Employers awarding Projects or Contracts to a Contractor may require a Bond policy as a form of Guarantee to provide the needed comfort for the faithful performance of the Contractor. Such Bonds includes Bid Bonds, Advance Mobilization Bond, Performance Bond, Retention Bond etc.
Engineering policy such as Contractor’s All Risk policy, Plant and Machinery policy, among others may also be required by the employer awarding the Contract to protect the Contract Works, Contractors Plant and Equipment as well as protecting the Contractor’s liabilities to third parties.
Our Bid Bond insurance policy is a surety bond that guarantee that our client (the Contractor) will enter into a contract and provide Contract bonds if he wins the bid. Our policy provides comfort to the project owner (ie. the Employer) such that, should our client decline to enter into the Contract, the bid bond will reimburse the Employer up to the bid bond amount provided in the policy.
Our Advance Payment or Mobilization Bond insurance policy provides a guarantee to the Financier or Bank who has advanced monies to our client (the Contractor) at the start of the project. The policy will reimburse the bank or financier in the event the contractor absconds or fails to repay the amount advanced to them.
At Byllwych insurance brokers, the growth and success of our client is our topmost priority. Therefore, with our clients track record of “zero default” in paying back loans advanced to them, we will ensure that our client secures the necessary Advanced mobilization bond required by the Bank or Financier to support the financing of our client’s projects.
Our Performance Bond insurance policy provides a guarantee to the Project Owner (the Employer) against the failure of our client (the contractor) to complete the project or to perform in accordance with the conditions of the contract.
With the trust with bestows on our client based on their competence to deliver quality and excellent project, Byllwych Team will secure the needed Performance Bond insurance cover required by the conditions of the contract for our Clients (the Contractor).
Our Retention Bond protects the risk of our Clients (the Contractor) failure to perform the contract after the contractor finished the work or project. The Bond will undertake to pay the employer up to the amount in return for the client when the contract fails to carry out the work or remedy defect. Our Retention Bond policy therefore provides the employer or project owner the comfort to release the Retention monies to the contractor.
Our Transit bond is a guarantee given to clients who are transporting imported goods for which duties have not been paid from a stated point in the country to a point of exit to a neighboring country. The bond is an affirmation to the state that the insurance company guarantees to pay the duty on the goods, should the client fail to transport the imported goods outside the country but sells them leading to the loss of duty to the state. If the goods are successfully carried to their destination then the bond becomes void.
Our Exportation bond is given to clients who want to export locally produced goods to other countries. The bond is a guarantee to the state up to the sales tax duty payable on the goods should the client fail to export the goods and it is discovered that the goods have been sold in the country and the duty is lost to the State. The bond becomes void when the goods are duly exported to their destination country.
Our Re-exportation bond is granted to clients who bring in imported goods to use in the Country during their visits and to send them back. The bond is a guarantee to the state up to the duty payable on the item should the visitor fail to send back the goods and have been sold and the duty is lost to the State. The bond is also issued to clients who want to re-export imported goods to another Country. The bond guarantees up to the duty payable on the goods should the client fail to re-export the goods and it is discovered that they were sold in the country.
Our Warehouse bond our is granted to Companies or individual importers who have requested to be allowed to put their imported goods, on which duties have not been paid, at their warehouses and to pay the duty later. The bond guarantees to pay the state up to the bond value, should the Company or individual default in the payment of duty of the goods.
Our Removal bond provides guarantee for the Company or an individual to pay to the state up to the bond value, should the goods being removed from one destination to another fail to be delivered at the final destination leading to the loss of duty to the State.
Our CAR insurance policy is a package policy covering all risks to which a construction project is exposed;
For special projects and contracts, we would welcome the opportunity to hold discussion with you to reach a solution that will meet your requirements.
Our Plant and Machinery provides cover for any unforeseen and sudden physical loss or damage to the item(s) insured from causes such as faulty design, bad workmanship, lack of skill, carelessness, shortage of water in boilers, physical explosion, tearing apart on account of centrifugal force, short circuit, storm, or from any other cause not specifically excluded hereinafter, in a manner necessitating repair or replacement.
Our Machinery Breakdown insurance policy provides protection against unforeseen and sudden physical loss or damage to machinery from any causes not specifically excluded for the following purposes;
Our EAR insurance policy is a comprehensive insurance policy providing insurance protection against the risks of loss and damage during installation or erection of plant or machinery, testing, commissioning of machinery, plant and equipment during construction process by unforeseen and sudden physical loss or damage other than from those causes specifically excluded. Liability to third party consequent upon accidental bodily injury or loss or damage to property occurring in direct connection with the works.
Our Electronic equipment policy is specially designed to cover electronic/electrical systems like communication facilities, computers and other electronic data processing equipment against any unforeseen and sudden physical loss or damage by any cause (other than the exclusions specified in the policy), in a manner necessitating repair or replacement.