Performance Sureties for the Construction Industry
The Swedish construction industry is regulated by General Conditions Contracts (named AB04 and ABT06). These contracts stipulate the necessity of insurance and sureties between the parties, the Purchaser and the Contractor. RSG Construction & Specialty AB offers Performance Bonds in case of Contractors insolvency, one for the construction period and the other for the warranty period.
- Policies are written through:
- QBE Europe SA, rated A+ by Standard & Poor
- VHV Versicherungen, rated A+ by Standard & Poor
- Capacity available is GBP 50,000,000 or local currency equivalent
Payment Sureties for Tenant Owned Associations
By Swedish law, there must be a surety to secure Advance Payments and Final Payments made by the Consumers (the buyers) to the Tenant Owned Housing Organization. RSG Construction & Specialty AB provides an insurance solution for this requirement.
- Policies are written through QBE Europe SA, rated A+ by Standard & Poor
Latent Defect Insurance, LDI (aka Inherent Defects Insurance, IDI)
LDI, underwritten by RSG Construction & Specialty AB, provides protection for building owners and other interested parties, such as tenants and funders, against damage to buildings arising from a defect in the design, workmanship, or materials which occurs during the first 10 years following practical completion.
- Capacity available is EUR 10,000,000 or local currency equivalent
Hidden Defect Insurance, HDI
Hidden Defects are faults which exist in a property when you (as a private person) acquire it, but which you cannot reasonably discover at an inspection of the property or have reason to expect following the property’s age and construction.
As a seller (as a private person) of a property, you may be liable for these hidden defects if they are discovered after the new owner has moved in. This liability varies in time, depending on country legislation and type of property. RSG Construction & Specialty AB provides an insurance solution for this liability.
- Policies are written through Helvetia Schweizerische Versicherungsgesellschaft in Liechtenstein AG, A+ rated by Standard & Poor’s
- Capacity available is EUR 75,000 or local currency equivalent