What you get?
A guarantee in favor of a contracting authority under a public procurement procedure is a type of agreement which is usually offered in the form of insurance, bank guarantee or an amount of money. It is provided by a guarantor undertaking responsibility for the fulfillment of a contractual obligation under the Public Procurement Act, undertaken by one party with another one in the event of default of the former. Guarantees insurance makes it possible for you to ensure future liquidity for your company without having to use a bank guarantee. If you take advantage of the services of UniCredit Insurance Broker, the insurance company will undertake your liabilities to third parties in its capacity as an independent guarantor.
The Guarantees insurance products are easily accepted by private, commercial and public clients, and they do not affect the credit line from you main bank. They are the optimal solution for companies with requirements for guarantees, in sectors such as construction, machine engineering, manufacturing, import, dispatching, wholesale trade, foreign trade, food industry, etc. The coverage is valid on the territory of the Republic of Bulgaria only.
We will work together with you in order to create custom-made Guarantees insurance solutions that meet the needs of the contracting authority and your exact needs. In addition, your credit line, which you probably have with your main bank, is significantly facilitated by the conclusion of the Guarantees insurance. This helps reduce the financial pressure on you as an entrepreneur and on your company, as you don't have to block monetary funds, pledge assets or establish a mortgage. Instead, you will be able to focus on what really matters to you: the development of your business!
Types of insurance
It serves to secure the performance of the public procurement contract.
It is intended to secure the contracting authority in case the contractor has received an advance payment, but has not fulfilled and will not fulfill its obligations under the contract.
This guarantee is used as compensation in the event of poor performance of contractual obligations.
Questions and Answers
The insurance premium is determined by the insurer, depending on the risk circumstances, the type of the insured property and the history of the damages of the insured. This is usually a percentage of the sum insured of the insured property.
The sum insured is determined on the basis of the replacement or actual value of the asset. Contract value can also be applied. We will help you choose the formation of the sum insured. Please contact us at jotvsbodfAvojdsfejumfbtjoh/ch or fill in the contact form above.
Yes, after duly notifying the insurer. The insurance is certified by issuing a supplement to the policy.
- The insurance coverage enters into force at 00:01 on the date specified as the starting date in the insurance contract.
- The insurance coverage is valid for the period for which the respective premium / installment has been paid and according to the term of the insurance contract.
- The insurance coverage ends at 23:59 on the date specified as the end date in the insurance contract.