Surety

Surety coverage options

We can offer significant surety capacities to the right business at competitive rates

We write surety bonds on Markel International Insurance Company Ltd and Markel Insurance SE paper that are A rated by Standard & Poor’s.

We can consider international surety bond and guarantee requirements and have the ability to structure cross-territory solutions

Contract bonds

• Performance bonds – a guarantee to an employer for the performance of a contract by the nominated contractor in accordance with its terms and conditions
• Advance payment bond – a guarantee given as security where money is paid upfront and before the goods or services are supplied under a specific contract
• Retention bond – many construction contracts entitle the employer to withhold a percentage of money due to the contractor from each payment. A bond can be issued in place of money that would otherwise be held as retention enabling the contractor to receive the full amount due and improve their cash flow
• Highways Act bonds – bonds normally in favour of the local authority to ensure that statutory obligations in relation to the construction and maintenance of roads or sewers are fulfilled

Commercial bonds

• Deferment guarantee – a guarantee to HM Revenue and Customs for the deferment of the payment of duty and taxes. These bonds are used by companies importing goods and materials in to the U.K. The bond allows a deferment of any duty payment for a period of 45 days
• Warehouse bond – a guarantee required by HM Revenue and Customs for bonded warehouses
• Rural payment agency guarantees– a guarantee to the relevant agency which enables certain traders and processors to bid for European Union quotas and schemes
• Environment agency bonds – are guarantees in favour of the Environment Agency to full the licence obligations of a contractor when operating landfill sites, quarries, and recycling plants
• Other types of guarantee – consideration is given to deductible guarantees, bank sub-participation deals, and surety pension guarantees