FirstNRG carry all types of bond insurance for solar industry. Our bond insurances covers from the contractions phase to operational.
Advance Payment Bond Insurance – Advance Payment Bond guarantees that the EPC/installer will pay to the subcontractors and suppliers involved in the construction of the solar project. This bond also guarantees that the advanced cash will be used in accordance with the terms and conditions of the EPC contract. The bond amount equals the advanced payment.
Performance Bond Insurance – Performance bond guarantees that the solar project will be performed by the contractor and eventually subcontractors in accordance with the terms and conditions of the contract. Usually the bonds are set at 10% and 20% of the contract amount. The insurer pays indemnity to an investor against loss or damage in the event of a contractor or supplier failing to perform to the terms of the contract.
Warranty Bond Insurance – Warranty bond guarantees indemnity to the investor in case the EPC contractor/installer does not fulfil its obligations under the EPC contract.