What is Performance Bond insurance?

Performance Bond is furnish to the Owner or Principal or Employer of a contract to guarantee for the due performance and observance of the terms and conditions of the contractor’s obligations when a contractor undertakes a construction project.

Key coverage

Here is an overview of your coverage

Performance Bond

Performance Bond

This is for the Principal to ensure the contractor fulfils his contract:

  • Within the period specified
  • In accordance with the specifications in the contract
Note:
The amount guaranteed varies from 5% to 10% of the Contract Sum

How much is my premium?

Your  premium may vary, depending on:

  • Financials
    • Latest Registry of Companies report
    • Profit and Loss Statement for last 3 years
    • Balance Sheet for last 3 years
  • Track Record
    • List of past projects completed
    • Current projects
  • Specimen Bond Wording
  • Counter-indemnities
  • Collaterals, if any

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Important information

This insurance is underwritten by Tokio Marine Insurance Singapore Ltd. All benefits and features mentioned here are subject to the terms and conditions of the policy. Please refer to the policy contract for the precise terms and conditions of this insurance plan. The information shown here is for reference only.