Not every construction project goes right, but that doesn’t mean you have to constantly be looking over your shoulder.
Maintenance bonds are a form of performance bond relating to the maintenance (or warranty) period and are sometimes required by the owner of a construction project.
They provide security to the owner for any defective workmanship or faulty materials that may be discovered following the handover of the project and during the ensuing maintenance period, which is usually 12 or 24 months. A maintenance bond is often issued in a lesser amount than the contract performance bond that it replaces.
Best for
- Main Contractors
- Sub-Contractors
Highlights
- Provides owners with security during the maintenance period on completed projects for remediation of any workmanship or materials found not to be in accordance with the contract specifications
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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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