Suretyship is a very specialized line of insurance that is created whenever one party guarantees performance of an obligation by another party. Rama offers a wide range of Surety Bonds.
An insurance product that comes in the form of Guarantee Proof from Surety on Bank Guarantees that have been issued by Commercial Banks for the interests of the Principal in accordance with the requirements given by the project owner (Obligee). In this case, Surety has an agreement to pay compensation to the bank for claims submitted by the project owner (Obligee). Types of Bank Guarantee Cons provided by Rama Insurance include:
If the Principal is declared to fail to pay based on payment terms in the contract or the agreement between the Principal and the Obligee, this insurance product will ensure Surety to pay as much as possible in accordance with the agreement stated in the guarantee certificate to the project owner (Obligee).
Payment Bond Insurance has a period that is adjusted to the contract period or agreement that has been made and agreed by the Principal and Obligee.
Bid Bond is a Bond issued by the Guarantor at the request of the Guaranteed/Principal, to guarantee the Guaranteed/Principal offer of a project/work held by the Beneficiary of the Guarantee/Obligee.
Performance Bond is a Surety Bond issued by the Guarantor at the request of the Guaranteed/Principal, to guarantee the performance of the Guaranteed/Principal in a contract/Agreement with the Beneficiary/Obligee.
Advance Payment Bond is a Surety Bond issued by the Guarantor at the request of the Guaranteed/Principal, to return the Advance received by the Guaranteed/Principal from the Guarantee/Obligee based on the contract or agreement.
Maintenance Bond is a Surety Bond issued by the Guarantor at the request of the Guaranteed/Principal, to guarantee the implementation of maintenance/maintenance of a job carried out by the Guaranteed/Principal/ to the Beneficiary of the Guarantee/Obligee in accordance with the contract/Agreement.