Wallace Insurance Brokers

The Wallace Group, Whitehall Chambers, 43 New Row, Coleraine. Co Londonderry. UK. BT52 1AE.

Construction and Commercial Insurance Specialists

Telephone: +44(0) 28 703 25999   Fax: +44(0) 28 703 4641   Email: admin@wallace-group.co.uk




Company Information Insurers want to know who you are and your contact details. A company Web Site is always very useful to support you application. Experience Insurers will want to know your experience in your trading sector. The Bond/s Insurers want to know the type and value of the Bonds you require. Note: If the beneficiary has incorporated their own Bond Wording into the contract documentation this will need the insurers approval . Not all Bond wordings are approved by the ABI Association of British Insurers so any terms issued will be subject to the insurers approval. You need to check the contract documents for the Bond Wording or with the beneficiary. Financials Insurers want to know your financial trading track record. The application will require two years audited accounting figures. Insert the relevant information from your accounts into each form section. If historical trading shows poor performance the insurers may require additional supporting information showing your current performance as of today. If your accounts are more than three months out of date, the application will require a set of current internal management accounts showing income against expenditure. If the bond request is large they may also require twelve month projections. CoverBiz recognise this information is Private & Confidential and is treated as such. Funding & Banking Facilities Insurers want to know that you have a positive working relationship with your Bankers and/ or have Facilities/Capital to fund the proposed project. Additional Information Use this section if your circumstances require additional explanation. Important – Processing and Time Frame Any incomplete information will delay your application. Do not leave applications to the last minute as they require a minimum of two weeks to obtain a full insurer market response. Applications are processed by insurers on a first come first serve basis. Supporting Documentation Once your on line application has been processed and logged, you may be required to send manual documentation to validate and verify the information you have supplied. You do not have to do this until requested by the CoverBiz scheme representatives. Referral Complete this section if you are acting for the applicant. Submit Your Application Once you have completed the information click Submit. If any information is missing, the form will highlight relevant section. Enter the missing data then click Submit again. You will receive a verification message if the information has been processed successfully. Any problems contact us on: 0870 240 5901


Complete Each Section Then Click Submit





Bonds (or guarantees) are written legally binding documents issued to an employer guaranteeing compliance by a contractor with his obligations. A bond also ensures that the employer or local authority will be indemnified up to a specified amount if the contractor fails to fulfil his obligations under the contract. There are a number of different types of bonds. Those most commonly used are Contract Performance Bonds and Contract Development (Roads and Services) Bonds.




Contract Performance bonds provided to main contractors indemnify the employer in respect of building and civil engineering contracts up to 10% or 25% of the contract value. The bond provides security to the employer should the original contractor fail to complete the project. The bond will cover any extras in having to appoint a replacement contractor. A bond can also be put in place by a subcontractor to indemnify the main contractor or the employer.


DEVELOPMENT BONDS (Road & Sewer Bonds)


Contract Development bonds are available to developers involved in private housing developments to satisfy the requirements of Local Authorities. The bond provides security to the Local Authority to ensure proper completion of sewers, roadways, public lighting and open spaces etc. Development Bonds are also referred to as Road Bonds.




Our Insurer partners 10 year New Home Warranty (Association of Mortgage Lenders Compatible) has been designed for developers working on residential developments and conversions. All of our partners New Home Warranty clients receive the following great benefits: Insurers In house technical audits ; Insurers full technical support ; Cover for mixed-use developments ; Cover often available once construction has commenced




Social Housing Warranty, which provides Housing Associations and Registered Social Landlords with up to 12 years cover on residential developments and conversion projects. The Social Housing Warranty now includes a new "right to acquire" facility. Should any of your tenants wish to exercise their "right-to-acquire" in the first 5 years of your policy, we will provide a new 10 year warranty entirely free of charge, providing you and your clients with up to 15 years cover. Cover also extends to: Cover for Contaminated Land (if an Approved Inspector is used on site); Extensions for builder insolvency and loss of rent ; Cover for Building Control function (if an Approved Inspector is used on site) ;  Cover often available once construction has commenced




Commercial Buildings Warranty has been set up for developers working on commercial projects, such as offices, warehouses, schools and shops.




It won’t cost you a penny to request a quote, and you don’t need to register to be eligible for the scheme. In house technical audits ; Full technical support ; Cover often available once construction has commenced




If your house is less that 10 years old and you want to sell it, you’ll need to have a warranty in place before lenders will release funds to potential buyers. The Completed Housing Warranty provides cover for individuals in such an event. The scheme is not generally open to developers, however cases will be looked at on an individual basis. Including ; In house technical audits ; Full technical support




The Self Build Warranty has been specially designed to make getting a structural warranty as straightforward as possible. Unlike an Architect’s Certificate, our structural warranties are insurance policies, providing you with cover in the event of a defect occurring on your property. In addition, should you wish to sell your property within 10 years, a Self build warranty will make your property more attractive to buyers and lenders, giving you a real competitive edge in what is a fiercely competitive market. Including ; In house technical audits ; Full technical support ; Cover often available once construction has commenced.




An Advance/Stage Payment Bond is a guarantee in favour of a customer to provide security for monies which have been paid in advance of the goods or services being provided by the Surety.


Advance Payment Bonds (APBs) are widely used in all types of industries but are particularly prevalent in the engineering, manufacturing and construction sectors.


APBs are a guarantee in favour of a customer to provide security for monies, which have been paid in advance of the goods or services being provided.

In common with other forms of bonds this type of guarantee is usually best provided by a surety company rather than a bank as it can generally be provided on an unsecured basis as it does not tie up valuable working capital and in addition more equitable bond wordings can be arranged.


Advance/Stage Payment Bond Applicant/risk

Construction Companies

Engineering Companies


Advance/Stage Payment Bond Beneficiary

Local Authorities

Government Bodies

Commercial Companies


Whitehall Chambers, 43 New Row, Coleraine. Co Londonderry. BT52 1AE.

Telephone: +44(0) 28 703 25999   Fax: +44(0) 28 703 4641   Email: admin@wallace-group.co.uk