An Introduction to Insurance and Bonds (Part 3) Professional Indemnity Insurance and Bonds
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The aim of this course is to discuss briefly the legal principles on which insurance is based and the main types of construction insurance policy, illustrated by clauses from JCT SBC 11. We also consider professional indemnity insurance and the use of ‚Äö bonds or guarantees as a means of protection against contractual failure.
After studying this course, you should be able to:-
1. Suggest why professional indemnity insurance and the use of ‚Äö bonds or guarantees can be used as a means of protection against contractual failure.
2. Explain some of the key features of bonds, types of bond in use, how to create a bond, and the release of surety.