Surety Insurance
This solution guarantees the fulfilment of an obligation when a third party fails to honour an agreement. The insurer compensates the beneficiary up to the agreed limit and subsequently seeks reimbursement, subject to the terms and conditions of the policy.
Surety Insurance is particularly useful for construction, supply and service contracts. It can provide guarantees for advance payments, satisfactory performance and maintenance obligations.
Not all businesses need the same cover. As insurance brokers, we help you find solutions tailored to your working practices and the needs of your company or business. We identify the risks associated with your activities and check any legal or contractual requirements. We work with a range of leading insurers to offer you the best cover at the best price.
Benefits of Surety Insurance
Standard Cover
– Contract performance;
– Satisfactory performance of construction works, supplies and services within the agreed deadlines and conditions;
– Advance payments;
– Maintenance.
Additional Cover Available
– Contractual penalties;
– Tax or administrative guarantees.
The cover selected should be tailored to your needs and to the type of risk being insured. It is essential to check the cover, exclusions and sums insured specified in the policy.
More protection. Less risk.
Request a quote for your Surety Insurance
We’ll provide a free, no-obligation review of your insurance.
FAQs
How does Surety Insurance work?
When a guarantee is required, the company that needs it applies for this insurance. The insurer assesses the risk and issues the policy in favour of the entity requiring the guarantee. In the event of a contractual default, that entity may call on the guarantee, and the insurer will pay up to the insured amount. The insurer may then seek reimbursement from the company that took out the policy.
What is the difference between Surety Insurance and Credit Insurance?
Surety Insurance is a guarantee provided by an insurer to ensure that a company meets certain legal or contractual obligations. If the company fails to do so, the insurer compensates the creditor within the policy limits. It is an alternative to a bank guarantee and does not require cash or assets as collateral.
Credit Insurance protects a company against non-payment by its customers. In other words, it covers the risk of a customer failing to pay invoices due to insolvency, prolonged payment delays or similar circumstances.
How much does this solution cost?
The cost depends on the sum insured, the guarantee period, the type of surety, the claims history and the company’s ability to meet its obligations.