Types of surety bonds

Uncategorized

A guaranty for every need

A guaranty for every need

The world of insurance deposits has a wide range of types of guarantees. In many job fields, but also social and commercial ones, it is more and more likely to incur the request by some public or private bodies for some type of insurance guarantee.

It should also be noted that surety bonds play an important role in the world of public tenders and private construction.

If you are interested in this topic and would like to learn more about it, 
check out our complete guide ” Bonds and Bills

Let’s see what are the most common types of insurance guarantees.

Provisional deposit

Provisional deposit

Required by law on the occasion of participation in public tenders, the provisional deposit must be presented by each individual company. The provisional bail is a document required by law, and allows participation in tenders with the aim of winning works, supplies, services and maintenance.

This guarantee guarantees the customer the commitment made and the availability to complete the work and the regular possession of the requirements: technical, economic and financial by the company that presents itself to the tender.

Final deposit

Final deposit

The definitive security is the policy that the winner of the tender is required to present as a guarantee of the good execution of the works and of the commitments signed at the time of signing the contract with the client.

The definitive guaranty acts as a guarantee if the executor is in default towards the client of the works, and will therefore go to compensation for any deficiencies.

You can consult all the warranties available on us directly in our Bail Bonds and Bidement catalog

CAR policy

CAR policy

The CAR policy guarantees payment by way of compensation in the event of civil liability for damage caused involuntarily by third parties, for death, personal injury or property, in addition to the risks deriving from serious constructive effects.

Deposit for VAT Refund

Deposit for VAT Refund

The security deposit for VAT reimbursement is the guarantee that the tax payer is required to issue to the Financial Administration, should he wish to obtain an early refund of the VAT credit.

Guaranty for tourist visa

Guaranty for tourist visa

The Italian government requires a surety for a tourist visa for non-EU citizens wishing to stay in Italy within a maximum period of 90 days. This type of deposit guarantees the possession of the economic requisites necessary for one’s own sustenance during the period of stay in Italy.

It can be stipulated by the host organization and responsible for the economic support of the visiting subject.

Ten-year posthumous policy

Ten-year posthumous policy

The “Provisions for the protection of property rights by purchasers of buildings to be built” imposes the obligation on the part of the manufacturer to stipulate “a ten-year insurance policy for the benefit of the purchaser and with effect from the date of completion of the works “, with the aim of guaranteeing the reimbursement of the material damages suffered by the building.

This warranty takes the name of the Ten-year Postuma Policy and in addition to the aforementioned coverage, it also guarantees for possible damages to third parties, deducting from total or partial ruin, or from serious construction defects of the works, ground defect or defect of the construction, manifested in phase following the signing of the final contract of sale or assignment.

Deposit for advances

Deposit for advances

The public procurement legislation allows contractors to apply for and obtain from the commissioning bodies advances on the contract amount before the start of the works, upon presentation of a deposit for advances.

This security causes the contracting station to obtain the reimbursement of the advances granted to the contractor up to a maximum of 20% of the contract price. The sum thus disbursed will be withheld from any advances envisaged in the progress reports of the contract.

Other types of commonly issued sureties are the deguenti:

  • Deposits guaranteeing public procurement contracts
  • Deposits guaranteeing contracts between private individuals
  • Deposits for contracts abroad
  • Customs deposits
  • Deposits for lease
  • Deposits for public concessions
  • Deposits for urbanization
  • Guarantees for waste disposal