Insurance Bonds

What is Insurance Bonds

This policy provides a financial guarantee. An insurance bond will have three parties – the principal (owner of the bond), the surety (insurance company issuing the bond), and the obligee (the entity requiring the bond), this principal pays the insurance premium as compensation for insurance.

The various types of bonds are;

  • Performance Bonds are used when a contractor fails to complete contractual work.
  • Immigration/Security Bonds: They are issued to non-citizens before they are issued with work permits.
  • Bid bonds/Tender Bonds: This bond ensures that on acceptance of a bid by the customer.
  • Customs/Import Bonds: This guarantee that dutiable goods on which duty has not been paid do not find their way into the local market before duty is paid.

FAQ

How does a bond work?

A bond will provide surety to an obligee(the entity requiring the bond) that the principal (issuer or owner of the bond), will act in accordance with the terms established by the bond, failure to which the insurance company that will have provided surety will pay.

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