SPG
Supplier Performance Guarantee
Protection for buyers where a supplier delays milestones, abandons performance, delivers materially defective work or forces replacement supplier costs.
Indicative annual premium
Risk-adjusted against contract value.
Typical insured percentage
Self-retention remains with the insured.
Grace period
Typical delay buffer beyond milestone dates.
Structured schedule
Coverage follows agreed performance obligations.
Best suited for
Where this product fits
Coverage Summary
What this product is designed to cover.
Delay beyond agreed milestone dates plus the policy grace period.
Supplier abandonment or cessation of work after written demand.
Material defect requiring remediation or replacement supplier engagement.
Supplier insolvency during the performance period.
Digital Journey
From application to policy record.
Meridian’s public product journey is designed to feel simple for the client while maintaining underwriting discipline behind the scenes.
Step 1
Milestone mapping
contract obligations are converted into dates and values.
Step 2
Supplier assessment
financial, operational and country risk checks are reviewed.
Step 3
Underwriting referral
complex projects or higher contract values move to manual review.
Step 4
Ongoing monitoring
supplier deterioration can trigger alerts and protective action.
Documents typically requested
Supply contract with milestone schedule.
Technical specifications or statement of work.
Evidence of supplier acceptance and agreed delivery dates.
Replacement supplier quotes if claim arises.
Indicative terms
Policy limit follows the approved contract exposure and underwriting terms.
Consequential losses must be specifically approved and listed.
Coverage normally excludes subjective dissatisfaction where goods conform objectively.
Material contract changes require Meridian consent.
Important limitations
Buyer-caused delay, non-payment or specification changes.
Force majeure unless specifically endorsed.
Unapproved liquidated damages, fines or penalties.
Currency fluctuation and losses above policy limit.
Example Use Case
How a buyer may use SPG.
A project owner orders specialist equipment with seven delivery milestones. The supplier misses fabrication and shipment dates, then stops responding. SPG is designed to support replacement supplier cost and approved direct losses, subject to the policy schedule.
Claims and notification logic
Next Step
Ready to structure this cover?
Start an application with the contract, supplier details and requested coverage amount. Meridian will guide the rest of the workflow.