Advance Payment Bond

Advance Payment Bond

What is the object of the insurance?

The advance payment bond covers the payment of an indemnity in favour of the beneficiary, if the insured does not fulfill his payment obligations according to the contract, meaning revolving the amount received in advance, in time and subject to the stated conditions.

Who can be the Insured?

The advance payment bond may be used by production companies, equipment suppliers, outsourcers, constructors.

 What is the insured percent?

EximAsig covers a maximum 30% of the contract’s value.

What is the insurance period?

The advance payment bond can be signed for an advance recovery period as stated in the contract, but never exceeding the execution date of the contract.

What are the costs of the insurance policy?

The insurance premium is established based on the contract value, 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 nature of the collaterals put at our disposal by the insured.