Bonds Insurance
Cover request process

This policy guarantees that a particular debt issue will be paid if the debt issuer experiences financial difficulties (Guarantees the bondholder of payment in the event bond issuer’s default). Our guarantee cover provides coverage for:

  • Bid Bond: provides guarantee that the winning bidder will undertake the contract under the terms at which they bid.
  • Performance Bond: guarantees satisfactory completion of a project by a contractor.
  • Advance Payment Bond: guarantees that the issuer will refund the advance payments made by the buyer if the seller or contractor fails to meet its contractual obligations
  • Custom Bond: guarantees that the customs authority will receive tax fees and duties in the event the importer fails to pay.
For insurance cover to be processed, the following information is required: Bid bond: Tender document, Performance Bond: Notification letter, Advance payment bond: Contract and Custom bond: filled proposal form
Under Bonds Insurance, the following are covered
  • Bid Bond
  • Performance Bond
  • Advance Payment Bond
  • Custom Bond

Bonds Insurance Claim

Claim processing process

Claims can be lodged in all BK branches. You can use the nearest BK branch office to lodge your claim. A claim with all required documentation is settled within 3 working days after the date of receipt of the claim. Complicated cases may take a maximum of seven days. On line services are being developed to facilitate our clients to make claim declarations online

Information Required

For a claim to be processed, the following information is required: Filled declaration form, insurance policy

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