Surety Bond

Insurance Company provides the guarantee to pay the relevant contract amount to the creditor / employer against the risk that the debtor does not fulfill its obligations arising from the contract and / or the law.

The main area of ​​use of Surety Insurance is related to construction, manufacturing, construction-repair, energy and infrastructure projects.

Surety Bond was published by the Undersecretariat of Treasury in February 2014 and the Communiqué numbered 29136 entered into force in October 2014.

With this policy, the insurer shall provide the borrower with a guarantee to the beneficiary specified in the policy in accordance with the terms and conditions specified in the general conditions and special conditions of the policy against the risk of the debtor failing to fulfill the debt obligation defined in the policy. The insurer pays to the beneficiary or beneficiaries in accordance with the obligation undertaken under this insurance agreement.

The insurer may be the direct guarantor of the debtor against the beneficiary himself, or may provide collateral based on whether the bank, credit guarantee institutions or other financial institutions are guarantor for the debtor's liability through indirect surety.

The elements that are taken into consideration during insurance work are:

Balance sheet analysis

Financial / commercial ratings of companies

Analysis of the main contract

The technical competence of the liable to fulfill the terms of the contract.

Environmental Factors: The region where the risk exists, the geographical location where the main contract is realized, political and macroeconomic conditions, etc.