performance bond
performance bond
A performance bond, also known as contract bond, is required in the event a contractor’s tender has been accepted by the principal and a letter of award is issued. A performance bond is required by the contractor to complement the related projects insurance for the same project such as contractor all risks, erection all risks or workmen compensation.
The main purpose of the performance bond is to guarantee that the contractor fulfills the contractual obligations towards the completion of the contract.
This policy can be extended to cover against losses due to following risks by paying additional premium
- Aircraft Damage
- Earthquake and volcanic eruption
- Storm, Tempest
- Flood
- Explosion
- Impact Damage
- Leakage of Sprinkler System
- Bursting or Overflowing of Water Tanks Apparatus or Pipes
- Bush / Lalang
- Subsidence and Landslip
- Spontaneous Combustion
- Riot Strike and Malicious Damage
- Damage by Falling Trees or Branches and Object
- Electrical Installation
Other Insurance products you may be interested in
Fire Consequential Loss Insurance
Burglary
Insurance
Money
Insurance
All Risk
Insurance
Plate Glass
Insurance
Fidelity Guarantee
Insurance
Other Insurance Products You May Be Interested In
NLA aims to get you the best insurances services
NLA was established in 1986.
We specialize in Corporate Employee Benefits, General Insurance & Motor Insurance solutions
[contact-form-7 id=”539″ title=”insurance service”]
[contact-form-7 id=”2384″ title=”Personal Insurance”]
[contact-form-7 id=”5712″ title=”Customized Risks Frm”]
945+ Reviews
Insurance partners
