First Ireland Insurance Brokers
Have introduced a new player into the construction bond market - Elite Insurance Company Ltd
- Contract guarantee bonds for general and civil contractors
- General Bond facilities basis subject to agreed collateral and criteria
- Pragmatic approach to historic issues with emphasis on current and future trading
- Flexible bond wordings to meet public sector requirements
- Fast letter of intent turnaround for existing bond customers
The exit of Allianz from the bond market in 2013 has caused a lot of problems not only for Allianz clients but for all other contractors that require bonds. Those bond companies that remained were inundated with requests and naturally were more selective and expensive as they too had suffered serious losses in the crash.
New players have slowly come into the market on a limited basis but capacity is still tight.
During 2013 First Ireland were asked to assist some CIF members obtain bonds and were able to negotiate arrangements with Elite Insurance and have the bonds put in place at reasonable terms.
Elite Insurance Company Ltd carry no baggage from the crash and have taken a pragmatic and positive view on the recovery prospects of those firms which have come through the difficult times .
Bonding is made available to Contractors whom have reasonable accounts and can demonstrate good financial and contract management.
Bonding is complex and it should be remembered that a Bond is not an insurance policy but rather a Guarantee to pay and should a bond be called in any payment has to be repaid by the bonded Firm or its Directors.
First Ireland is the exclusive agent in Ireland for Elite Contract Guarantee Bonds and for more information please contact: