Construction Bonds (Surety Risks)
A significant challenge...
The European Surety Market has undergone significant change in the past 5 years and Ireland in particular has suffered from a serious “hardening” of market with, unfortunately, withdrawal of a number of the leading players from the market entirely.
The availability of capacity has become seriously restricted such that only Insurance Brokers with significant levels of experience and expertise will succeed in obtaining Contract Guarantee Bonds on behalf of their clients. Failure to obtain a bond will restrict general business and overall development of many contractors and will seriously restrict their ability to conduct business in the coming years.
Even the provision of formal “letters of intent” at tender stage is becoming more difficult as sureties’ criteria for issuing same have hardened significantly.
With over 30 years experience in the arrangement of Contract Guarantee Bond Facilities on behalf of our clients, large and small, we are well positioned to assist any enquiring contractor with what is becoming a very significant business challenge.
A call to O’Leary Insurance will significantly improve your chances of securing a bond.
Our very best advice is that you secure a “bond facility” in advance of needing any bond – this prudent approach will be appreciated by bond providers thereby giving you and your firm the best start possible in these challenging times.
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