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At FPG Insurance we have developed corporate insurance products that protect businesses from unforeseen disruption.

The FPG Insurance Surety Bond is one such product that acts as a risk transfer mechanism. Providing the construction project owner with the assurance that the contractor will perform all agreed obligations.

Providing your business with financial security in the case of contractor, sub-contractor or supplier default or bankruptcy.

 

FPG Surety Bonds for Construction Cover Summary

Bidder's Bond

FPG Insurance will guarantee that the successful bidder, within a specified period from the date of the receipt of the Notice of Award, will:

  1. Enter into contract with the project owner (Obligee)
  2. Furnish a Performance Bond for the faithful and complete prosecution of the work specified in the contract.

The bond will cover:

  1. Cost to conduct another bidding; and
  2. The difference between the winning bid and next lowest complying bid
Performance Bond

FPG Insurance will guarantee the construction and completion of a project to go according to the agreed plans, specifications, terms and conditions based on the contract.

FPG performance bond will:

  1. Answer for the cost of delay in the completion of the project; and
  2. Pay for the additional costs to complete the project.
Surety Bond (Down Payment) 

FPG Insurance will guarantee the recoupment or repayment of the unliquidated portion of the down payment made by the Obligee to the Contractor

FPG Insurance will also guarantee, within one year from the project acceptance, the repair of hidden defects in the workmanship and materials used by the Principal in the project, found or become evident.

For both simple and sophisticated operations, we provide customised, flexible construction industry insurance products.

 

Notes:

  • Policy application is subject to the approval of FPG Insurance.
  • FPG Insurance will send you a free QUOTE based on the information stated in the Construction Insurance application to be submitted to us.
  • Actual premium is only confirmed upon formal request for policy issuance and we reserve the right to adjust final and/or applicable premium as deemed necessary without notice.

Related FPG Insurance Corporate Products:

 

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