Business insurance
2
Liability
Cover for claims brought against you by third parties, including claims arising from professional advice.
Surety & Bonds
Guarantees that support tendering, contract performance and banking obligations.
- Covers
- 3
- Typically for
- Contractors bidding for work, and financial institutions.
In practice
A bond is not insurance in the ordinary sense. It is a guarantee given to somebody else on your behalf, and if it is called the surety will look to you to be reimbursed. What that means in practice is that bonds are underwritten on the strength of your balance sheet and track record rather than on a loss history.
Arranging them early matters, because a tender deadline rarely leaves room to assemble financials at short notice.
What it covers
3 covers
- Performance Bonds
- Guarantees the employer that a contract will be completed, and pays if the contractor defaults.
- Bankers Blanket Bond
- Covers financial institutions against employee dishonesty, forgery, and loss of property on the premises or in transit.
- Bid & Tender Bond
- Guarantees that a winning bidder will enter the contract and provide the performance security required.
Cover names are those used in the Zambian market; the exact scope of any policy depends on its wording and endorsements. We will set out what a quotation does and does not include before you bind it.
Get in touch
Ask about surety & bonds
Tell us what you need to cover and a broker will come back with options from the licensed market. There is no charge for a quotation.
Related classes
All classesBusiness insurance
2
Marine
Cover for goods in transit, for the vessels that carry them, and for the liabilities that arise at sea.
Business insurance
5
Property & Casualty
Protection for buildings, plant and stock, and for the income lost while damage is being put right.