A guarantee is a assurance or payment commitment made by a guarantor on behalf of its client (risk party) to a third party (beneficiary party) to support the client ’s performance of its obligations under the contract with the beneficiary party. The letter of guarantee may be issued by a bank, guarantee company or insurance company. For letter of guarantee insurance, the insurance company, as a party to the guarantee, reviews the contractor ’s credit and establishes a letter of credit for the contractor.
The types of guarantee insurance we provide include:
Bid Bond
Performance guarantee
Labor and Material Payment Guarantee
advance payment guarantee
Supply and Service Guarantee
Environmental Guarantee
Guarantee Letter
Litigation Guarantee
Warranty letter
Customs guarantee
In addition to the domestic engineering guarantee insurance, we also provide overseas engineering guarantee services:
The North American market does not accept bank guarantees, only those issued by insurance companies. In the United States, insurance companies have issued credit guarantees for more than 100 years. The guarantee amount of the American guarantee is usually 100% of the contract amount. At the same time, the validity period of the guarantee is the same as the project contract period and has an independent warranty period.
Outside North America, some regions do not accept insurance company guarantees, some regions can accept bank guarantees issued by domestic banks, and insurance guarantees can be accepted in South America, Southeast Asian countries, Australia and Europe.
Our advantage:
1) Our service consultants can provide leading guarantee consulting services for enterprises. When bidding for a contract, the ability to guarantee or guarantee the service is crucial. Failure to provide a guarantee may result in loss of bidding qualification.
2) Sunwising Insurance has established good cooperative relations with many domestic and global guarantee providers. We can help customers obtain guarantee solutions with the most competitive terms and prices.
3) The insurance guarantee letter has no direct impact on the bank ’s credit limit, will not occupy the bank ’s credit limit, nor will it affect the company ’s cash flow, and will also have a credit strengthening effect on obtaining financing. We comprehensively consider the scale, capital and project situation of the enterprise to provide customers with innovative and leading domestic and global guarantee solutions.