Jamaica National General Insurance offers three (3) types of Bond Insurance. Namely, Tender or Bid Bond, Performance Bond and Mobilization Bond.
- Tender or Bid Bond is applicable when a job is being tendered on. In this case, the insurer, also known as the surety (JNGI), guarantees payment to the principal or insured in the event the contractor or bidder is unable to accept the contract after same has been awarded.
- Performance Bond. This cover is an undertaking by the surety (JNGI), to compensate the principal of a contract according to the policy terms, should the contractor fail to fulfill his contractual obligations to complete the works.
- Mobilization Guarantee is usually required when the principal issues an advance to the contractor for the mobilization of the contract. In the event the contractor defaults on his obligation to the contract, the insurer guarantees repayment of advances made to the contractor by the principal.
A bond insurance can help to protect the interest of your growing business.