The Surety Bond and its recent implementation in our country

After several years of preparation within the fastener and Mexican insurance sector finally enter into force on Surety, guarantee instrument by which is the payment of damages that may result from a breach of the provisions of guarantees contract.

Through a Surety Insurance, the insured is compensated for the penalty set in the policy in case the policyholder fails to comply with the provisions of the contract in question.

The term ” Caution ” means caution or prevention and refers to the security or guarantee that the agreement between the insured or beneficiary and the policyholder will be carried out in a timely manner.

The Functions of the Surety Bond are similar to those of a bond, but with certain characteristics that in the majority of the cases make their hiring easier, by not requiring so many guarantees.

Being an additional security instrument, the Surety may only be issued by the Insurance and Surety Bonds (through intermediaries).

What benefits does this new guarantee instrument offer?

What benefits does this new guarantee instrument offer?

 

It provides peace of mind to individuals and corporations at the time of doing business.

It grants security that the obligations established in a contract will be carried out.

It guarantees the repair of the damage in case of breach with the contract.

Avoid economic losses to the insured.

It does not require a joint obligor for hiring, unlike a bond.

It does not imply large economic losses, since only the net premium must be paid.

When a claim is issued, the compensation payment will be made after 30 days.

Are you looking to ensure the fulfillment of a contract, knowing that in case of non-compliance, there will be compensation that will avoid losses to the insured? The  Insurance of Caution  is the instrument of guarantee that you need!

Send us your information and with pleasure a specialized consultant will contact you to provide you with all the information about this new guarantee instrument.