Due to the specialist nature of surety bond insurance, Everywhen can only sell this product directly to clients. However, in order to facilitate this we can treat this as an introduction and make a payment to you once the policy has been incepted.
Trade Credit - Surety Bonds
Our Footprint & Appetite: Surety Bonds can be provided to all sectors, however the more common sectors are Construction and Engineering and the sectors associated with this – Electrical, Drylining etc
-
The risk on Bonds is the insolvency of the client
-
They are requested by a third party (Employer) who require assurance that a contractual financial obligation is met
-
Bonds are not insurance
Due to the specialist nature of these insurance policies, Everywhen can arrange cover for these products directly with clients. Please contact us to discuss further should you wish us to access the specialist coverage on behalf of your customer on an introducing basis.
The standard cover
A Surety is a guarantee that if an event happens the Insurer will pay – it is not subject to the conditionality of an insurance policy.
The risk on Bonds is the insolvency of the client
They are requested by a third party (Employer) who require assurance that a contractual financial obligation is met
Bonds are not insurance
Bond are akin to bank guarantees – the Insurer will often approach them in the same way as a Bank and will often require Personal Guarantees, Cash Deposits and 1st Charges
They are often essential to being granted a contract, especially in the current climate with the increase in the number of insolvencies
Our cover and service USPs
Specialists in the bond market
Negotiation of bond syndications with a number of A rated insurers
Personalised service
Industry knowledge on all sectors
Strong established relationships with underwriters
Access to all A rated UK underwriters
Bonds
While the more common Bonds are Performance, Advance Payment and Road Bonds, we can also arrange Bonds in favour of HMRC (Duty Deferment Bonds) for any companies importing good to the UK. Duty Deferment Bonds allows for the payment of Duty and VAT to be deferred for up to 45 days which can greatly assist with a companies cash flow.
Negotiation of Bond Syndications with a number of A rated Insurers
This is only available from Specialist Brokers and there are a number of Brokers that do not provide this service. We place a large number of Bonds through Bond Syndication which has saved clients in excess of £500k in security to the insurer.