Bond Insurance

Law Union & Rock Insurance Plc. provides qualitative and professional services in all classes of insurance business namely: General Insurance & Risk Management Solutions.

Bonds are guarantees by insurance companies attesting to the credibility of an individual or a company. There are basically two types of bonds commonly available in the market, which are the Performance Bonds and the Advance Payment Bonds.

Performance Bonds:

this is a guarantee from an insurance company that in the event that a contract is not executed as demanded by the principal, any shortfall will be met by the insurance company who wrote the bond on behalf of the contractor.

Advance Payment Bonds:

this is issued by an insurer and guarantees that in the event that any advance payment to a contractor in executing a contract is made away with or utilized contrary to the requirements of the principal, such a default will be met by the insurance company.