Renewsure Guarantee

We work in partnership with all parties to ascertain a full understanding of the project to decide where the Renewsure Guarantee Scheme can be used to benefit all parties. This includes, if and when required, calculating the necessary financial protection needed, providing recommendation reports for all parties to consider, and determining which elements need financial protection and at what stage they should be sought at.

Renewsure Guarantee

A key part of the Renewsure Scheme is that we get to know the beneficiary, the contractor, and the specifics of the project to allow for the creation of a project specific proposal. Prior to us presenting this to our panel of underwriters, we highlight the positive considerations and key stages of a scheme, proactively answering any queries that we anticipate our underwriting panel to ask.

Renewsure Guarantee

Once the preliminary stages have been undertaken, your file is passed to our in-house brokers who present the details of the project, including any specific comments made by the beneficiary, consultants, or contractor, that need to be incorporated into the tailored Renewsure scheme.

Our in-house brokers work with our underwriting panel to assist them in underwriting the risk, answering any queries, and communicating with all parties to get further clarification and assurances. We then leverage our extensive relationships within the market to obtain the most cost-effective and appropriate solution to undewrite Renewsures offered protection.

Renewsure Guarantee

Details of the Renewsure scheme are presented through an FCA Regulated Body, and when accepted and a consideration fee has been received, we work with all parties to achieve a swift and expedited bond completion process. Full digital online protected records are kept and filed with the appointed registrar of the Renewsure Scheme, before a completion assessment is undertaken.

Renewsure Guarantee

When the bond has been put in place, we provide a varying scope of project supervision packages. The Renewsure Grade II* package includes project progress tracking in comparison to the original program, and obtaining progress and satisfaction updates from main contractors to the employing client and stakeholding parties.

In territories where our Grade I* enhanced support package is available, this includes full on site support from our industry leading project managers to supervise throughout the realisation stage of the project. During this process, we ensure all parties are communicated with and the financial protection provided by the Renewsure Guarantee Scheme remains relevant and updated throughout the key critical stages of the project.

Renewsure Guarantee

Upon notification that the construction phase has been completed, we are able to complete an independent and impartial assessment of the project to establish the current phase of the Renewsure Protection. This can include a quality and satisfaction report, and if necessary, the introduction of remediators and independent surveyors to issue recommendations and learnings to all parties on future phases or projects.

Renewsure Guarantee

Following the initial construction phase, the Renewsure Guarantee scheme offers a recommended option to extend the performance bond to add a warranty period, if this has not already been included. An inclusion of the warranty feature on the scheme can be arranged and put in place at recommencement of a project or upon the initial construction phase to provide increased and continued extension and protection beyond the construction phase.

Renewsure Guarantee

When the bond that is underwriting the Renewsure Scheme is cancelled, we have an aftercare process in which we liaise with all parties of the policy to ensure key stages are undertaken and ensure any applicable rebates are reclaimed. We also advise on the current headroom available and are able to place the underwriters on notice for any upcoming requirements. This feedback can be provided to the scheme administrators on future projects, complete with risk expiry financial certification for all parties.