Performance Bonds & Latent Defects
Whatever the nature of your construction project, large or small, it makes sense to protect yourself should you be unable to perform your contractual obligations, and also against building defect liability.
Performance or default bonds are issued by the contractor to the developer or employer, and offer security in the form of a financial guarantee should the contractor be unable to fulfill their contractual obligations at any stage.
Latent Defects insurance is designed to protect the developer’s property asset from building defect liability and is generally included as part of the Performance Bond.
A Property Bond would usually cover both the initial ‘construction’ period and the follow-up ‘defects liability’ period, during which time the contractor makes good any latent defects that arise.
As specialists within the construction industry, we understand the need for this type of insurance and can arrange a Performance Bond to suit your individual requirements, with specialist underwriters, if necessary.
We are happy to advise you on Performance Bonds and latent defects liability, and the level of cover you need to have in place, depending on the nature of the project.
Contact Melville Burbage
Whether you wish to arrange cover, renew your policy or file a claim, you can rely on our professional advisers to respond quickly and professionally.
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