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Surety Policies

Frequently asked questions

What is a Surety Policy?

The Surety insurance is a contract by which an Insurer (InSur) guarantees a nominated third party, the Insured / Beneficiary the compliance of the Purchaser / Proponent regarding a contractual obligation.

What is a Counter Guarantee?

It is the backup that allows the Company to obtain patrimonial compensation in the event of it being obliged to pay an indemnity due to a loss occurrence. The Policy Purchaser becomes obliged to reimburse the Insurer for sums of money it pays with respect to a loss.

What types of Counter Guarantees exist?

Written guarantee, simple or legally supported, promissory notes, real guarantees (mortgages, securities, time deposits, etc.).

How does a policy become effective?

The procedures specified in the general conditions of each Surety Policy must be followed. A written notification must be sent in all cases to the Insurer indicating the policy number, the claim amount and the reason of non compliance, attaching information supporting said notification.

What is a Loss Adjustment?

The settlement of loss events covered by insurance will be managed by the legal department of the Company.

The purpose of a loss adjustment is, basically, to determine the occurrence of a non compliance and whether it is covered under the policy and finally, to quantify the amount of the indemnity to be paid.

What is an insurance Broker?

Insurance Brokers are natural persons or legal entities which are independent from insurance companies, whose function is to provide counselling to the Insurance Purchaser regarding the most convenient coverage conditions with respect to his necessities and interests. They must likewise provide information regarding contract conditions and its possible modifications and provide assistance during the policy period.

In order to perform their activities, the Insurance Brokers must be registered with the Superintendence of Insurance of the Nation, complying with requisites of current norms.