Subguard insurance

{
  "id": "MLC-T-INS-003216",
  "term": "Subguard insurance",
  "field": "Insurance and risk management",
  "definition": "A specialized insurance product designed to protect general contractors from financial losses caused by subcontractor default. It covers costs associated with a subcontractor's failure to perform their contractual obligations, such as project delays, rework, or the need to hire a replacement subcontractor. This coverage replaces the traditional surety bond requirement for subcontractors.",
  "url": "https://mlchart.com/terminology/insurance/subguard-insurance/"
}