Beneficiary (Insured Party)
Issue of the Guarantee
FEATURES OF THE OPERATION
Our surety bond insurance provides companies with the guarantees they need to provide when entering into contracts with public and private entities. In such operations, ABARCA SEGUROS is the insurer, the client is the policyholder and the beneficiary of the guarantee provided is the insured party. In the event of failure to comply with the terms of the policy, the insurer indemnifies the insured party up to the insured amount, which is then reimbursed by the policyholder.
ADVANTAGES OF SURETY BONDS
with all types of Surety
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PROVISIONALS AND DEFINITIVES
Provisional: Companies that wish to offer their services in tenders for the provision of public services need to present a surety bond to guarantee effective compliance with the terms of the offer presented to the authorities.
Definitive: Guaranteeing compliance with the contractual obligations of the party executing the works or providing the service.
Guaranteeing that the land where quarries or mines are located is restored to its original state following the works in accordance with the parameters established in the corresponding remediation plan.
Covering administrative liability due to breaches of private security regulations resulting from the company’s activities.
Guaranteeing the construction and correct operation of power generation plants.
TEMPORARY EMPLOYMENT AGENCIES
Guaranteeing payment of debts due to salaries and social security payments accruing in relation to the activities of temporary employment agencies.
Guaranteeing the reversibility of the economic consequences of non-final judicial proceedings.
Covering liability for obligations deriving from intra-Community movement of products. Presentation before tax authorities.
CUSTOMS AND IMPORTS
Covering payment of tariffs and fines deriving from the activities of customs agents, importers and joint ventures.
Guaranteeing repayment upon the established terms of amounts received prior to execution of works to cover purchase of materials, installations and equipment.
Covering payment of amounts established in the instalment regime agreed with the beneficiary.
Awards of concessions require performance bonds to ensure that the operator complies with all the terms and conditions established in the concession contract.
BETWEEN PRIVATE INDIVIDUALS
Between private individuals.
GUARANTEE OF QUANTITIES
It guarantees, from the moment the licence is obtained, the return of the amounts paid in the event that the agreed deadlines for the start of construction or the delivery of the property are not met.