Tryg Garanti is specialised in guarantee and credit insurance

We offer a range of Surety products types

Our bonds types are widely accepted by private and public beneficiaries, domestically and internationally.

Typical bond types provided include:

Performance bonds
Development Bonds
Advance Payment bonds
Retention Bonds
Deferred Duty & Tax Warehouse
Transshipment Bonds
Bespoke Solutions / Bank Guarantee – substitution (replace Bank guarantee with a Surety bond/Guarantee )

Performance/Contract Bonds: Contract Bonds are the most commonly issued type of bond and are designed to cover the additional cost incurred by the Employer in the event of default (breach) on the part of the Contractor. The most common reason for default is due to non-performance as a result of Contractor Insolvency. The use of performance bonds has become more widespread in Ireland and they are viewed as a critical requirement for managing risk on construction projects.

Development Bonds: These are effectively performance bonds required by the Planning Authority to ensure the satisfactory completion of essential infrastructure of a shared or public nature (e.g. public lighting, footpaths, etc) ancillary to a residential or commercial development and is generally a condition of planning permission. The bond is required prior to the commencement of works and will remain in place during the works and up to 1 to 2 or more years after completion.
The bond expires when the Local Authority takes the site in charge, i.e. certifying that the works have been completed to their satisfaction and can assume responsibility for the shared/public infrastructure.

Advance Payment Bonds: Advance Payment Bonds are designed to provide cover in situations where a deposit is paid by the Employer to the Contractor in advance of delivery of specific items or material to site and provide protection to the Employer in the event of non performance/delivery. Generally these bonds are required in instances where raw material needs to be ordered prior to fabrication and can assist activity along the supply chain.

Retention Bonds: Retention Bonds are issued to the Employer as a substitute for the retention fund. Enabling the payment of the retention to the Contractor at Practical Completion, releasing trapped working capital, as opposed to the Contractor waiting for the expiration of the maintenance/defects period (which can take 18 months post ).

Deferred Duty/Tax Warehouse: A deferred duty bond/guarantee is a guarantee to Revenue and Customs for the payment of duty and taxes payable or potentially payable at a future date e.g. upon sale of goods or whilst in storage (warehouse bond). Primary users of this product are companies exposed to relatively high excise duties, e.g. Alcohol, Tobacco and the Motor trade. A deferred payment facility improves liquidity as the payment of duties .

Transshipment (TFS Bonds): TFS bonds are a mandatory requirement for any company exporting or importing waste within, into and out of any jurisdiction in the EU. In Ireland, Dublin City Council is the designated National Competent Authority for the export, import and transit of waste shipments. The Irish National TFS Office (NTFSO) was established to implement and enforce the Regulations pertaining to TFS.

Bespoke Solutions / Bank Guarantee – substitution: Our underwriters have deep industry knowledge and experience in various markets and can tailor bond language to meet your specific requirements and advise on contract terms. Providing a cost effective alternative to the Bank market and freeing up capacity under Bank lines.

Please feel free to contact us to discuss your potential bonding requirements

or call us at 353-1264-1765