Pre-approved Guarantees
The best way to be able to obtain a guarantee quickly is to have a PLAFOND, a pre-approved line of guarantees.
The insurer studies the company’s financial situation and assesses its risk by setting a capacity limit.
Pre-approved Line of
Guarantees
This product requires the pre-approval of a sum total of guarantees, for which a complete economic and financial documentation of the company must be submitted.
Once the Plafond is approved, the businessperson can obtain the policy more quickly as the company is already valued. The company requests the amount it would need for each type of guarantee and the insurance company fixes the amount for each guarantee.
Advantages:
Plafond Lines
Fast issuing
of guarantees
We study surety insurance policies with a duration of more than 5 years.
Speed in
processing
More efficient
tendering
Advantages over Bank Guarantees in those Guarantees to be presented to the Public Administration or in the Guarantee for Developers of New Buildings.
Coverage:
Types of Surety Insurance
SURETY INSURANCE
Consult the different Surety Insurances that we have available
Every contractor who applies for a public tender, as established in the Law on Contracts with Public Administrations, needs to submit, together with their bid, a bid bond to ensure that, in the event that they are awarded the contract, they will sign the performance contract in accordance with the conditions under which they made their bid.
For those Contractors who have not been awarded the contract, the validity of this guarantee shall last until the awarding of the contract.
These guarantees may be constituted by means of a surety insurance policy issued by an insurance company authorised to do so by the Directorate General of Insurance.
The loss arises in the event that the Insured Party awards the contract to the Policyholder and it is not formalised for reasons attributable to the bidder (Policyholder).