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Surety

Our surety team provides a range of bonds and guarantees that support clients with their contractual obligations and help them to successfully grow in an ever-changing global environment.

We support our clients with traditional and bespoke surety solutions. While embedded within construction, surety bonds can be utilized across a wide variety of trade sectors and international markets. Our bonds and guarantees can provide capital-efficient solutions and assist with working capital management.

Surety coverage options

We can offer significant surety capacities to the right business at competitive rates.

We write surety bonds on Markel International Insurance Company Ltd and Markel Insurance SE paper and have strong financial strength ratings.

We can consider international surety bond and guarantee requirements and have the ability to structure cross-territory solutions.

Contract bonds

  • Performance bonds – a guarantee to an employer for the performance of a contract by the nominated contractor in accordance with its terms and conditions
  • Advance payment bond – a guarantee given as security where money is paid upfront and before the goods or services are supplied under a specific contract
  • Retention bond – many construction contracts entitle the employer to withhold a percentage of money due to the contractor from each payment. A bond can be issued in place of money that would otherwise be held as retention enabling the contractor to receive the full amount due and improve their cash flow.
  • Highways Act bonds – bonds normally in favor of the local authority to ensure that statutory obligations in relation to the construction and maintenance of roads or sewers are fulfilled

Commercial bonds

  • Deferment guarantee – a guarantee to HM Revenue and Customs for the deferment of the payment of duty and taxes. These bonds are used by companies importing goods and materials into the UK. The bond allows a deferment of any duty payment for a period of 45 days.
  • Warehouse bond – a guarantee required by HM Revenue and Customs for bonded warehouses
  • Rural payment agency guarantees– a guarantee to the relevant agency which enables certain traders and processors to bid for European Union quotas and schemes
  • Environment agency bonds – are guarantees in favor of the Environment Agency to full the license obligations of a contractor when operating landfill sites, quarries, and recycling plants
  • Other types of guarantee – consideration is given to deductible guarantees, bank sub-participation deals, and surety pension guarantees

Contact our experts

United Kingdom

Damian Manning
Senior Underwriter & Head of Surety
damian.manning@markel.com

Jonathan Finch
Senior Underwriter – Surety
jonathan.finch@markel.com

Robert O'Connor-Mitchell
Senior Underwriter – Surety
robert.oconnor-mitchell@markel.com

Tim Cary
Underwriter – Surety
tim.cary@markel.com

Victoria Northedge
Assistant Underwriter – Surety
victoria.northedge@markel.com

Claire Marshall
Assistant Underwriter – Surety
claire.marshall@markel.com