Bonds
The surety specialists that put your business first.
At PS Surety, we specialise in providing a fully transparent, personalised service with quick response times and the most competitive bond prices, and with no hidden fees. Our mission is to build long-term, strategic relationships that add real value to your business.
We believe that trust and stability are the foundation of great partnershps. That’s why we invest in both our clients and our brokers, ensuring consistency and reliability at every stage. From day one, you’ll have a dedicated account manager committed to understanding your needs, available, responsive and delivering the best solutions.
What is a Bond?
Placing your first bond? Or just need a refresher? Read on for the what’s what of surety bonds.
Surety protects a business from financial losses, usually caused when one party fails to fulfil their end of a contract. By placing a surety (usually in the form of a bond), a business makes sure that all the project bills will be paid on time should there be any disruptions or problems fulfilling the contract.
Principal
The Principal is the business placing the bond. They are making a promise to the Obligee. To them, the Surety bond is like insurance
Surety
The Surety promises to pay the Obligee should the Principal not do as they promise
Obligee
The Obligee is the party that requests the bond from the Principal.
How much does a Bond cost?
The cost of placing a bond typically ranges from 1% to 15% of the total bond amount. To determine the exact price, surety providers assess the financial strength and risk factors associated with the bond. The key considerations include:
Type Of Bond
Certain bonds carry higher risk, which can affect pricing.
Risk of Default
The likelihood that the Principal may be unable to meet their contractual obligations.
Applicant’s Risk Profile
The financial stability and creditworthiness of the business applying for the bond.
By evaluating these factors, sureties determine the most appropriate rate, ensuring fair pricing based on the level of risk involved.
How to appoint PS Surety
Appointing PS Surety as your surety bond broker is a straightforward process designed to ensure a smooth and efficient experience. Here’s how it works:
Initial Consultation
Contact us to discuss your bond requirements. We’ll assess your needs and explain the best options available.
Confidential market approach or full market exercise
In some cases, we may need you to sign a Broker of Record (BOR) letter to formally appoint PS Surety as your broker. This allows us access to the full market so we can negotiate the best terms on your behalf.
Information Gathering
We’ll work with you to gather the necessary documentation, such as financial statements, contract details, and project information.
Market Review & Pricing
Using our strong relationships with leading surety providers, we’ll source the most competitive rates and terms tailored to your business.
Approval & Security Documentation
Once approved, we’ll arrange for your bond to be issued efficiently. Ensuring compliance with all contractual and regulatory requirements.
Ongoing Support & Relationship Management
We don’t just arrange your bond and leave things there. We provide continued support, advising on renewals, adjustments, releases and any future requirements.
Placing your first bond with PS Surety
We know that placing your first bond can seem costly, complicated and time-consuming – but it doesn’t have to be. We take away the confusion by guiding you through the process, step-by-step:
We walk you through each product that we think will suit your needs
We give you full transparency of the prices and options available
We guarantee you the best price available in the market
Who we help
Winvic Construction Limited
Annual Turnover £1bn
I have known Rick now for many years and have enjoyed friendly, clear, and honest advice regarding our Performance Bond requirements. As our business has grown, PSS have always provided the support to deliver our obligations to our clients. The responses from PSS to our commercial team are always…Read full review
Chris Allsopp
Commercial Director
Tanro Ltd
Annual Turnover £100m
Since the inception of our business, Rick has worked closely with us to develop our bond facility from nothing as a startup into a robust facility that allows us to offer bonds for all projects that require them. Rick has consistently been proactive, frequently reviewing our facility with both…Read full review
Sam Harrington
Director
Caunton Engineering Ltd
Annual Turnover £95m
Working with Rick Phillips of Phillips Schroder Surety for our retention and performance bonds has been a seamless and stress-free experience over many years. His expertise, transparency, and dedication to securing the best terms have been invaluable. He consistently provides a personalised…Read full review
Sara Cundy
Finance Director
McArdle Sport-Tec Ltd
Annual Turnover £20m
We’ve used PSS for many years for our construction bonds, and would recommend them without hesitation. Big enough to have all the skills and knowledge required to navigate even the most complex requirements, but small enough to genuinely care about their clients and give them that personalised…Read full review
