Howden, the new name for Surety Bonds

On October 1st, Coversure Ltd t/a Surety Bonds completed its merger with Howden. For Surety Bonds clients, the service remains the same. You can get in touch via your usual contacts or call us on 0719623228.

Construction cranes in the evening

You can get in touch via your usual contacts.

We are pleased to announce that Coversure Ltd t/a Surety Bonds is now part of Howden Ireland 

Coversure Ltd t/a Surety Bonds was acquired by Howden Insurance (Ireland) Limited in February 2024. As a result of this, Surety Bonds became a trading name of Howden on 1 October 2024.  

What does this mean for you?  

If you are an existing client of Surety Bonds, your point of contact will remain the same. We have worked hard to ensure the transition to Howden is as smooth as possible for you, and that you continue to receive the high standards of service you have come to expect. Surety Bonds phone numbers remain unchanged. And while email addresses ([email protected]) are being updated, the current ones continue to be effective. 

Added expertise and benefits 

Our Guarantee Bonds team can help direct clients to maximise their bonding capacity. By understanding your clients’ business and what they are trying to achieve, we can support in providing more context that can be presented to the underwriters. At Howden, we carry out full credit checks and present credit risk profiles on behalf of your clients. We can also assess the financial capacity, the capability and character of your client's company. This enables our experts to present the case in a way the underwriter wants to see it, saving valuable time for your client. 

Surety bonds for different industries

  • Aviation industry: If maintenance reserves are either not collected, subject to a redelivery payment scheme, or are under-funded, then the lessor will be subject to maintenance exposure. In monetary terms, maintenance exposure equals the value of maintenance utility consumed less the value of maintenance reserves collected at a particular point in time, an aviation maintenance bond would mitigate the exposure for the lessor where funds have not been paid or are were under-funded. 

  • Construction industry: As the only specialist surety bond intermediary in Ireland, we work closely with our construction clients both directly and indirectly, through their insurance brokers. We provide independent and objective advice to find solutions that deliver optimum results for our construction clients, every time. So whether you are a main contractor tendering for a project, or a developer working with a local authority, we have expert knowledge of the surety bonds that you will require.  

  • Drinks industry: We provide essential financial security for the drinks industry, including distilleries, breweries, and distributors, through tax warehouse bonds and duty deferment bonds. These bonds ensure compliance with stringent Revenue regulations and help avoid operational delays and fines. With extensive industry knowledge, we offers timely and effective bonding solutions. 

  • Energy industry: The transition to a low-carbon energy sector is accelerating, with renewable sources like wind, solar, and biomass playing key roles. To mitigate investor risk in this high-investment sector, various surety bonds such as performance bonds and environmental protection bonds are used. These bonds provide security for developers and funders, ensuring project stability and financial protection. 

  • EPA Waste industry: We provide essential financial security for the EPA and waste industry, ensuring compliance with environmental regulations. Bonds such as EPA approved on-demand bonds and transfrontier shipment of waste bonds help to manage environmental risks and prevent pollution. With extensive experience, we facilitate the bonding process efficiently for their clients. 

  • Logistics industry: We support the logistics industry by providing essential financial security through customs bonded warehouse bonds and duty deferment guarantees. These bonds ensure compliance with revenue & customs regulations, allowing logistics companies to manage dutiable goods efficiently. With extensive expertise, we offer timely solutions to meet bonding requirements. 

Get in touch with us today

Call on 0719623228

Different types of surety bonds

Learn more

Why choose us?

Specialist expertise and experience

Our experienced team of surety specialists simplify the process for our clients as they secure tailored and competitive terms on their behalf.

Building strong relationships

Firm relationships established with surety providers & specialist underwriters; ensuring we can get deals done securing favourable rates, terms & conditions without delays.

We get results

As the leading authority in bonding in Ireland we provide objective advice to find solutions that deliver optimum results on your bonding requirements every time.

Trusted partner

As Ireland’s leading authority on surety bonds we are a trusted intermediary recognised and relied upon by brokers nationwide as they provide best terms and service to their clients.

Common queries answered

A surety bond or surety is a promise to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal’s failure to meet the obligation. 

A surety bond, put simply guarantees that a contract will be fulfilled. There are many types of bonds  but in general there are three parties involved. It could be a builder guaranteeing a homeowner that they will complete a house build (contract bond), or it could be a contractor completing an estate for a county council, and guaranteeing those works (development bond). Other types could be guaranteeing that you will supply a certain amount of goods at a certain price (supply bond) or that you will pay taxes & duties to Revenue, once you have been paid (duty deferment bond). 

Applying for a Bond through Howden is quick and easy. Our easy to complete, application  document  is step 1. and getting together your accounts for preceding years is step 2. If you have been asked for a bond, the project owner may have mentioned certain requirements or bond wording, clarifying these is step 3 – we will need to know the bond wording they require. Once we have these first documents, we present the submission together with some background information on your company to our panel of sureties for terms. 

The surety looks at the principal’s credit rating, the financial strength of the company, as well as cash flow and the quality of its financial presentation this will determine if the surety provides a bond. The types of bonds needed and the duration of those bonds are also a factor.

As the premium rates differ for all surety bonds depending on the bond type and are determined based on the applicant's individual financial situation, there are no particular rates we can outline. An exact quote will be provided once we receive terms from sureties. 

Our web site has an organized and comprehensive list of bonds. In the event it is not clear, our knowledgeable team welcomes you to contact us directly on 071-9623228 – believe us when we say, we have seen it all! 

hat will depend on all paperwork and premium due being received by the surety provider. Our advice is to get your application in early, as the minimum turnaround time is 4 weeks. This includes time involved in getting documents in and receiving terms, the principal and their agents accepting those terms, the principal providing us with the wording they require. All of this being approved by the surety, and the documents being issued for signature and premiums paid. 

Most types of surety bonds require a signature of the principal and some require notarisation. Upon receipt of your original bond, you will want to be certain it is signed and notarized, when necessary, and forwarded to the requiring entity as quickly as possible. You do not need to send it back to the surety once you sign it. 

Generally speaking, surety bonds are issued for a particular contract period, plus a maintenance period if required. 

Generally, construction bonds are not renewable – the original bond will have a start and end date relating specifically to the contract. duty deferment and customs warehouse bonds are annually renewable with renewal terms needing to be issued at least sixty days prior to renewal. 

Should a claim be made on your bond, the surety company will investigate the matter to determine its legitimacy. In most cases, the principal will be contacted to supply an explanation of the dispute or situation. It is also useful that any and all supporting and relevant documentation be provided to the surety which would be of assistance in their investigation of the claim. 

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