Bonds and sureties provide additional security for companies such as guaranteeing the solvency of a contractor, the performance of a construction build, satisfying the requirements of a Municipality or Council, guaranteeing the payment of customs duties or guaranteeing the removal and treatment of waste/recycling.
The benefits can be for any solvent company undertaking work that requires a guarantee, that the company is able to conclude a specific contractual arrangement and therefore with the support of a bond, win that contract.
We can also place travel bonds for the financial failure of travel agents and tour operators together with entities that require travel disruption covers. Bonds and sureties are attractive to general brokers as there are a limited number of specialists and markets, rates vary between 2% and 10% of the bond amount and therefore produce sensible levels of commissions. Furthermore, by placing a bond (arguably the hard part) the broker would then have access to the other general insurance products required by the client.