Insurance
surety
the best alternative to bank guarantees
Technical guarantees to the public administration for concessions, awards and tenders.
What is
surety insurance?
What is surety insurance for?

Applications of Surety Insurance
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).
Surety insurance:
the best alternative to bank guarantees
Surety insurance is a guarantee that, unlike a bank guarantee, does not pledge financial resources and is not included in the CIRBE, i.e. it does not add to bank risk and this means a greater possibility of opting for other products such as loans, credit accounts, promissory note discounting, etc.
If you replace bank guarantees with surety insurance, your cash flow improves and your banking risk decreases, thereby increasing your solvency.