Recent year's has seen several positive changes to ESSA’s Bond Insurance which we’d like to continue to raise awareness of.
We'd also like to take this opportunity to encourage members to become more familiar with the terms of this policy.
We’ve become aware that in some instances, its interpretation by members has not always been correct and we never want to knowling mislead.
The ESSA Bond is our (ESSA) insurance policy that, in the event of one of our members defaulting under contract, is designed to recompense the loss incurred by the client (exhibitor, organiser or fellow member).
ESSA is insured to the sum of £100,000
per member engaged in exhibition installation works and the supply of exhibition services and/or equipment
with a total aggregated sum of all members across a 12 month period being £300,000
(*previously £60k and £30k per contract)
this is inclusive of
member to member work
(a new extension of the ESSA Bond Coverage)
and this cover now includes
international work, contracted by UK domiciled ESSA members.
The terms of this cover stipulate
that it is only active after the commencement of the build-up to an exhibition
or up to 14 days prior to said build up period referred to as the ‘Guarantee Period’.
(The guarantee period increased by 7 days as of 1st January 2018 to 14 days)
ESSA may at all times seek alternative routes to recompense potential loss incurred
This may include but is not limited to seeking the support of its members to complete the work of a defaulted contract outside of the scope of our insurance policy.
ESSA’s Bond is underwritten by a specialist bond insurer.
If you would like or your client insists on specific bond insurance, this is available from our industry specialist insurance brokers.
ESSA’s Bond is subject to policy terms, conditions and exclusions.
and details of the Bond Certificate outlining the cover is downloadable below.
Updated Wording Bond Certificate wef from 2018 | ||||
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