Surety

Halpenny Insurance Brokerage specializes in arranging suitable bonding facilities solutions for the construction industry

Applicant for the bond, typically a Contractor

Bonding Company/ Insurance Company

Beneficiary under the bond, Owner of the project

Surety Bonding - explained

Surety bonds unlike insurance, involves three parties within the contract.

In the three-party agreement, the Surety agrees to fulfil obligations of the Principal (in the case of a default under the bond) to the Obligee. The Surety acts as a guarantor for the Principal, much like a co-signer on a loan in the financial banking industry.

Halpenny Insurance Brokerage specializes in finding Contractors suitable Bonding Facilities solutions to meet their needs. Products offered under a Bonding Facility include:

Products offered under a bonding facility include:

  • Prequalification Letters
  • Bid Bonds / Tender Bonds
  • Agreement to Bond / Consent of Surety
  • Performance Bonds / Maintenance Bonds
  • Labour and Material Payment Bonds