Claims

Contractor failure presents a major headache for the Design Team charged with picking up the pieces on a half finished project.

We are here to ease the pressure!
We approach claims in the same way we approach our underwriting - un-bureaucratic, open minded and efficient.

We can offer assistance in the following areas:

  • Determination of Original Contract
  • Securing Site
  • Selection of Completion Contractor
  • Sub Contractor Liaison
  • Dealing with Liquidator
  • Formulation of Claim

In any claim our imperative is to have the least possible interruption to the works.

We strive to have the contract recommenced as quickly as possible and completed with minimum delay.

The reason for every claim is different. Causes of contractor default are often complex however ascertaining the loss payable under the bond is simplicity itself.

Example

In this example, Shaky Construction has gone bust with half of the project remaining to be completed.

Original Contract Sum

1,000,000
Work Certified 500,000

Retention 100,000

Paid to Shaky Construction Ltd
400,000





White Knight Contracting Ltd


Price to Complete
700,000




Additional Expenses


Design Team
25,000


Security 10,000

Insurance 5,000
40,000





Total Spend

1,140,000
Payable under Bond

140,000
 

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