Premium is set by the surety provider issuing the bond. It reflects the type of bond, the value and duration of the obligation, the wording being requested, and the surety’s assessment of your financial position and experience. Those factors vary considerably from case to case, so rates differ accordingly. We can approach the market on your behalf and come back to you with the terms available.

Timing depends on the surety provider, the complexity of the bond wording, and how quickly the required information can be assembled. Bonds requiring negotiated wording, or additional security, generally take longer than straightforward requests. We always encourage you to start the conversation as early as possible in a tender or planning process, rather than close to a contract or commencement deadline.

No. Insurance protects your own business against loss. A surety bond guarantees your performance to someone else, so it protects a third party such as a client, local authority or Revenue if your business does not meet a specific obligation. Contracts and licences that call for a bond generally expect it in addition to your normal insurance cover, not instead of it.

Yes. Sureties assess each applicant individually, looking at financial position, relevant experience and management capability rather than size alone. We work with businesses at a range of scales and will present your application to providers we consider most likely to have appetite for it. Each application is then considered on its merits by the surety.

The surety will consider whether the obligation covered by the bond has been breached, and what the bond wording requires. Some bonds are conditional and require the breach to be established, while on-demand bonds can be called more readily. If the surety pays out, it will normally seek reimbursement from the principal under the indemnity agreement. This is an important distinction from insurance: the principal remains ultimately liable for the amount.