreed, the guarantor (i.e. the builder) will cover the client’s costs for completing the project. A […]

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Thursday 14th March 2024
How are performance bonds calculated?

What is a performance bond? A performance bond is a type of guarantee for contracted work. If you’ve been asked by a client to provide a performance bond, you will need to apply for one with an insurance company. The performance bond acts as financial ‘promise’ that you will fulfil your contractual obligations and deliver […]

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Wednesday 6th December 2023
Commercial Buildings insurance FAQs

Having the correct insurance is important for protecting your livelihood and ensuring peace of mind. Understanding what is usually covered by your commercial building insurance is therefore an important aspect of running your business. This information is provided as a guide only, and if you have any doubts or questions, please call our expert team on […]

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Managing and facilitating bonds | Kerry London Limited
Monday 27th November 2023
Why do I need a construction bond now?

Construction bonds are a long-standing feature of the construction market, but the demand for this protection has risen exponentially during the last 12 months. The current economic climate has led many employers to include bonds as a contractual requirement for bidding contractors – this was previously only the case on public sector contracts to protect […]

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