Bonds or Securities
Surety Bonds
A surety bond is a contractual agreement among at least three parties:
The Obligee – entity that requires the bond. Obligees are typically government agencies working to regulate industries and reduce the likelihood of financial loss.
The Principal – the primary party who will perform the contractual obligation (or the job).
The surety – the insurance company that backs the bond. The surety provides a line of credit in case the principal fails to fulfil the task.
Examples of such Bonds are Bid Bond, Performance Bond, Supply Bond, Advance Mobilization, etc.
Bid Bonds
A written guaranty from a third party guarantor (usually an insurance company) submitted to a principal (client or customer) by a contractor (bidder) with a bid.
A bid bond ensures that on acceptance or winning of a bid by the customer or contractor they will proceed with the contract and will furnish the obligee with a performance bond. In the absence of this the guarantor will pay the customer the difference between the contractor’s bid and the next highest bid.
Performance Bond
A performance bond ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract. Performance bonds usually cover 100 percent of the contract price and replace the bid bonds on award of the contract.
Advance Mobilization
The bond is an undertaking to the owner of the project to refund monies advanced to the contractor to mobilize resources to work on the project should the contractor after collecting the mobilization fund default in the performance of the project.
If however the contractor utilizes the money in the performance of the project successfully then the bond becomes void
Supply Bond
In other words, supply bond guarantee performance of a contract by a supplier to furnish agreed upon supplies or materials. In event of a default by the supplier, the surety indemnifies the purchaser of the supplies against the resulting loss of time and value.
Customs Bonds:
A Customs Bond from a reputable insurance company is a guarantee against any loss of revenue arising from the failure, default or non-compliance by your entity in terms of your obligations to Customs when it comes to export/import duties.
These and more are the types of custom bonds we offer:
Customs Agents House
Customs Agents House
Exportation Bond
Re-exportation Bond
This bond is also issued to clients who want to re-export imported goods to another Country. The bond guarantees up to the duty payable on the goods should the client fail to re-export the goods and it is discovered that they were sold in the country.
Temporary Importation
Transit Bonds
Warehousing/Security Bonds
Removal Bonds
Frequently Asked Questions
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What are the types of insurance?
General Insurance – General Insurance provides financial security and protection for your movable & immovable assets and investments. It could be your house, vehicle, office assets, business operations, personal belongings, etc.
Types: Motor Insurance, Travel Insurance, Home Insurance, Personal Liability, Business Insurance, Property Insurance and more.
Life Insurance – Life Insurance plan(s) pays a certain amount of money (lump sum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Types: Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Funeral Plans, Short Term Guarantee Plans, Systematic Investment Plans and more.
Health Insurance – Health Insurance gives coverage for the insured’s medical or hospital expenses.
This assures that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized. Types: Individual Health Plans, Family Health Plans, Corporate or Group Health Plans, Critical Illness Plans, Preventive Health Plans and more.
Micro-insurance – Micro-insurance as the name suggests, encompasses of life, health and general insurance but offers coverage to low-income households or individuals who have little savings. It is tailored specifically for lower valued assets and compensation for illness, injury or death. Some of these risks include agricultural insurance, insurance for theft or fire, health insurance, term life insurance, death insurance, disability insurance and insurance for natural disasters and more.
How to choose an insurance company
Here are some of the things that you need to consider before choosing an insurance plan, hence a company:
• The reputation of the insurance company
• Compare the benefits and coverage of their policies.
• Is it the right type for your needs?
• What is the claims settlement ratio?
• Terms and Conditions of their policies.
• Policy serving and claims handling (are they prompt and efficient).
• If you are ready to explore your options, then let the experts assist you!
How to choose the best insurance plan
1. First, understand your requirements (future financial needs, your child’s education, marriage, or some other requirement).
2. Second, calculate how much premium you can pay every month or quarterly or half-yearly or annually.
3. See what benefits the Plan gives (each insurance company gives different benefits, so compare).
4. Decide on the tenure of the Plan.
5. See whether it is value for your hard earned money.
6. Decide the Sum Assured, the more the sum assured, the more the benefits.
7. Read the Terms and Conditions of the Plan.
8. Find out how prompt the insurance company is in settlement of claims for the plan.
What is an insurance policy?
What is a quote?
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