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SURETY  INSURANCE

Gambling sector

Guarantees for activities related to the gambling sector
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SAMMY FREE WHOLESALE INSURANCE BROKER

Guarantees for betting
and gambling companies

The Autonomous Administrations require all those companies related to the activity of gambling to provide guarantees that must be deposited in order to obtain the activity licence or to be able to operate with a certain number/type of gambling machines.

The amounts differ depending on the activity to be carried out:

  • Recreational machines type A, B or C
  • Amusement arcades
  • Bingo Halls or Collective Games of Chance Halls
  • Casinos
  • Non-face-to-face gambling
  • Image gambling
Imagen juegos

The purpose of the guarantee is to respond to different situations:

  • Financial penalties for infringements of the relevant Regulation
  • Non-payment of taxes due in this sector
  • Non-payment of the corresponding prizes
SAMMY FREE, SURETY INSURANCE

Advantages of
Surety Insurance

Policies over
5 years

We study surety insurance policies with a duration of more than 5 years.

Increased ability to
participate in auctions

This allows you to increase your capacity to participate in more public tenders simultaneously.

No blocking/pledging
of bank balances

Avoid the blocking or pledging of balances in your bank accounts to improve your cash flow.

Does not consume CIRBE

Surety insurance does not consume bank credit limit, it is not a major bank risk which means higher eligibility for bank products (loans, credit accounts, etc.)

More efficient

Rapid evaluation of the application for the issuance of the surety insurance policy, faster in its study and issuance than the bank guarantee.

Plafond System

Pre-approved line of surety insurance that allows you to get your guarantee quickly when you need it.
SAMMY FREE, 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).

This guarantees the proper fulfilment of a contract under the agreed conditions. It is generally used when a company has been awarded a contract and the Public Administration requests a guarantee for its fulfilment. In order to be eligible to tender, this guarantee replaces the prior tender guarantee and remains in force until completion of the work. This guarantee may be provided by a surety insurance policy issued by an insurance company authorised to do so by the Directorate General of Insurance. The risk in this surety insurance is due to breach of contract by the Policyholder, giving rise to a penalty or termination of the contract for causes attributable to the Policyholder. This procedure is also applied in the case of those activities that are required by the Public Administration to provide a guarantee in order to obtain an activity licence, such as in the Gambling Sector, Mining, Security, Travel Agencies, etc.
This guarantee is used when the successful bidder of a project requests that the Public Administration provide an advance payment from the awarded budget for materials. For the Public Administration to grant this, a guarantee is required. In this case surety insurance guarantees that the materials supplied to the contractor will be incorporated into the fulfilment of the contract within the terms of the contract/or the proper application of the advance payment for the works in question.
This type of guarantee protects the owner of a completed construction project for a specified period of time against defects and failures in materials, workmanship and design that might later arise if the project has been done incorrectly. It acts as an insurance policy on a construction project to ensure that a contractor corrects defects that arise, or that defects are compensated for.