Business insurance
Insurance Bonds in Ghana
Bid, performance, advance payment and customs bonds.
In brief
An insurance bond is a guarantee Provident issues on your behalf to a third party — such as a project owner or Customs — promising that you will meet an obligation. Bonds help businesses bid for and deliver contracts without tying up cash in bank guarantees.
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Bonds is priced by an underwriter for your needs. Tell us about it and we’ll prepare a firm quote.
Request a quote →What’s covered
- Bid / tender bonds
- Performance bonds
- Advance payment bonds
- Customs and excise bonds
- Retention and maintenance bonds
- Guarantees to public and private beneficiaries
What’s not covered
- Obligations you are already in default of
- Fraudulent or misrepresented applications
- Amounts beyond the bond's stated value
- Disputes unrelated to the guaranteed obligation
- Open-ended liabilities without a defined term
Who it’s for — Contractors, suppliers, importers and service providers bidding for or delivering contracts that require a financial guarantee — in construction, supply, oil and gas and government tenders.
What types of bond does Provident issue?
We provide the bonds Ghanaian businesses need to compete for and perform contracts: Bid (Tender) Bonds that back your tender, Performance Bonds guaranteeing you will complete the contract, Advance Payment Bonds securing money paid to you in advance, and Customs and Excise Bonds for goods in bonded warehouses or transit. Other guarantee types can be arranged on request.
Why use a bond instead of a bank guarantee?
A bond from an insurer typically does not lock up your working capital or banking facilities the way a cash-backed bank guarantee does. That frees your cash to run the project, while the beneficiary still receives a reliable guarantee from a financially strong, NIC-regulated insurer.
FAQs
Frequently asked questions
What is a performance bond?
Do I need to provide security for a bond?
How quickly can a bond be issued?
Need to make a claim?
We pay valid claims, fairly and quickly. See the four steps and the documents you’ll need.
With Provident, you’re covered
Get an indicative quote now, or talk to an agent at any of our 11 branches.