✔ Source One-Off Contract Guarantee Bonds
✔ Create New Facilities
✔ Replace Existing Facilities
✔ Site Visits & Technical Risk Reports
What is a Surety Bond?
A surety bond is a legal agreement involving three parties; the principal, the employer or obligee, and the surety/guarantor. The surety bond provides financial protection for the obligee and ensures the fulfilment of contractual obligations.
CG Bonds offers a comprehensive range of surety services, encompassing various types of bonds. Our expertise in these surety services assures peace of mind for both principals and employers, facilitating the successful execution of contracts and projects.
Surety Bond Insurance
Which Surety Bond Do I Need?
CG Bonds Surety provides technical knowledge on all bond idiosyncrasies, simplifying the complex world of surety. Please find detailed below the many types of surety bonds we specialise in:
Contact CG Bonds For The Best Surety Bond Advice
Surety Bonds for Construction
Secure your Surety Bond with CG Bonds
1. Source One-Off Contract Guarantee Bonds
CG Bonds Surety can source any type of performance bond in the UK. Clients can apply for these bonds, on a project-to-project basis, or set up a facility.
With our expertise, we can provide you with a quote within 5-7 working days of receiving your application form, and we guarantee to always find you the best value quote on the market.
2. Create New Facilities
Thanks to our extensive and exclusive underwriting partnerships across the UK, we are confident in our ability to create new facilities for our clients.
This allows our surety underwriters to issue bonds without any delays, making the process of acquiring a performance bond much quicker and easier for you.
3. Replace Existing Facilities
Our extensive and exclusive underwriting panel allows us to replace existing facilities with the most competitive rates on the market, which ultimately helps you save money.
4. Site Visits and Technical Risk Reports
We will arrange a site visit and prepare a comprehensive technical risk report to evaluate your position.
This report will provide us with all the necessary information for our underwriters to determine the most accurate costs possible, thereby minimising the premiums you will have to pay compared to other providers.
Why Secure Your Construction Bond with CG Bonds Surety?
CG Bonds Surety is a specialist in providing a wide range of surety bond services. We have exclusive underwriting partnerships which allow us to offer the best terms in the market, making our services accessible to clients with diverse financial profiles.
As a specialised surety bond broker, we can source and secure the best value construction bonds in the market, while making the process simple and stress-free for you.
We have deep-rooted technical knowledge and extensive experience, which helps us identify and obtain the most cost-effective surety bonds in the market.
With the backing of our exclusive underwriting panel, we offer a Best Price Guarantee while maintaining a pristine 100% track record of procuring bond requirements.
For more information on CG Bonds and who we are, visit our about us page.
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Contact Us For Surety Services
To learn more about the surety bond services we offer, use our Contact Us page to connect with a dedicated client relationship manager.
Apply For a Surety Bond Today
If you are looking for surety bond services you can access our application form by clicking on the link below.
To make the process even more convenient, we offer an over-the-phone Application Completion Assistance service. We aim to provide you with a stress-free and seamless experience while completing your application.
Get in touch today
FAQs
What is a surety bond?
Surety bonds are often used in construction contracts as a means to provide a financial guarantee that you will fulfil your contractual obligations.
Surety bonds involve three parties: the principal, the employer, and the surety.
- The principal is the party who needs the bond and is responsible for fulfilling the obligation.
- The employer is the party who requires the bond to ensure that the principal fulfils their obligation.
- The surety company is the party that guarantees that the principal will fulfil their obligation to the employer.
If the principal fails to fulfil their obligation, the surety will compensate the employer for any losses incurred.
We understand that surety bonds can be complex, which is why we have a team of experts at CG Bonds who can guide you through the process and help you make informed decisions. Please get in touch with us today at 0203 833 9933 or enquiries@cgbonds.co.uk for more information.
Why do I need a surety bond?
There are many benefits to securing a surety bond:
- Risk mitigation: In case of a default by the principal, the surety bond provides the employer with financial compensation to cover any losses incurred, providing greater protection of the underlying contract conditions.
- Cash flow advantages: Surety bonds enable you to improve liquidity by freeing up vital working capital as a bond provides the necessary protection to the employer. This means surety bonds are a great alternative to significant increased retention offerings.
- Enhanced credibility of the principal as it shows their commitment to completing the project as agreed upon.
- Lines of credit: Surety bonds can operate alongside and do not impact banking lines of credit.
What is required for a surety bond?
To apply for a surety bond, please reach out to us. Our client account managers will request and require the following information:
- Completed & Signed Application Form
- Most Recent Audited Financial Accounts
- Latest Management Accounts (if available)
- Copy of Performance Bond Wording (if available)
Please note that the possibility of additional security will aid your application.
We are a reputable surety broker with specialised experience and expertise in the procurement of bonds within the construction industry.
How much does a surety bond cost?
The cost of a surety bond varies on a range of factors, most notably:
- The stability of the applicant’s finances.
- Level of bond being sought
- The bond duration.
- The nature of the bond wording.
- The unique characteristics of the project.
- The offering of supplementary security.
- Economic market conditions
Therefore, we are unable to provide an exact estimate here. However, thanks to our exclusive and specialist underwriting team, we can guarantee we’ll beat any quote on the market.
Require an indication? Get in touch today and get an indication in 24 hours!
Complete our new easy-to-fill-out online bond application form here.
