What is a Surety Policy?
Surety insurance is a contract whereby an Aseguradora garantiza a favor de un tercero denominado el Insurer (InSur), provides a guarantee to a nominated third party, the Insured / Beneficiary, ensuring the Purchaser / Proponent with respect to compliance of a contractual obligation.
Therefore the Insurer (InSur) becomes obliged to indemnify the Insured / Beneficiary for a determined amount with respect to the damage caused by the Purchaser, resulting from his non compliance.
Purchaser / Proponent: requests the insurance and must comply with guaranteed obligations.
Insured / Beneficiary: third party to whose benefit the policy is issued.
Insurer (InSur): in charge of issuing the policy.
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