Retention bonds are increasingly popular in the construction sector as they remove the need for the owner/client to retain cash from contractors to ensure the satisfactory completion of works. In the construction sector, more than most, cashflow is crucial.
The bond represents the amount of retention money that would otherwise have been withheld, which is commonly between 3% and 5% of the contract price.
Best for
- Main Contractors
- Sub-Contractors
Highlights
- Allows for release of retention monies that would otherwise have been withheld
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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