Surety insurance protects businesses that are investing in high value, high risk projects. In these scenarios, it is essential to work with advisers that understand the surety market and can mitigate the risks should something go wrong.
With a wealth of experience of this specialist practice area, our surety team are internationally recognised experts in performance bonds, guarantees and indemnities.
What do we do?
We advise on both contentious and non-contentious issues relating to any surety, drawing on the support of other specialists across the Gateley group when required.
Our non-contentious surety work includes drafting and advising on:
- performance and retention bonds on large PFI projects;
- the underlying building contracts on a project;
- advance payment bonds and other on-demand wordings;
- various types of pension bond;
- bespoke bonds and proposed variations to standard bond wordings;
- indemnity wordings; and
- sureties concerning the insolvency and restructuring of large groups of construction companies.
Recognised experts in handling bond and surety claims…’They are a quite bespoke practice. They have real strength when dealing with security documentation for construction projects’.
The contentious work covered by our team includes:
- Disputes over the liability and quantum of bond claims;
- Breach of contract, damages and loss and expense claims;
- Claims for delay and disruption, extension of time and liquidated ascertained damages;
- Disputes relating to defective works and design liability;
- Disputes over the wording of ‘on-demand’ and ‘conditional’ bonds.
Who do we help?
Our team advises sureties on a variety of matters covering a wide range sectors. We regularly act for many surety household names, including ACE, Aviva, Euler Hermes, HCC, QBE and Zurich.