Provides you protection from contractor in fulfilling their contractual obligations and responsibilities
Bond is to guarantee the performance of the contractor in fulfilling the
contractual obligations/ responsibilities as required by the Principal (in a
construction or construction related contract).
NOTE: The above is intended as a general summary only. The specific terms,
coverage, exclusions and conditions applicable to this insurance are described
in the policy.
More About National Insurance Performance Bond Product
In the event of default by the Contractor, the Principal shall be paid by the Insurer the amount guaranteed. The Insurer, in turn, shall recover the losses from the Contractor and the guarantors. Duration of cover is in accordance with the contract period and for most government projects, with additional one month.