Contractual Liability & Performance Bonds
Contractual Liability & Performance Bonds starting from Kshs.5000 per year
Contractual Liability Insurance and Performance Bonds are vital tools for businesses in Kenya, providing essential protection against financial risks associated with contractual agreements. By securing these instruments, companies can ensure compliance with legal obligations while safeguarding their financial interests. Explore offerings from trusted insurers to find policies that best meet your business needs!
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Key Features
- Contractual Liability Insurance
- Protects businesses against liabilities assumed through contracts, including indemnification clauses that require one party to hold another harmless for certain risks.
- Covers legal costs, settlements, and damages resulting from claims related to contractual obligations.
- Essential for businesses that enter into contracts with clients, suppliers, or partners, ensuring financial protection against unforeseen liabilities.
- Performance Bonds
- Guarantees the completion of a project according to the terms of a contract. If the contractor fails to fulfill their obligations, the bond compensates the project owner.
- Commonly required in construction projects, performance bonds provide assurance that the work will be completed on time and to the agreed standards.
- The bond amount typically reflects a percentage of the contract value, ensuring adequate coverage for potential losses.
- Bid Bonds
- A type of performance bond submitted with a bid proposal to guarantee that the bidder will enter into a contract if selected.
- Protects project owners from bidders who withdraw their bids after being awarded a contract.
- Liability Coverage
- Covers legal liabilities arising from injuries or damages caused during the execution of contracted work.
- Important for protecting businesses against third-party claims related to accidents or property damage.
- Customizable Policies
- Both contractual liability insurance and performance bonds can be tailored to meet specific industry needs and project requirements.
- Options for higher coverage limits and additional endorsements based on business operations.
Pricing Plans
- Basic contractual liability insurance plans start from approximately KES 5,000 per year.
- Performance bonds typically require a premium based on the bond amount, starting around KES 10,000 depending on the contract value and associated risks.
Some of Our Partners Offering Contractual Liability & Performance Bonds
Several reputable insurance providers in Kenya offer these products:
- Jubilee Insurance
- Heritage Insurance
- Sanlam General Insurance
- AIG Kenya
- Britam
