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Retention Bonds

Give your client peace of mind with the help of Retention Bonds via Trade Direct Insurance’s sister company.

Organised by our sister company, Kerry London Limited
Helping you handle your bonds correctly without the need for lengthy negotiations

Product Features

Cover for upto £10mImprove your cash flow by avoiding retention deductions

Including 100 Days temp coverAvoid lengthy negotiations to recover retention money

Personal Accident cover up to £500 per dayProvides your client with some protection for costs associated with remedying defects in the works

Personal Accident cover up to £500 per dayAccess to leading UK Bond underwriters

Why choose us?

Leading construction insurersArranged by our sister company Kerry London Limited, one of the biggest independent UK insurance brokers

Competitive coverKerry London Limited has over 30 years experience providing specialist insurance and personal service

support from our experienced UK staffFriendly and knowledgeable UK-based staff ready to help you with your retention bonds queries

What is Retention?

Often an employer or main contractor will request that a percentage of the contract value is retained to remedy defects in the works undertaken by a contractor. This is usually between 3- 5% of the contract value. Part of this retention can be paid to the contractor once practical completion of the works has been achieved and the balance of the retention should be returned once the certificate or making good defects has been issued.

How a Retention Bond works

A Retention Bond, provided by an insurer, allows the contractor to be paid the amounts certified, without the employer or main contractor withholding the retention monies in accordance with the contract. The Bond Amount can also reduce when the appropriate certificate of practical completion has been issued. The benefit of providing a retention bond is that it improves cashflow within the company and may avoid lengthy negotiations to have retention money released which are being held by the employer.

To obtain a retention bond an insurer will charge the contractor a premium and require some form of security.

Guiding you through the process

If you’ve never had to supply a retention bond before, it can be a confusing process. Our sister company Kerry London Limited knows how important it is for bonds to be handled correctly for your business to win jobs and grow. They’re able to use their 30 years industry experience to assist you.

To discuss Retention Bonds designed to fit your business, click Request a quote. You can talk to one of our friendly team today on 08000 280 380 and find out how we can help you. Opening times are 08:00 to 20:00 Monday-Thursday, 08:00 to 18:30 Friday.

Zurich logo

Our sister company is Kerry London Limited, one of the biggest independent UK insurance brokers. Find out more.

FAQs

Fancy some Public Liability insurance too? You could save up to 20% when you join. Find out more.

30 years

We’ve spent 30 years working in insurance, and all that expertise fuels the service we provide to your business.


Why choose Trade Direct Insurance

We’ve provided cover to 40,000 professionals (and counting!) with our range of insurance products
More than 30 years experience of working in the insurance industry is just a click or a call away
Part of the Kelliher Insurance Group which also includes the Lloyd’s accredited independent broker Kerry London Limited
Our experienced staff are ready to answer any questions you have about your cover

On The Tools' Best Insurance Provider 2016

Trade Direct Insurance was named the Best Insurance Provider at the On The Tools Awards 2016.

On The Tools is the largest online construction community in the UK, and we couldn’t be prouder to support and provide cover for their community of tradespeople.