Contractors are often advanced sums of money by a client in order to source and secure the necessary material to get a building project started.
To protect that payment, the acquisition of a bond is often agreed at the negotiation stages to ensure that should the contractor become insolvent or the project left incomplete, the client’s advance is protected. Normally the amount of the bond equals the sum advanced.
Best for
- Main Contractors
- Sub-Contractors
Highlights
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Facilitates payments to contractors prior to work being done. This is vital for contractors’ cash-flows in circumstances when there are significant costs of mobilisation on projects or where it is necessary to pre-order particular materials or goods with long lead-in periods
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Retention Monies Bonds
Good cashflow is crucial in the construction sector. With TMHCC’s retention bonds, you can secure contractor cashflow and your own.
Ship Building & Refund Bonds
Give your clients the security they need with TMHCC’s shipbuilding and refund bonds.
Why choose Tokio Marine HCC?
Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Europe, transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance.
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