Guarantees
Contractors and developers are increasingly required to offer guarantees to employers before significant projects begin. Insurance guarantees deliver that security more cost-effectively than banks, without strict collateral that strains cash flow.
Bank guarantees have long been the default, but issuing them isn't a bank's primary focus, and the collateral required can weigh on your finances for future projects.
We believe insurance should never be one-size-fits-all. That's why we've partnered with innovative providers who tailor guarantees to each client's specific needs, ensuring your performance and contractual obligations are secured on every project.
Types of Guarantees
01
The employer or developer may require the contractor to issue a performance guarantee at the inception of a construction project. It protects the employer against the contractor's failure to perform and secures the successful completion of the project.
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Where a project is enrolled late, the NHBRC may require the builder or developer to provide a guarantee for the warranty of the structure, as compliance with building regulations cannot be verified. It protects the homeowner and the NHBRC against structural defects.
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An employer or developer may advance funds to a contractor for the successful completion of a project. This guarantee covers the employer and sub-contractors against the contractor's insolvency.
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Towards the end of a contract, contractors may provide a retention guarantee to protect the employer against structural defects discovered after completion and during the maintenance period.
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