Now available to GGFi clients: Performance Bonds

January 29, 2019

Two construction workers overlooking a site

Businesses operating in the commercial sector are increasingly required to provide performance bonds when pitching for projects. This can be a challenge for small to medium-size firms, but now GGFi can assist.

Since the collapse of Carillion at the start of last year, developers are increasingly taking additional steps to protect the investments they make in construction projects. One of these steps is to request performance bonds from contractors.

At GGFi we know it can be difficult for small-to-medium sized firms to gain access to these products. The traditional providers of performance bonds set sizeable thresholds for the value of the projects they will cover, which can lead to frustration for businesses that need them for smaller projects.

To help businesses overcome this challenge, GGFi is now in a position to provide access to these specialised financial products - and with far more flexibility than is traditionally provided by the mainstream players in the market. We can accommodate businesses and projects of various sizes and ensure that no-one ends up in difficulty when tendering for contracts that require performance bonds.

GGFi Client Administrator Irene Akpojaro outlines the offering in more detail.

“For some time now, GGFi has led the way in providing bespoke warranty insurance/IBG products for commercial contracts, housing developments and the like. Recently, however, we’ve seen an increase in demand for performance bonds from glazing businesses and other home improvements and construction firms.”

“We realised that to maintain our position as a leading provider of insurance-related products to the home improvements industry, we needed to provide solutions to meet this demand among own client base. So we are now delighted to be able to provide performance bonds to GGFi clients – and that’s not all. Our marketwide access means we can be flexible and competitive while being able to assist businesses of all shapes and sizes.”

“If any GGFi client runs into a situation where they’re asked to provide a bond as part of a quotation, we encourage them to get in touch,” says Irene. “We’re here to help and will do our utmost to provide a rapid, tailored response to help get them over the line when pitching for competitive contracts.”

If you have questions on this subject or urgently need to obtain a performance bond for a project, contact the GGFi team on info@ggfi.org.uk or 020 7645 3743.