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Surety Bond Insurance
December 22 , 2022
705 days
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- 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.
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