Surety Bonds Insurance
Protect Your Projects, Ensure Completion, Boost Confidence
Surety Bonds Insurance acts as a financial safety net for contractors and project owners. It ensures projects are completed on time, minimizes risk of loss, and provides credibility to businesses in large-scale construction and infrastructure sectors.
Key Benefits
- Reduces financial exposure for project owners
- Frees working capital for contractors
- Enhances trust and accountability across projects
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What is Surety Bonds Insurance?
Surety Bonds Insurance is a financial guarantee that a contractor will meet their obligations. It ensures project continuity if the contractor defaults. Key parties include the Principal (contractor), Obligee (project owner), and Surety (insurer). This system promotes trust and reduces project risks.
Why do you need Surety Bonds Insurance?
Reduced Dependence on Bank Guarantees
Surety bonds free up working capital, giving contractors financial flexibility to bid on more projects.
Stronger Project Protection
Ensures project owners are compensated and projects continue smoothly even if contractors fail to deliver.
Better Cash Flow for Contractors
Contractors can maintain liquidity, take multiple projects, and reduce financial stress.
Accountability and Trust
Encourages contractors to honor commitments, promoting transparency and reliability throughout the project lifecycle.
Why choose Insurance Manager to protect your business?
Expertise You Can Trust
Years of experience in managing risk for large-scale projects ensures the right bond solutions.
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Tailored Coverage Options
Customizable policies fit your project size, type, and risk profile.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Fast, Efficient Service
Quick approval process saves time and keeps your projects on schedule.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
Comprehensive Support
From claims to advisory, we guide you through every step for smooth project execution.
What does Surety Bonds Insurance cover and exclude?
Plan Coverage
Contractor Default
Provides financial compensation if the contractor fails to complete the project as agreed.
Advance Payment Misuse
Protects the project owner if advance payments are misused or not properly utilized.
Non-Performance Risks
Ensures contractual obligations are fulfilled according to agreed terms and conditions.
Retention Money Assurance
Covers retained amounts while assuring quality work and timely project completion.
Bid Bond Protection
Guarantees that the contractor honors the bid and signs the contract if selected.
Project Continuity Support
Helps ensure project progress continues even after contractor default.
Financial Loss Compensation
Reimburses actual financial losses incurred by the project owner.
Legal & Administrative Costs
Covers costs related to claim processing, enforcement, and administrative actions.
- In-patient treatment 24 hours a day
- Pre-existing disease
- Pre and Post hospitalization
- Domiciliary hospitalization expenses
- Reimbursement of cost of health check-up
- All day care procedure
- Family floater to covers member’s immediate family such as a spouse, dependent children, dependent parents, etc.
- Maternity benefits
- Dental treatment
- Cost of spectacles, contact lenses
- Waiver of waiting period
- Waiver of first-year exclusions
- Reimbursement of ambulance costs
- Baby day one care
- Vaccination benefits
- Increased room rent limits
- Corporate buffer
- Out-patient treatment (OPD Card)
- Root canal surgery
- In-hospitalization expenses due to sickness or accidents
- Room and boarding expenses as provided by the hospital/nursing home.
- Nursing expenses.
- Surgeon, anesthetist, medical practitioner, consultants or specialist fees.
- Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines and drugs, diagnostic materials and X-Ray, dialysis or chemotherapy.
Major Exclusions
Natural Disasters
Losses caused by earthquakes, floods, storms, or other acts of God are excluded.
Contractor Bankruptcy
Financial insolvency not covered under the bonded agreement is excluded from coverage.
Design & Engineering Errors
Defects arising from design flaws or technical errors are not covered under this policy.
Owner-Caused Delays
Delays or losses resulting from the project owner’s actions are excluded from coverage.
Fraudulent or Illegal Acts
Intentional fraud or unlawful activities by involved parties are not covered.
War & Civil Disturbance
Losses due to war, terrorism, or civil unrest are excluded from coverage.
Unrelated Third-Party Claims
Claims not directly linked to contract performance are not included.
Late Claim Notification
Claims reported after the stipulated time period may lead to denial of coverage.
- If the appropriate waiver is not opted for, then the policy will not cover
- Treatment of pre-existing illnesses.
- Any treatment for illnesses/diseases within the first 30 days of the policy, unless it is an accident.
- Treatment of specified illnesses for the first year of the policy.
- Certain diseases like hernia, cataract, piles, sinusitis, etc are excluded during the first year of operation in the cover.
- Any claim arising out of or traceable to pregnancy.
- Ayurvedic, homeopathy, naturopathy or any other form of local medication.
- Alcoholism, drug abuse, and AIDS.
- Dental treatment or surgery unless it requires hospitalization.
- Cost of spectacles.
- Vaccination and inoculation.
- Cosmetic treatment.
Your Journey to Insurance Manager
When can I Claim?
A claim under Surety Bonds Insurance can be registered in the below circumstances:
- If the contractor fails to perform the agreed work within the contract timeline
- Misuse or improper utilization of advance payments
- Breach of contract obligations such as quality standards or project completion
- Non-compliance leading to financial loss for the project owner
- Claims must be reported promptly with supporting documentation
Claim what’s yours with Insurance Manager
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