Bond insurance is an agreement between a party that may be the Insurer / Guarantor accountable to the other party that is the Beneficiary / Contracting Authority for the debts, non-fulfillment of commitments or failure to meet the obligations of a third party that is the Insured / Economic Operator.
The provision of guarantees covers the financial costs deriving from the contract between the contractor and the contracting authority.
There are many types of security assurance such as: Tender, Bid, Execution, Quality of Works, Advance, Customs, and Other Contractual Obligations.
The importance of securing guarantees is evidenced by the exponential increase in demand for this type of insurance. Shield Brokers has so far provided a very high level of collateral insurance in the most preferential terms for the client.
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