DESCRIPTION OF GUARANTEE OR BOND
Tender Bond (Bid)
Guarantees issued at the request of the tender for bids of construction and procurement of project, committing that the tenderer will not withdraw or amend its bid during the validity period of the bid, and will sign the contract or submit performance guarantee within the preset time once winning the bid. Solve the problem of mutual mistrust between the tender and tenderer with bank credit to realize smooth tender offer.
Performance Bond
Guarantee issued at the request of the customer to the owner of a contracted project or the buyer of a sales deal, guaranteeing the applicant will strictly perform the contracts in the pre-established terms and conditions. Guarantee proper fulfillment of contractual obligations and the quality of the subject matter of contract; solve the problem of mutual mistrust between the parties, and reduce capital occupation.
Advance Payment Guarantee
Guarantee issued at the request of a customer to the owner of a contracted construction or the buyer of a sales deal, guaranteeing the applicant will fulfill the contractual obligations after the owner or the buyer makes advance payment. Facilitate timely receipt of advance payment, as well as speed up capital turnover during project construction and preparation-of-goods period.
Retention Money Guarantee
Guarantee issued to the owner or the buyer to guarantee that applicant will fulfill contract obligation in the warranty period or maintenance period, at the request of construction contractor or supplier. It is applicable for the situation that the owner or the buyer requires the contractor or the supplier to fulfill warranty or maintenance obligations as contracted when construction, supply and installation contracts enter into the warranty period or maintenance period.
Warranty Guarantee
Guarantee issued to the owner or the buyer to guarantee that applicant will continue to fulfill contract obligation after withdrawing final payment of the contract price in advance, at the request of construction contractor or supplier. The product allows the applicant to collect final payment in advance from the owner or the buyer in the later stage of executing construction contract and procurement contract, thus accelerating capital turnover and gaining capital benefits.
Reinsurance Covers
Facultative Covers
We operate a de minimis premium size, however we are prepared to discuss this as part of an ongoing business relationship.
Treaty Support
We support both proportional and non-proportional treaties. Our team will be looking forward to review and consider support to your treaties.
Reinsurance Team
You are invited to contact our Reinsurance Manager, and discuss your reinsurance needs. Our Reisurance Manager is available at: [email protected]
Claim Services
Process your claim
All original documentation / certified copy must be sent by email to the registered email: [email protected] / [email protected]
Upon receipt of the claim documentation, you will be notified of the name of the person responsible for managing and settling the claim who will contact you to agree on the definition of your claim request.
Facultative Covers
All claims must be reported by sending an e-mail addressed to: [email protected] / [email protected]
ON LINE VERIFY
Verify your Guarantees on line
You should verify your Bond and your Guarantees on-line with South Star Insurance Ltd by the Customer Service e-mail: [email protected] / [email protected]
