Performance Bond

What is the object of the insurance?

This guarantee is a ferm and irevocabily engagement, assumed by the Insured and the Insurer, regarding the payment of an indemnity, no more than the insured amount, in favour of the beneficiary, if the insured does not fulfill his obligations as mentioned in the contract, meaning the guaranteed obligations.

What is the insured percent?

Usually, the insurance covers between 2% and 10% of the contract.

What is the period of the insurance?                                                                                                        

According to the contractual clauses, as a rule maximum 6 years.

What are the costs of the insurance policy?

The insurance premium is established based on the guarantee value, the valability period of the insurance, the requests of the beneficiary, as mentioned in the contract and the experience of the contractor.

Bid Bond

What is the object of the insurance?

Payment of an indemnity in favour of the beneficiay, in case of:

    • the insured withdraws his offer during its valability period;
    • the insured wins the auction (bid), but does not sign the contract in the specified term, as stated in the offer or the tender book;
    • the Insured wins the auction (bid), but can not present the demanded guarantees for the execution of the contract, as stated in the tender book;
    • the Insured contests the decision to the NCSC and it is rejected.

 What is the insured percent?

Usually, the insurance covers 2 % of the contract’s value.

What is the period of the insurance?

The bid bond is issued for a maximum period of 180 days.

What are the costs of the insurance policy?

The insurance premium is established based on the guarantee value, the valability period of the insurance, the requests of the beneficiary, as mentioned in the contract, the experience of the contractor, the value and the type of guarantees that the insured can sustain.

Constructor’s All Risks Insurance

This “all risks” insurance product is in accordance with international similar products and is structured in two sections:

Section I – Material Damages

Covered Risks:

    • fire, lightning, explosion, boom sonic, aircraft falling, accidental building parts, atmospheric phenomena, theft, etc.

Section II – Third Party Liability

Covered Risks:

Prejudices to third party consisting in:

    • the civil liability of the insured engaged in case of occurrence of prejudices and/or material damages.
General Third Party Liability Insurance

Third party liability covers the damages caused by the Insured – company or individual – to third parties.

  • General Third Party Liability;
  • Producer’s Third Party Liability;
  • Directors and Officers Liability (D&O);
  • Service providers third party liability;
  • Employer’s liability towards employees;
  • Professional liability insurance.
Personal Accidents Insurance

This insurance is recommended especially to persons who are exposed to accidents risks in their daily activity and to those who practice sports that can cause injuries and death.

Covered risks:

Basic:

 

    • invalidity following and accident;
    • death following and accident.

Additional:

    • temporary labor incapacity following an accident;
    • permanent consequences of trauma and burns following an accident;
    • serious infections where the viruses reached the body following an accident;
    • internal organs breaking, caused by excessive physical effort.

 

Time period:

Usually, the insurance period is 12 months, if the parties do not agree otherwise.

CARGO Insurance

Object:

Goods, (specifically mentioned in the insurance policy) during transport carried out by any transportation means (naval, rail ways, road vehicle, aircraft) , within the limits stipulated within the insurance policy, as well as during intermediary storages, before reaching its final destination.

Types of policies:

The insurance can be concluded on a transport by transport basis or for several transports (‘subscription’ type) performed over a determined period of time.

Covered risks:

Specific Clause A – All risks

Specific Clause B – insured risks:

Loss of or damage to the subject-matter insured attributable to:

 

    • fire or explosion;
    • vessel or craft being stranded grounded sunk or capsized;
    • overturning or derailment of land conveyance;
    • collision or contact of vessel craft or conveyance with any external object other than water;
    • discharge of cargo or a port of distress;
    • earthquake, volcanic eruption or lightning;
    • loss of or damage to the subject- matter insured caused by:
      1. general average sacrifice;
      2. jettison or washing overboard;
      3. entry of the sea lake or river water into vessel craft hold conveyance liftvan or storage place.
    • total loss of any package lost overboard or dropped whilst loading on to, or unloading from, vessel or craft.

