Performance Bond Insurance

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What is Performance Bond Insurance?

A performance bond is a guarantee provided to the client to ensure that the contractor delivers goods or performs services in accordance with the terms of the contract and within the agreed timescale. 

In the case of construction this means that the principal or developer will have a building constructed or renovated to the correct specification, with the correct materials and timescales as agreed with the contractor. The issuer of the bond, in this case the insurance company, will undertake to pay the principal a sum of money if the contractor fails to perform as agreed in accordance with the terms of the contract. The cost of the bond is usually borne by the contractor, although this is likely to be reflected in the contractor’s tender price. 

Within a contract, there may be a cascading effect insofar as the contractor may insist upon bonds from their subcontractors for the same reason as outlined above.

Here at Peacock Insurance, our dedicated warranty team have access to products from across the market including financially ‘A’ rated insurers, direct access to underwriters with many years of experience within this field as well as same-day quotations with some products. 

If you need to talk to one of our experts directly please call our Sales Hotline on 02476 437 626 or complete the quotation request form.

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