Surety Insurance: The insurance that guarantees performance of your contracts
The purpose of this form of insurance is to guarantee the faithful performance of the obligations assumed by the principal to the insured, as provided for in the policy. It is a substitute product for a bank guarantee.
In an increasingly globalized world, to seek reduced costs is a competitive strategy. And when the subject is guarantees for public tenders and guarantees for construction contracts, supply of goods and provision of services, surety insurance shows enormous advantages when compared to traditional bank guarantee letters.
CredRisk Seguros is at your entire disposal to guide you and help you find the best Surety Insurance solution for your company.
Is the party that contracts the construction of the works, the supply of goods or provision of services, and therefore the insurance beneficiary. It may also be the Federal Revenue Service, whether or not represented by any government department.
Undertakes with the insured to perform the contractual obligations, as per specification of obligations. .
Guarantees to the insured the payment of an indemnity for non-performance of the contract.
Facilitates the business process.
Guarantees to the landlord the payment of rents, charges overdue and not paid by the tenant, eventual damage to the property, as well as contract rescission fines, even before the eviction order is issued, i.e., during the course of court proceedings.
Civil, tax foreclosure and tax split payment: replaces the Court Deposit. Guarantees the payment of a judgment amount (or an amount established through agreement), during the course of court proceedings.
Additional benefits for the insured company / beneficiary:
Greater certainty regarding the completion of projects;
Reduced final cost of merchandise or service;
Prior evaluation of the technical and financial capacity of the contracted company (principal);
Greater efficiency in resolving eventual disputes between the contracting party (insured) and the contracted party (principal).
How it operates:
The purchase of Surety Insurance is simple and fast. See below the necessary documents
To be completed
- Completion of the information sheet supplied by the insurer;
- Completion of the shareholders information sheet (if the shareholder is a natural person the same documentation as requested from the principal should be sent);
- Financial statements for the last three financial years (balance sheet, DRE, and recent trial balance);
- By-laws/Articles of Association + and the last amendments thereto (extraordinary general assembly / ordinary general assembly minutes);
- Board election minutes;
- Portfolio of contracts (backlog): being executed or to be executed;
- Institutional presentation;
- Expected demand in the following months, if any;
- Other documents may be requested on a case-by case basis.