Why have a surety guarantee policy contracted?
Un guarantee and surety insurance is an insurance policy used to to guarantee el fulfillment de Contractual obligations between two parties. The insurer acts as a guarantor or guarantor, guaranteeing the payment of an agreed amount if the policyholder fails to fulfill his or her contractual obligations. In reality, a Surety policy is not the only instrument that allows you to present a guarantee of solvency. You can also provide a bank guarantee and/or freeze your own funds.
But why is the Surety policy the best alternative?
Having a surety bond policy can provide peace of mind and financial protection to a company by meeting contractual obligations and improving credibility.
It is important to keep in mind that a bank guarantee has a series of expenses such as: Maintenance expenses, Guarantee issuance expenses, Counterguarantees or pledges and Study expenses for opening a line. However, having contracted guarantee & surety insurance, the expenses would be lower.
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Advantages of surety insurance compared to bank guarantee
Cost
Surety insurance has a lower cost than a bank guarantee.
Cirbe
It does not count in the CIRBE, so it does not reflect debt with banking entities.
Imports
The guaranteed amount is not reflected in the liability.
Additional
There are no study, opening or cancellation fees.
Funds
It is not necessary to freeze funds.
Frequently asked questions about Guarantee & Surety insurance
What are the most common uses of Surety insurance?
In surety insurance, contractual guarantees are required in work, concession, supply or service contracts; both public and private.
Customs guarantees cover different obligations of importers/exporters towards customs.
How is a surety policy contracted?
When does coverage end?
When does an accident occur?
find out about the surety guarantee insurance
Are you interested in taking out guarantee & surety insurance?
As experts in risk management, we recommend the Surety insurance, an alternative solution to bank guarantees. Also, the guarantee formalized through the Surety Insurance do not count as a risk before the Bank of Spain, while the bank guarantees Yeah. Consequently, the hiring of the Surety Guarantee policy increases the availability of credit.
We will provide you with all the details about it and, if you want, we will prepare a proposal tailored to you.
