An increasing proportion of public and private contracts today require security, such as a surety bond or guarantee, for contractual obligations. The regular need for these products can reduce the availability of bank credit lines and impact the financial flexibility required for working capital purposes and to finance investments.
Working with Chubb’s expert surety and guarantee team can help companies maintain their financial flexibility, strengthen liquidity and diversify sources of financing. Surety bonds and guarantees issued by Chubb can also help satisfy a counterparties’ requirement for security while helping to preserve other credit lines.
A surety bond or guarantee is a written obligation provided by a guarantor (a bank or insurer) covering the beneficiary (such as an employer on a construction contract) against the default of the bonded or guaranteed company. It secures the fulfilment of contractual, commercial or legal obligations.
A surety bond or guarantee is distinctive from a traditional insurance contract in that the guarantor holds recourse rights against the bonded or guaranteed company and can recover any payment made under the bond from that company.
Contact our Surety team as follows:
Mike Berry +44 (0)20 7173 7949 firstname.lastname@example.org
Jamal Griffith +44 (0)20 7173 7614 email@example.com
Nadia Havard +44 (0)20 7173 7647 firstname.lastname@example.org
David Garrahan +44 (0)20 7173 7303 email@example.com