Zurich launches new surety bond related to Public Private Partnerships (PPPs)

Zurich has launched a new surety bond intended to help contractors deliver Public Private Partnership (PPP) projects.
Zurich says its Public Private Partnership Performance Bond enables large construction projects to benefit from favourable financing treatment while maintaining the public policy, project completion and subcontractor payment benefits of traditional surety bonds.
“One important aspect of this surety bond is it provides liquidity that is critically important to project lenders and financiers,” explained Geoff Delisio, head of contract surety who led the team that developed the bond language. “Another important aspect is the built-in dispute resolution procedure that will help to resolve project disputes within pre-determined timeframes.
“Additionally, the bond provides the traditionally important performance bond safeguards that have proven to be so valuable to owners throughout North America for over 100 years.”