 |
|
|
|
|
 |
What is Surety Insurance?
Surety Insurance is a contract by which an insurer, subject to a premium, guarantees compliance on the part of the purchaser or insured with regard to contents of a contract or legal disposition, and becomes liable to pay the insured up to a determined amount (the insured amount) for damages suffered due to non compliance of the guaranteed obligation.
What is a Counter Guarantee?
It is the backup that allows the insurer to obtain recovery in the event of an obligation to pay an indemnity due to a loss occurrence. The policy purchaser becomes obliged to reimburse the insurers for sums of money it pays out with respect to a loss.
What types of Counter Guarantees exist?
Written guarantee, simple or legally supported, promissory notes, real guarantees (mortgages, securities, time deposits, etc.).
|
|
 Top  Print |
|
