Bond Insurance

Bonds are usually a contract between three parties – the Contractor, the Guarantor and the Principal.

With the guarantor providing the guarantee that the principal who engages the services of any Contractor will be indemnified in the event of default in delivering services as expected. At Vanguard Assurance, we serve as Guarantors to provide all kinds of Bonds to enable you to transact your business in peace and tranquility.

Bond Insurance Types

We offer a variety of comprehensive bond insurance options, providing peace of mind whether you're engaging in construction projects, government contracts, or commercial ventures. Customize your policy to align with the specific bonds you require, ensuring tailored coverage that meets the unique requirements of your industry and projects.

General Bonds

Bid Bond/Bid Security/Tender Security: This Bond is taken by contractors who want to tender for projects. Vanguard guarantees to pay the Principal for amounts up to the bond value if either the Contractor or Bidder withdraws from the bidding process or the Contractor fails to sign the contract or take possession of the site to commence work. You will require this bond primarily to tender for a contract.

Performance Bond

This policy obliges the Guarantor (Vanguard) to ensure that the Contractor will perform the job awarded to completion and to the satisfaction of the Principal (i.e. according to specifications and within the given time) or else arrange to complete the work. Failure by the Contractor to perform as expected, the guarantor will be called upon to pay the bond value guaranteed to the principal.

Advance Payment/Mobilization Bond

This Bond is a guarantee to customers who wish to take monies from their Principal as an advance to execute a project. Vanguard will guarantee a refund to the Principal of all monies paid to the Contractor under this policy. Retention Bond: Some Companies or organizations allow a contractor to substitute a bond to guarantee the contractor’s faithful execution of repairs to any defects to the completed projects during a specified period. Vanguard will guarantee a refund to the Principal of all monies paid to the Contractor under this policy. Please contact us if you require this kind of bond for your projects.

Customs Bonds

These are a guarantee to CEPS acting on behalf of the Republic of Ghana that the insured will pay all duties due on imported/exported goods. Some of these bonds include:

Security or Warehouse Bond
Removal Bond
Temporary Import Bond
Re-Exportation Bond
Transit Bond
Transshipment Bond
Exportation Bond
Customs House Agent General Exportation Bond

Buy Bond Insurance today call +233 302 213 940 or WhatsApp +233 244 334 407.

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