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Surety insurance is a contract whereby an Insurer (InSur), provides a guarantee to a nominated third party, the Insured/Beneficiary, ensuring the Proponent/Insured/Purchaser with respect to compliance of a contractual obligation.
Therefore the Insurer (InSur) becomes obliged to indemnify the Insured/Beneficiary for a determined amount with respect to the damage caused by the Purchaser, resulting from his non compliance.
Interested Parties
Proponent/Insured/Purchaser: qcontracts the insurance and pays the premium, and is the individual who is evaluated by the Company, and that must comply with obligations guaranteed under the policy.
Insured/Beneficiary: individual to whose benefit the policy is contracted, who will be indemnified in case of loss.
Insurer: InSur, the Company which issues the policy.
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