USD BUY: 102.10 SELL: 106.50
GBP BUY: 130.50 SELL: 134.60
EURO BUY: 118.20 SELL: 122.05
INR BUY: 1.57 SELL: 1.63
AUD BUY: 80.00 SELL: 82.75
JPY BUY: 0.83 SELL: 0.86
ZAR BUY: 7.75 SELL: 9.25
CAD BUY: 80.10 SELL: 83.20
CHF BUY: 106.40 SELL: 109.20
TZS BUY: 0.0372 SELL: 0.0457
UGX BUY: 0.0248 SELL: 0.0284
AED BUY: 27.95 SELL: 30.00

Insurance Guarantees

A guarantee is a unilateral contract in which the guarantor undertakes to make a payment to a specified beneficiary within certain limits of a stated sum of money when the third party (contractor / supplier) fails to perform an obligation as per the terms of the contract. The Insurance Agency in this case becomes the guarantor.

There are 2 types of Inusrance Guarantees available: 

Bid Bonds

This is a written guarantee from a third party guarantor (A Bank or An Insurance Company) submitted to a Principal by a Contractor (bidder) which ensures that on winning of a bid, the contractor will proceed with the contract and will replace the bid bond with a performance Bond otherwise, the guarantor will pay the principal the difference between the contractor’s bid and the next highest bidder.

A bid bond is not an insurance, and (if cashed by the principal) the payment amount is recovered by the guarantor from the contractor

Perfomance Bonds

Also known as a contract bond. It is issued by an insurance company to guarantee satisfactory completion of a project by a contractor. It ensures payment of a sum (not exceeding a stated maximum) of money in case the contractor fails in the full performance of the contract.

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