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OFFICIALLY LAUNCHING: SURETY BOND INSURANCE - PROTECTION SOLUTION FOR CONTRACTORS AND INVESTORS2020-07-23 BaoViet Insurance Corporation

Hanoi - July 22, 2020, Baoviet Insurance officially launches the new insurance programe named Surety Bond Insurance as a further step of Bao Viet Insurance in diversifying its products to protect customer at all risk .


 

Worldwide, bond insurance plays an important role in the economic development of each country. This is an effective financial tool to address the risks of the responsibilities and obligations of each party in commercial transactions, thereby promoting transactions and the development of the economy. Especially for the construction industry - one of the industries negatively affected by the economic downturn caused by the Covid19 epidemic - Bond insurance offers a new and effective solution to protect both the Contractor as well as the Owner. In developed countries, Bond insurance is seen as a policy tool for economic development, poor construction prevention and harassment, and export promotion. In Vietnam, businesses are accustomed to bank-issued bond insurance, however, the advantage of this one is good financial security, low margin rates. 

 

Bao Viet Insurance offers a variety of guarantee insurance with outstanding benefits - providing the highest guarantee for businesses.

 

Understand clearly market demand, where there is a large investment, where ethere is a risk needs to have the security to confidently develop , Insurance Bao Vietnam has built and launched the insurance product Diverse guarantee of rights including :

  • Bid security : Ensuring the rights of the Employer when the Contractor has won the bid but does not sign the contract;
  • Performance security : Ensuring the rights of the Employer when the Contractor fails to perform its obligations as stipulated in the contract;
  • Guarantee of advance payment : Ensuring the interests of the Investor when the Contractor fails to pay or misuse the advance amount of the contract;
  • Warranty Guarantee : Guarantee for the maintenance and warranty obligations of the Contractor during the warranty period.

With a well-qualified staff and a nationwide network that is easily accessible, Bao Viet Insurance provides tailor-made solutions based on the needs of customers to optimize insurance benefits as well. such as meeting the requirements of the Guarantee Acceptor or the Employer .

 

Unlike a bank guarantee, the Bond insurance of BaoViet offers many great benefits to contractors and investors. With low margin ratio and reasonable insurance premium, the contractor does not reduce the credit limit for the bank, thereby freeing up cash flow. For investors, this is a tool to ensure the work will be completed and help protect financial capacity.