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Welcome to SIC Insurance - Ghana's preferred Insurer for:    Motor   |    Accident   |    Fire    |    Marine & Aviation   |    Engineering & Construction   |    Workmen's Compensation   |    General Bonds   |   

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Insurance Policies: General Bonds:

Requirements To Issue Bonds

 

The applicant must fulfil the following:

1. Complete Proposal Forms 

2. Submit certificate of completion on previous projects undertaken to indicate experience of contractor.

3. Certificate of incorporation & Certificate to commence business

4. Classification Certificate from Ministry of Works & Housing

5. Audited Accounts for Past three (3) years if any      

6. CV of Management Staff

7. List of Equipment owned by contractor

8. Collateral Security in the form of landed property or Plant & Machinery

9. Valuation Report on Property being used as collateral security

10.  Contractor to sign Contract of Indemnity

 

  • stating the items to be used as collateral to be signed by Directors

 

11.  Contractor to sign Directors Personal Liability agreement/contract

12.  Contractor must take the following insurances:

  • Contractors All Risks for the contract works
  • Workmen’s Compensation for their employees
  • Marine Insurance where imports are involved
  • Professional Indemnity where the insured is a consultant 

13.  An Escrow Account:

For major projects for which we give Advance Mobilisation bond, an Escrow Account shall be opened in the joint names of SIC and the Contractor so that SIC can monitor the disbursement.

 

 

The following bonds are written by SIC Insurance:

 

Customs Bond
Bid Bond
Advance Mobilization
Performance Bond
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