Bond Insurance

Bond Insurance

Bond insurance is a financial guarantee that is usually taken by contractors to indemnify their principals (owner of the contract) against any default. It is a strict liability policy. Go to the next tab for more details.

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Advance Payment Bond
If the client agrees to make an advance payment (sometimes referred to as a down payment) to a supplier, a bond may be required to secure the payment against default by the contractor. This is referred to as an advance payment bond (APB), advance payment guarantee or advance stage payment.
Custom Bond
It covers the principal if the customs agent fails to perform his duties to the satisfaction of the Nigerian Customs Service.
Bid Bond
It guarantees that the party tendering for the contract will not withdraw once the job is accepted and will take full responsibility for the work in accordance with its offer and specification.
Performance Bond
This is one of the main forms of construction insurance that has been developed to meet the changing needs of the construction industry.When new buildings or civil engineering projects such as roads or bridges are being constructed, a great deal of money is invested before the work is finished.
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Workmen’s Compensation

The Workmen’s Compensation policy provides benefits to workers who may sustain injury resulting into death or disability in the course of their duties. The policy is usually taken by employers of labour and is one of the several policies legislated by law. The benefits payable are graduated on a scale based on the employees annual salaries. In addition to disability and death benefits,the Workmen’s Compensation product also makes allowance for some medical expenses

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