When tendering for major projects you may need to provide third-party protection to customers or employers against breaching your contractual obligations. That’s where we come in.
A surety bond or guarantee is a promise to pay one party (the beneficiary or employer) a certain amount of money if a second party (the principal or contractor) fails to meet an obligation, such as fulfilling the terms of a contract. The surety bond protects the beneficiary/ employer against losses resulting from the principal’s/ contractor’s failure to meet that obligation. Surety bonds are most commonly found in the construction industry, where the employer needs some financial comfort that a project will be completed.
QBE has formed a partnership with Evo Surety to service UK companies and brokers. Evo Surety can issue bonds up to £1,500,000 on behalf of QBE.
QBE has authorised Evo Surety to issue the following types of bonds on behalf of QBE UK Limited. QBE UK Limited has an insurer financial strength rating of A+ from S&P.
Our agreement with Evo Surety operates as follows: