Construction Engineering Insurance
Tendering And Award Of Contracts
We know how much time and effort it takes to tender for a project. The last thing you need to worry about is not being able to procure a performance / security bond or in a timely fashion – and perceived credibility may be affected not only with your employer, future employers or the industry sector, or worse, affect the validity of the awarded contract, forfeiture of the tender deposit and a debarment of future tenders, particularly for public sector contracts.
Just as employers would pre-qualify you prior to the contract award, let us work for you to obtain pre-qualification from insurers so that the requisite bonds can be procured and issued in a timely manner. As opposed to banks, insurers generally only require counter-guarantees, which allows you to maintain your banking facilities for working capital and/or (emergency) funding purposes.
For locally- or foreign- domiciled clients that have requirements for cross-border projects we have solutions with insurers to arrange a back-to-back bank guarantee(s) and can advise on the intricacies of the instrument.
When You’re In The Construction & Engineering Industry, You Know Surprises Happen All The Time...
The industry continues to be challenged by rising material cost and wages, a growing emphasis on work-place safety and new regulations under the Workplace Safety and Health Act. Work-related accidents can result in injuries, loss of lives and properties, as well as potential punitive damages payable to third parties. Without sufficient risk management, construction and engineering-related companies can often be caught in a difficult situations with large liability claims, potential loss of time and resources, and reduction in operational efficiency.
YOU Always Come First.
At TIB, we’ll help you unbiasedly choose only the coverage you need. We’ve built our reputation on decades of putting customers first and our experts are always on hand to deliver personalised service and support.
QXY Resources has been working with TIB for over 10 years. Whenever we have any insurance issues, TIB has always been able to support us and to explain to us thru the various options available. Many of their staff have been in the business for over 10 years and it’s comforting to speak with a familiar voice that understand our operations.
Elyn Tan, Director
QXY Resources Pte Ltd
Types of Bonds
(non-exhaustive)
Tender / Bid Bonds
Performance Bonds
Advance Payment and Mobilisation Bonds
Retention Bonds
Offsite Material Bonds
Security Bonds
Custom Bonds
Development Security
Qualifying Certificate Bonds
Refund Guarantees
Other Bonds
Rental Bonds
Foreign Worker Bonds
Worker’s Immigration Bonds
Undertaking Bonds
THE WORK INJURY COMPENSATION EXPERTS
Accidents can occur at anytime. Compensation can amount to hundred of thousands of dollars especially if death has occurred. Though unfortunate, accidents are by no means uncommon and that’s where Workmen Compensation Insurance can step in to allow employers to focus on their businesses with the assurance that their employees are sufficiently covered. A workmen compensation policy can address medical care and lost income for your employees, death benefits for survivors, and your potential liability for covered claims.
A DEDICATED IN-HOUSE CLAIMS TEAM
At Tan Insurance Brokers, we understand the pain and frustration you face in the event of claims. With an experienced and dedicated claims team, we are able to handle these processes professionally, facilitate payout and achieve a fair settlement for all parties involved.
*Read more about our claims process here.
