Bank Guarantee Insurance

Bank Guarantee Insurance

The insurance is designed for Bulgarian financial institutions (banks).
What is insured is the risk of financial losses and/or additional expenses in connection to payments under a guarantee contract (guarantee).

Risks covered
Depending on the character of the guaranteed liability of the liable person, the contracted insurance coverage encompasses:

  • Guarantee of contractual obligations of the liable person, including in relation to:

1. Contracts for delivery of goods and/or execution of services
2. Return of advance payment on the part of the liable person upon contract discharge
3. Good execution and functional guarantees (Bonds, Liquidated damages)

  • Guarantees for participation in tender (competition) or procurement procedures, including the cases when upon winning the guarantee develops into a performance guarantee
  • Other guarantees explicitly approved by the Insurer.

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