Surety Bonds – Letters of Guarantee
Surety Bonds is an insurance contract, through which the Insurance Company undertakes the obligation to pay the beneficiary in case the insured/principal cannot fulfil their responsibility.
Surety Bonds Advantages
Surety Bonds offer a variety of advantages to businesses, participating in tenders and undertaking projects.
- Avoid capital commitment
- Bigger working capital and liquidity
- Participation in more tenders
- Claim more tenders with possibilities for more project assignments
- Increase of revenue and profitability
Types of Surety Bonds
SoEasy Insurance offers the following types of Surety Bonds:
- Participation Guarantee
- Advance Guarantee
- Good Performance Guarantee
- Good Payment Guarantee
- Guarantee of Good Operation and Maintenance
- Customs
- Guarantee for the granting of an Industrial Emissions Permit (Environment Department)
- Energy Regulatory Authority (RAE)
Organizations that Letters of Guarantee are issued:
- General Accounting Office of the Republic
- Public constructions
- Department of Building and Housing
- Ministry of Education
- Ministry of Interior
- Ministry of Health
- Organization of State Health Services (OKYpY)
- Department of Water Development
- Municipalities / Communities
- Cyprus’ police
- Sewerage Boards
- Department of Customs
Affiliated Insurance Companies
SoEasy Insurance issues Surety Bonds contracts through leading Insurance organizations. We are currently working with the companies below.
Axeria IARD is a member of the Arch Insurance group. Axeria has an A- rating from AM Best.