USD BUY: 99.00 SELL: 103.40
GBP BUY: 137.15 SELL: 141.25
EURO BUY: 119.15 SELL: 123.25
INR BUY: 1.48 SELL: 1.54
AUD BUY: 73.85 SELL: 76.60
JPY BUY: 0.90 SELL: 0.93
ZAR BUY: 7.00 SELL: 9.50
CAD BUY: 76.05 SELL: 79.15
CHF BUY: 100.25 SELL: 103.05
TZS BUY: 0.0358 SELL: 0.0436
UGX BUY: 0.0236 SELL: 0.0268
AED BUY: 27.25 SELL: 29.30

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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