Guaranteeing Construction Brokers
About Us
Guaranteeing Construction Brokers (GCB) (Pty) Ltd, an authorised financial service provider FSP52366, is a construction specialist broker with vast experience in the Guarantee Sector, with regards to all Private, Government, Municipal Awarded and Subcontracts Agreements. We have partnered with specialist insurers and our wealth of experience ensures our clients will get the best terms, Facility Rates, guidance, knowledge sharing and exceptional service.
Our Major Products
Contractors All Risks Insurance (CAR)
The policy covers the principal policyholder, the main contractor along with the subcontractors, providing indemnity for parties who enter a construction project. The CAR policy can either be taken out as a once off i.e. project specific or an annual basis for contractors that manage multiple contracts per annum. The later allows for an effective cashflow management as premiums are collected monthly.
Plant All Risk
An All-Risk Policy specifically designed for the Engineering market. The cover is for all Plant and Equipment used for the performance of contracts. The basis of valuation is either new replacement value or market value.
General Contractors Liability
Standalone policy or as a package. It covers the contractor should they be found legally liable for:
- accidental death or bodily injury to third party or
- accidental damage to third party property.
Guarantee Products
3 parties involved ie
- Contractor
- Employer/Beneficiary/Principal and the
- Guarantor/Insurer.
- Construction projects
- Infrastructure projects
- Renewable Energy projects
- Service Projects
- Specialised subcontract projects eg Security Installation, HVAC, specialised flooring etc
Free Letters of Intent.
Be proactive, demonstrate your contractual understanding of your obligations as a contractor and be at an added advantage, submit your tender documents with a letter of intent confirming that you will comply with all the employers’ insurance requirements. The letter of intent is non-binding and get it for free with us. Allow us to start with you and finish with you.
Bid Bonds
A Bid Bond is an obligation to pay a sum as actual damages if either the Contractor fails to enter the contract in accordance with its bid or fails to provide the necessary Performance bonds etc as required by the Principals/Beneficiary/Employer.
Performance Guarantees/Bonds
The most common of them all and is usually 10% of contract sum and can either be a variable or a fixed amount. Why go on retention when you can give the employer a performance guarantee for their comfort that you will perform as per your contractual obligations.
Retention Guarantee/Bond
After project completion, you need cashflow for your next project, get all your monies released by the employer, provide them with a Retention Bond instead. Maintenance period is usually up to 12 months implying of no retention bond is provided, the Employer will still be holding onto the contractor’s monies.
Advance Payment Guarantee/Bond
Let each project fund for itself, request for an advance payment from your employer for your site establishment and materials to kickstart your project. Negotiate for a flexible recoupment period which will not affect you cashflow wise. The advance payment only becomes binding once the advance payment has been received by the contractor.
Materials offsite Guarantee
Like an advance however, specific to specified materials. The contractor can get upfront payment from the Employer for specified materials on a backing of a Materials Offsite guarantee. Should the materials not delivered, the employer can call up the guarantee. Note, the guarantee will not cover theft or damage to the materials.
NHBRC Guarantees
All home Builders must enrol every new home with the National Home Builders Registration Council (NHBRC). The enrolment must be done 15 days before construction commences and failure to do so may result in the Home Builder having to supply the NHBRC with a bank or Insurance Late Enrolment Guarantee
Mining Rehabilitation Guarantees
The law requires that all mining operations within South Africa must make a financial provision for sufficient funds to undertake rehabilitation and remediation of the adverse environmental impacts of mining activities both during the life of the mine and at closure.
Utility Guarantees
These guarantees are furnished to a principal to stand in lieu of a cash deposit required eg for an electricity account with Eskom or with a Municipality.
Trade Guarantees
Catering for industries such as freight forwarding, clearing and logistics and include.
- Customs & Excise- All SARS related Bonds
- Commercial Fuel Guarantees to Fuel Majors
Retail fuel guarantees
To enable the service station to trade on a debit order system, the retailer (service station) has to provide the fuel company eg Total Energies with a fuel guarantee. With no guarantee in place, the service station has to pre-pay in cash or provide the fuel company with a bank guarantee. A fuel guarantee will allow the service station to manage its cashflow more effectively thereby promoting smooth and efficient operations.
Benefits of Insurance backed Guarantees to you the Contractor.
- Professional Advice- In the event of the unforeseeable, insurers with their vast experience are always at hand to give you the best professional advice.
- Allowance to bid on bigger projects- unlike banks requiring 100% cash collateral, insurers will take reasonable cash collateral leaving you with some cashflow for next projects.
- Protects you the Contractor against non-payment of retained funds- in the absence of a guarantee, should the employer not be able to make payment.
- Collateral is held in Interest bearing accounts- can be used as future reserve for other projects.
- Cost Effective
BENEFITS of working with us
- We are a one stop shop for all your insurance needs.
- Exceptional service and advise.
- Always acting in the best interest of you, our valued client
- Our experience and expertise will put your company at ease.
Other Guarantees
Educational Guarantees
Court Bonds
Solvency Guarantees
Energy Guarantees
Other Products
Heavy Commercial Vehicle Insurance Cover,
Goods in Transit Insurance,
Commuter Taxi Insurance including Uber & Bus Insurance.
Dismantling Transit and Erection
Erection All Risks
Commercial Insurance
Risk Finance
Travel Insurance
Farm Insurance
Pets Insurance
Contact Details
Address: 19 Lenie Street, Discovery. Ext 10, Florida
Telephone Numbers: 084 403 2305 | 081 590 2423
Email Addresses: kesina@gcbrokers.co.za | info@gcbrokers.co.za
Website: www.gcbrokers.co.za
Guaranteeing Construction Brokers (Pty) Ltd is an authorised FSP52366
