Surety Insurance
Explore the purpose, policy options and common coverage areas within this insurance category.
5 solutions in this categoryStart with the role this cover can play.
Policy names can be technical. The useful question is what risk the cover is intended to address, what information insurers may need and which terms matter for your situation.
What this category is for
This category brings together insurance products designed around a related group of risks and protection needs.
Explore the policy library belowWhat to compare
Scope, exclusions, limits, deductibles, waiting periods, warranties and insurer-specific wording can materially change the protection.
What to prepare
The right information depends on the policy, but accurate exposure details usually help produce a more relevant insurance conversation.
5 options within Surety Insurance.
Use these pages to understand the purpose of each policy and the areas worth discussing with an advisor. Final coverage depends on policy wording, schedule, limits, exclusions, terms and underwriting.
Advance Payment Bond
This bond guarantees that the contractor will properly use the advance payment made by the project owner and will refund it if contractual obligations are not met.
Understand this policyBid Bond
A bond that guarantees the bidder will honor their bid and sign the contract if awarded.
Understand this policyMaintenance Bond
A bond that guarantees the contractor will fix defects or maintenance issues that arise within the defect liability period post-handover.
Understand this policyPerformance Bond
A bond that guarantees the contractor will perform the project as per the agreed terms, timelines, and quality standards.
Understand this policyRetention Bond
A bond provided in lieu of cash retention (usually 5–10%) that guarantees the contractor will fulfill post-completion obligations.
Understand this policyDo not compare price without comparing protection.
The cheapest quotation is not automatically the most appropriate cover. Important differences can sit in wording, sub-limits, deductibles, exclusions, warranties and claim conditions.
Scope
What events, assets, people or liabilities are actually insured?
Limits
Where do sub-limits, deductibles or waiting periods change the usable protection?
Conditions
What warranties, declarations or information requirements affect cover?
Service
How will servicing, endorsements and claims coordination work after purchase?
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