Guarantees
Explained
A type of insurance that provides financial or performance protection to a third party in the event that the insured party fails to fulfill its contractual or financial obligations under a contract. The role of guarantee insurance is to provide peace of mind to both parties involved in a contract.
"I am proud of the exceptional value we bring to our clients through our comprehensive insurance guarantees. Our role is to shoulder the risk so our clients can concentrate on their core business operations. We see each guarantee as not just a financial safety net, but a testament to the strength and credibility of our client's business. " - Celeste Nel
At SPECIALISED CREDIT, we leverage our deep industry expertise to provide comprehensive insurance broking services and strategic advice around this important function. Insurance guarantees serve as a critical financial safety net, protecting businesses from potential losses and providing assurance to partners about the fulfillment of contractual obligations.
The principal benefit of these guarantees is the mitigation of risks associated with business transactions, fostering trust and enabling the smooth execution of projects across various sectors.
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At SPECIALISED CREDIT we provide guarantee solutions to the following industries
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Construction
Construction & Manufacturing
Wholesale & Retail
Logistics, Import & Export
Mining
LIST OF GUARANTEES OFFERED
Bid bond Guarantee
A bid bond guarantee is a type of guarantee insurance that is used to ensure that a contractor will fulfill its obligations if it is awarded a contract. The bond amount is typically 10% of the contract price. If the contractor fails to fulfill its obligations, the surety company will reimburse the project owner for the losses incurred.