Road and Sewer Bonds

Construction Insure has many years’ experience in the surety bond market dealing with clients and multiple underwriters.

A bond is a guarantee of the obligations of one counterparty to another, with the guarantee that the insurer will cover any potential loss and damages up to the agreed bond limit.

An example of one of the most common bonds we get asked for is a Road and Sewer bond.

The norm is for a local authority to look after a road once the developer has commenced works, but the developer also has to give the council confirmation of insurance which is a surety bond, which would them give them the green light to go ahead.

Roads bonds work as a guarantee for the council. Works that are carried out by the developer, will be required to be of a certain specification and certain timescale. If the works are not carried out to these standards then the local authority can call upon the bond money to complete the works of the road if for whatever reason it has been left incomplete.

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Types of Bond

We offer a choice of bonds that are designed to meet different requirements:

  • Performance bond – a guarantee to an employer of the performance of a contract in accordance with its terms and conditions.
  • Advance payment bond – a guarantee given when money is paid before goods or services are supplied.
  • Retention bond – a guarantee issued in place of money that would otherwise be held as retention.
  • Road and sewer bond – bonds to ensure that statutory obligations in relation to the construction and maintenance of roads or sewers are fulfilled.
  • Infrastructure bond – a bond under planning Acts that guarantees that infrastructure is completed.
  • HM Revenue and Customs bond:
  • Deferment guarantee – a guarantee to HM Revenue and Customs for the payment of duty and taxes.

  • Warehouse bond – a guarantee required by HM Revenue and Customs for bonded warehouses.
  • Regulatory and licence bond – bonds that are needed as a condition of obtaining a statutory licence or approval from regulatory bodies.
  • Rail industry bond – rail franchise performance and season ticket bonds.
  • LGPS bond – local government pension scheme.
  • Court bond – bonds that create security for the discharge.
  • Meeting Your Needs
  • UK and global multinationals requiring significant surety capacity.
  • Strong, financially sound organisations. Industries requiring meaningful surety capacity.

WHAT OUR CLIENTS SAY

" Comparing like with like plus some lower excesses you have managed to save me in excess of £1500 or approximately 15% on my previous insurer. "

- Hew Stevenson, March 2018

" We found you to be more thorough, efficient and reasonably priced than our existing insurer. We would not hesitate in recommending you to anyone."

- Zena Nairi LLB (Hons) June 2018