Specific Clause C – insured risks:

Loss of or damage to the subject-matter insured attributable to:

  • fire or explosion;
  • vessel or craft being stranded grounded sunk or capsized;
  • overturning or derailment of land conveyance;
  • collision or contact of vessel craft or conveyance with any external object other than water;
  • discharge of cargo or a port of distress;
  • loss of or damage to the subject- matter insured caused by:
    1. general average sacrifice;
    2. jettison.
Machinery Breakdown Insurance

Object:

The insured goods consist of machinery, equipment, motors, technological processing lines as well as any other goods connected to them.

Insured risks:

    • operation, setting or assembling, inability or negligence error;
    • designing error, defect hitch or implementation error;
    • lack of water in the steam producing fittings;
    • means of measure functioning, regulation or security error;
    • bursting or buckling during functioning or dismemberment caused by the centrifugal force;
    • overpressure or underpressure;
    • short circuit, overcurrent, overtension with or without fire appearance, on the electric power fittings, etc.

 Time period:

The insurance can be closed for a 12 months period maximum and 1 month minimum.

Electronic equipment insurance

Object:

Section I – Material damages and electronic equipments;

Section II – Data and external data memory devices;

Section III – Additional operational costs/expenses.

Insured risks:

This insurance is an “all risks” insurance, covering, among others:

 

    • faulty operation, negligence, deliberate actions of the employees / third parties;
    • fire, thunder strike, explosion, implosion;
    • fumigation, burning, carbonization;
    • water effects / influence;
    • phenomena / natural causes;
    • design / construction / production errors, material defects, if these errors are not excluded anyway / or as part of exclusions;
    • short-circuit, excessive voltage, induction;
    • house breaking / robbery acts.

Time period:

The insurance can be closed for a 12 months period maximum and 1 month minimum.

Corporate Property Insurance

This insurance is aimed at businesses who own goods used for carrying out economic or social-cultural activities.

 

The insured objects are the companies’ buildings and their content. This type of insurance indemnifies also the expenses for cleaning the place following the risk occurrence, the firemen intervention, damage expertise ( within the limit of 5% of the total insured amount for buildings and content).

Insured risks:

    • fire, lightning, explosion, sonic boom;
    • aircraft falling, accidental building parts falling;
    • atmospheric phenomena ( storm, blizzard, tornado, hurricane, cloud burst, hail);
    • weight of the snow, sewage water and/or neighbor flooding;
    • external crash of a vehicle;
    • vandalism; strikes, mutiny;
    • theft;
    • earthquake, flood, land slides.

Time period:

The insurance can be closed for a 12 months period maximum and 1 month minimum.

Insurance for the non-payment risk on the domestic market

Most of the times, during a commercial partenship, the two parties can establish a certain term for payment of the goods/services which are object to the contract, meaning the supplier can grant a sort of commerial credit to the buyer. This kind of method obliges the supplier to take charge of not cashing the value of the contract, if the foreign client does not pay as settled in the contract or becomes insolvent.

What are the covered risks?

The non-payment risk in case the buyer does not pay in time the value of the deliveries, as settled in the commercial contract.

The policy covers the commercial risk for pre and post-delivery periods.

What is the insurance percentage?

Usually, our company provides the coverage for 80% of the limit granted to a buyer, meaning the value of the receivables that the supplier has to cash from his client.

What is the insurance period?

The insurance against risk of non-payment on the foreign market can be signed for a maximum period of 360 days.

Types of insurance products for the risk on non-payment on the domestic market (domestic credit)

EximAsig’s products provide financial protection against non payment risk. These include protection against insolvency of the buyer and payment delays.

The insurance policy can be issued:

    • for the domestic turnover, that covers the risk of non-payment for all the domestic clients of the Insured;
    • for pre-and post-delivery, as an extension of the initial policy, covering the supplier for the risks that he can be exposed to, from the written admitance of the order, until its delivery.

What are the costs of the insurance policy?

The insurance premium is calculated based on the insured amount, the number of clients for which the insurance is requested and also their reliability, the payment method of the insurance premium (fully or instalments), the history of the company, etc.