Bonds / Financial Guarantee Insurance.
Contract Guarantee Bonds, Performance Bonds, Road and Development Bonds
Michael Kennedy Insurance Group offer Insurance Advice and can arrange a policy which offers protection for the Employer to recoup their losses due to the failure of a Contractor to complete the Contract Works.
The Contractor applies for a Bond, which is usually a % of the Contract Sum. The purpose of this type of bond is to ensure completion of the works, in the event of Financial Failure of the Contractor.
Section 137 Non Resident Director Bond (Previously known as Section 43)
Every company in Ireland must have at least one EU Resident Director. For companies that don’t we can arrange a Section 137 Bond which is issued in accordance with the Companies Act 2014.
It is the duty of either an Executor or Administrator of an estate to gather in the assets of the Deceased’s Estate, settle the debts and distribute the remainder to the Beneficiaries. In the absence of a Will, an Administration Bond is required. This is a guarantee to the High Court that the Executor/Administrator will undertake proper care in fulfilling these obligations.
Defective Title / Lost Title Deed Indemnity
When purchasing a property, the onus is on the Owner to show Title to the property. Where a Title Deed is lost, the lost title deed policy will cover Capital Loss and Legal Expenses should another party be able to show better title to the property or prevent the use of Rights of Way or services necessary for the employment of the property
Lost Document / Share Indemnity
A Lost Document / Lost Share Certificate Indemnity is designed to guarantee the lost or mislaid Stock or Share Certificates and Life Assurance policies. The Indemnity covers the Loss and Legal Expenses should another party produce the original Stock or Share Certificate or Life Assurance policy.
Missing Beneficiary Indemnity
During Probate if a Beneficiary cannot be traced it may be necessary to lodge his/her entitlement into Court. In many cases, a Missing Beneficiary Indemnity eliminates the need for this and enables the missing/spare beneficiary’s entitlement to be distributed amongst the other Beneficiaries. If the Beneficiary eventually turns up seeking his/her entitlement the Bond will be called in.
Please contact us for a customised quotation or Call Us Today on 01-8902277