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.
KLLP Insurance and Reinsurance Company, based in Cyprus, has a BB+ rating from Standard & Poor's and a AAA capital adequacy. The company has over $200 million in Equity
Axeria IARD is a member of the Arch Insurance group. Axeria has an A- rating from AM Best.