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Surety Insurance & Bond

The secured contractual obligation can have many forms e.g. constructing a building or being compliant to legislative regulations.


Examples:
–  The failure of a contractor (principal) to complete a contract in accordance with its terms and specifications.
–  The failure of an enterprise to pay taxes or customs duties to a government or department (beneficiary).

The most common types of surety bonds can be categorised as follows:

a.customs, tax and/or similar bonds
b.bonds concerning concessions and licenses
c.judicial bonds
d.bonds concerning purchases of goods and/or services
e.bonds concerning leases
f.bonds concerning construction and/or supply contracts
g.financial bonds
But there are many types of other bonds as well.

A surety bond provides the security to protect the creditor against the default or insolvency of the principal up to the limit of the bond. For example, the failure of a contractor to complete a contract in accordance with its terms and specifications or the failure of an enterprise to pay taxes or customs duties to a government or department.
They play a vital part in domestic and international trade and in particular protect taxpayers against the loss of public funds.

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A surety bond provides the security to protect the creditor against the default or insolvency of the principal up to the limit of the bond. For example, the failure of a contractor to complete a contract in accordance with its terms and specifications or the failure of an enterprise to pay taxes or customs duties to a government or department.
They play a vital part in domestic and international trade and in particular protect taxpayers against the loss of public funds.

At BISL, you have our committment to find an effective balance between our client's insured risk and the future wealth or organization's fiscal well-being
Risk management is intended to manage financial and other losses potentially associated with risks to your assets, business, or health.
Risk management is intended to manage financial and other losses potentially associated with risks to your assets, business, or health.