Contractors and bonds insurance

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Benefits for you!

  • We provide payment plans to suit your operations.
  • As a contractor you can qualify for 100% rebate of your Bid Security Cost.


Coverages Available for you

Bid Security
This type of policy covers the employer of a project if the bidder of the project:

  • Withdraws his bid during the period of bid validity specified in the Bid Form
  • Having been notified of the acceptance of his bid by his employer, during the period of bid validity:
    • Fails or refuses to furnish the Performance Security, in accordance with the instructions to tenderers,
    • Fails or refuses to execute the Agreement Form in accordance with the instructions to tenderers, if required.

Performance Bonds
This type of policy covers the employer of a project if the contractor is in breach of his obligation (s) under the contract and fails to complete the project at the agreed date.

Mobilization Bonds
A policy that covers the employer if the contractor is in breach of its obligation(s) under the contract because the contractor used the advance payment for purposes other than the costs of mobilization with respect to the work.

Contractors All Risk
This is a policy that covers the permanent and/or temporary works forming part of a contract and the plant, materials and other effects used or intended for use in connection with the contract.

Employers Liability
A policy that provides protection for the insured against legal liability of damages (including claimant’s costs and expenses) with respect to bodily injury or death, sustained by any person under a contract of service with the employer, for example, employees.

Public Liability
This provides a protection for the insured for legal liability to third parties for damages (including claimant’s costs and expenses) with respect to bodily injury or death and for any loss or damage to property which happens in connection with the business of the insured.

Equipment (Machinery) All Risk
A policy that covers equipment or machinery against physical loss or damage.

INFORMATION REQUIRED FROM NEW CONTRACTORS

  • Articles of Incorporation and/or Business Registration
  • TIN
  • IDs of Directors
  • Contact Information of the Business
  • Recommendation letter from a past employer
  • Most recent Financial Report (Balance Sheet and Income Expenditure Account)
  • Track record for the last five years

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