Norwegian Surety and Defects
CGICE has entered into an agreement with a specialist producer to underwrite the following 3 main products:
- A bond to provide security for the purchaser of a new property/home. The bond guarantees up to 5% of the sale value of the property for a period of 5 years’ post-completion. The bond also guarantees against building defects that may occur to the property during that period.
- A bond to guarantee the customer’s down payment / deposit on the property replacing the need for a deposit bank account during the construction period.
- A bond to guarantee the developers’ risk and responsibility towards sub-contractors as part of the master contract. This is typically between 10-20% of the total contract value.