SURETIES
SURETIES
Our Sureties product offering is a comprehensive solution that covers a wide range of bonds and guarantees tailored to match specific risks
We understand that every situation requires a unique approach, which is why we work closely with our clients to provide customized coverage. Whether you need performance bonds, payment bonds, bid bonds, or other guarantees, our expert team will ensure that your business transactions and obligations are safeguarded.
With our flexible and reliable solutions, you can instill confidence in your stakeholders and navigate the complexities of the business landscape with peace of mind. Choose our sureties product offering to mitigate risks, ensure financial security, and foster successful business relationships.
Surety Insurance
In terms of products, the Sureties market is comprised of a wide range of bonds and guarantees which are provided to match the specific nature of risks they are required to cover. KIZ has the ability to consider and provide a wide range of Surety products. These include different types of bonds and guarantee, as follows:
Experience the Difference
Surety Policy
With our diverse product offering, you can choose the specific insurance solutions that align with your business requirements, providing you with peace of mind and financial protection in various situations. Trust KIZ to deliver reliable and tailored insurance coverage to meet your specific needs.
Insurance Solutions
Bid & Tender Bond
Provides assurance to the project owner that you will fulfill your obligations if awarded the contract.
Advance Payment Guarantee
Protects the project owner by guaranteeing the repayment of any advanced payments made to you.
Performance Bonds
Ensures that you will complete the project according to the agreed-upon terms and conditions.
Maintenance Bond / Retention
Covers any defects or issues that may arise during the maintenance period after project completion.
Repayment Guarantee
Guarantees the repayment of loans or financial obligations to lenders or creditors.
Payment Guarantee
Assures suppliers or vendors that they will receive payment for goods or services provided.
Security Bond
Provides financial security in cases of default, non-performance, or breach of contractual obligations.
Bankers Blanket Bond
Protects banks from losses resulting from fraudulent activities such as employee dishonesty or forgery.
Payment Protection and Default
Safeguards against non-payment or default by customers or clients.
Trade Credit Insurance
Protects against the risk of non-payment by customers for goods or services on credit terms.
Customs and Taxes Bond
Ensures compliance with customs regulations and guarantees payment of duties and taxes.
Residual Value Insurance
Protects against the depreciation of an asset's value over time, ensuring the guaranteed value at the end of the lease or financing period.
Claim Settlement Process
STEP 1
Notify us of your claim either by phone, email or online within 14 days.
STEP 2
Provide necessary details about the incident.
STEP 3
Cooperate with any investigation conducted by KIZ
STEP 4
Provide required documentation, such as the bond agreement and contracts.
STEP 5
Finally, a decision will be made, along with a cash settlement form to be completed if the claim is approved.
Documents Required
- Claim form provided by KIZ
- Bond agreement
- Contracts and project documentation
- Payment and performance bond forms
- Change orders or modifications to the project
- Notices of default or termination
- Documentation of project progress and completion
- Any correspondence related to the project or claim