Keith Sands
Finance Director
Getjar Ltd
Annual Turnover £150m
I have known Rick Phillips professionally for over 12 years and have used Phillips Schroeder Surety since they were formed in 2017. During that time, I have found them to be extremely professional, knowledgeable and understanding of this complex and potentially confusing market. On countless…Read full review
Nathan Paskell
Board Director
Triton Construction Ltd
Annual Turnover £50m
We have a enjoyed a long-term strategic relationship with Rick Phillips of Phillips Schoeder, which goes back more than twenty years. Over this period Rick has provided an efficient and cost-effective response to our bonding requirements, and we consider him to be part of our team. He has a good…Read full review
Mike Parkinson
Group Chairman
Quinn London Ltd
Annual Turnover £100m
Having worked with Rick Phillips for over 10 years of which almost 7 years have been with Phillips Schroder Surety Ltd, placing our performance bonds, creating a long-term plan and managing the entire process has been made an effortless process. I have complete confidence in his ability to advise…Read full review
Imran Karim
Finance Director
Grob Group Limited
Annual Turnover £50m
Working with PSS is a breath of fresh air. They take the pressure off you and manage your account the way it should be managed. Henry adds a personal touch, and makes you feel valued as a customer. Communication is just enough, and you are never made to feel like you are being sold unnecessary…Read full review
Christina Amarelle
CFO
McPhillips (Wellington) Ltd
Annual Turnover £55m
We have developed a fantastic relationship with Phillips Schroeder, and the service we receive is first class -from initial enquiry to the release of the bond. Questions are responded to almost immediately, in a friendly and professional manner. Their knowledge of the market is second to none and…Read full review
Commercial Director
Ian Robert
CM Steel Buildings Ltd
Annual Turnover £20m
Henry’s expertise and responsiveness have been invaluable in securing performance bonds for our projects. His deep understanding of the bond market, combined with his strong relationships with bond providers, ensures a smooth and efficient process every time. He takes a strategic approach,…Read full review
Iain Whittington
Commercial Director
Morro Partnerships Ltd
Annual Turnover £80m
The team at Phillips Schroeder have been a pleasure to work with from day 1. They have been a valuable support to our growing business at a time when our industry has faced many challenges and uncertainty. The team at PSS are responsive, professional and have a very clear understanding of our…Read full review
Tom Goldsworthy
Finance Director
Explore Bonds
Performance
Bonds
A bond or guarantee whereby a surety or guarantor guarantees the delivery of a contract and promises to pay the damages sustained by an Employer in the event of a breach of contract by a Contractor.
Retention
Bonds
A bond or guarantee in lieu if a cash retention, improving the cash flow of the contractor whilst maintaining an appropriate level of security for the employer in the even that the retention needs to be claimed following a breach of contract.
Advanced
Payment
Bonds
A bond or guarantee providing security in support of an advanced payment made under a contract. In the event that the contractor breaches the contract or does not deliver the goods or services promised to the employer, the guarantor shall reimburse the advanced payment in full to the employer.
Section Agreements, Highway Act or
Road Bond
The surety or guarantor enter into a legally binding agreements for works under highways, water and planning acts in favour of local authorities or utility companies in support of the contractor or land owner’s obligations under the agreement. These typically include section 104, section 38 and section 278 bonds.
Letter of Credit Replacement Guarantees
Bonds
A surety backed alternative to a traditional bank letter of credit. It provides the same financial security to beneficiaries but without tying up capital or impacting banking facilities.
Pension
Bonds
Ensures employers meet their pension scheme obligations, providing security to trustees and protecting employees’ retirement benefits.
Off-Site Materials
Bond
Guarantees that payments made for materials stored or manufactured off-site are safeguarded and the materials will be delivered as agreed.
Landfill, Restoration
or Reinstatement
Bond
Guarantees that land used for landfill of construction is properly restored and reinstated in compliance with regulatory requirements.
Environment
Agency
Bond
Ensures business comply with environmental obligations covering costs related to pollution control, waste management and land restoration.
HMRC & Duty Deferment
Guarantees
Bonds
A guarantee provided in favour of HMRC that allows importers to easily defer customs and duties, providing a cash flow advantage.
Built on Trust. Delivered with Expertise.
We simplify placing bonds with a personalised service and the best price available in the market.