PREVIOUS
✖
Surety Bond Insurance
December 22 , 2022
578 days
571
0
- The Union Minister of Road Transport and Highways Nitin Gadkari launched the country's first-ever surety bond insurance product from Bajaj Allianz.
- Surety bonds are guarantees of payment issued by general insurance companies on behalf of the contractor to the project awarding entity.
- The surety bond gives the principal a contract of guarantee in a mutually agreed terms.
- As a risk transfer tool for the principal, it shields the principal from the losses.
- Unlike a bank guarantee, the Surety Bond Insurance does not require large collateral from the contractor.
Leave a Reply
Your Comment is awaiting moderation.