Bond Letters and Surety Policies
Our goal is to be the strategic partner of our clients, providing security, support and confidence in each of their operations.
What is a Letter of Bond?
It is a joint and several document, irrevocable, unconditional, indivisible value, of immediate realization and without benefit of excussion of the Bonded Party before a third party up to the “Amount” indicated to the “Guaranteed”, in order to ensure compliance with its obligations generated in the exercise of their functions.
What is the Security Insurance?
Es un contrato mediante el cual una aseguradora, a cambio de un precio (prima), garantiza el cumplimiento por parte del Tomador o “Afianzado” de una obligación contenida en un contrato o disposición legal, y se obliga a pagar al Acreedor o “Asegurado”, hasta por una suma determinada (“Monto Asegurado”), los perjuicios que le haya ocasionado el incumplimiento de la obligación garantizada.
The person who contracts the policy or guarantee letter and pays the premium is the Natural or Legal Person that must comply with the obligations guaranteed by the policy or guarantee letter.
In favor of whom the policy or letter of guarantee is issued and who is compensated in the event of an accident.
Who issues the policy or guarantee letter, InSur.
1. Direct and Specialized Attention
2. Agility and Flexibility
3. Security and Support
4. Competitive Commissions
5. Release your bank line
Faithful Compliance with Contract
Advance of Materials
Letter of Accreditation before the My Housing Fund – Own Roof
Casino and Slot Machine Obligations
Customs and Cargo Agency
Admission and Temporary Internment
Restitution of Customs Duties (Draw Back)
Characteristics of the Bond Letter and Surety Policy
No Excussion Benefit
In our Surety Bonds and Policies, the person who determines the amount to indemnify is the insured through a contract, whether public or private, or through a provision, regulation or legal. Said indemnity is paid at the request of the insured, without the intermediation of a liquidator.
Frequently Asked Questions
It is the support that allows the Insurer to be financially compensated in the event of being forced to pay compensation for the occurrence of an accident. Through the counter-guarantee, the Policy Holder undertakes to reimburse the Insurer for the sums of money that it may pay for a loss.
Simple or guaranteed promissory note, collateral on money (cash deposit) and real guarantees (mortgage and pledge).
The Surety Policies and the Bond Letters issued by InSur have the same characteristics, that is, they are joint and several, irrevocable, unconditional, indivisible, automatically realized and expressly waiving the benefit of exclusion, therefore, they have no differences. This is established according to SBS Resolution.
In fact, InSur issues Bond Letters to guarantee public and private works.
The Letters of Guarantee issued by InSur and the letters of guarantee issued by a Bank are the same, since they have the same characteristics (joint, irrevocable, unconditional, indivisible, automatically executed and expressly waiving the benefit of exclusion) and in both cases, they are requires prior authorization from the Superintendency of Banking, Insurance and AFPs.
Yes, according to SBS Resolution 4481-2010, Insur is authorized to issue Bond Letters and/or Surety Policies.
Prior to an evaluation of the contract, whether public or private, InSur issues Bond Letters and/or Surety Policies indistinctly.