Protects against legal liability to third parties while conducting professional duties resulting from ‘breach of professional duties’. The bail bondsman then contacts the surety company they work with to borrow the cash to post your bail. Although the surety bond market is a significant component of the insurance industry, little information is available to advise people on how to apply for a surety bond. 9. Protect your equipment and the construction works of your business. Covers various types of Containers or Tanks used in transporting cargo or any moveable properties, while they are in transit or in a container yard. Protects the buyer or seller against damage, destruction or loss of goods being transported. [INFOGRAPHICS] Fastbreak - Car Damage Claims in 90 Minutes. Protects migrant workers in case of accidental death and disability, medical evacuation, and repatriation of remains, as mandated by RA 10022. Provides seamless cover for all moveable goods (inventory) that are the subject of the insured’s trade, including raw materials, semi-finished, and finished products. SmartStart is a regular pay variable life insurance plan that insures expectant mothers against complications that may arise during pregnancy and provides insurance benefits for the child upon birth up to age 99. Provides coverage geared specifically to the operation of aircraft and the risks involved in aviation. Alpha Insurance & Surety Company, Inc. ranks among the leading and more stable insurance providers in the country. Plan for a business trip easily and get the right protection for you and your employees during your trip. We have a range of insurance solutions that provide coverage for the many assets of the business or company. Protect yourself and your investments from loss. Required of contractors in connection with contracts for construction or for the supply of labor or such other service. It is also referred to as a contract bond... Kindly submit a CONTRACT or NOTICE OF AWARD as our reference for the proposal at suretybondsph@gmail.com..... ☎ +63 917-514-5320 | www.SuretyBondsPH.com.. # suretyvbond # suretybonds # surety # bond # bonds # performancebond # contractbond # constructionbond # bondsph # insurance. With all the details you have to take care of, allow us to take one worry off your back with a comprehensive insurance package created especially for event producers. A contract to supply material and equipment for construction work is placed for public bidding. Our superior travel insurance provides comprehensive personal assistance anytime, anywhere. Magbibigay tulong pinansyal din ito sa pagpapalibing sanakaseguro at kapamilya nito. Filed by a party who is either a plaintiff or defendant in a litigation case that guarantees that he will honor or pursue the legal remedies of the courts. Provides coverage for students and other individuals within a school setting. Cover yourself for the mishaps that can occur on the golf course. When a contract is awarded to a contractor to undertake construction work for the obligee, the contractor is required to post a bond which will guarantee that the principal (the contractor) will perform the job according to the terms and condition of the contract and within the period specified. Provides insurance coverages for a defined group of people, such as members of professional associations or employees; coverage includes life insurance, health insurance, and/or other types of personal insurance. Pioneer underwrites bonds or contracts of surety in which case one party (the surety) guarantees the performance of a primary obligation required by law or a contract by another party (the principal) in favor of a third party (the obligee). Add protection and security to your business. Covers the expenses incurred from loss or damage to moveable property such as heavy equipment, machines, portable electronic equipment, paintings. The participants to such bidding are required to post a bidder's bond, which guarantees that if the principal is successful in his bid, he will enter into a contract with the obligee. Renewal or Modification of CBA’s Effect on Surety Bond: The renewal, extension or modification of the CBA shall not invalidate or otherwise modify this surety bond. Today in the Philippines, surety premium rates are subject to minimum tariffs. Find the right insurance solution for your business. A fidelity bond promises to reimburse the employer (the obligee) for any loss of money or property that the employer might sustain due to the dishonest acts of the employee (the principal) named in the bond. How Surety Bond Rates Are Calculated. Covers your life and protects your savings with a Variable Unit Linked policy whose investment fund has two components that provide a guaranteed amount and long term growth through variable returns. For Contracts and Other Business Agreements. Insures the pilots/co-pilots and/or passengers for death, permanent total disablement while flying, embarking or disembarking from the aircraft. Being one of the most reputable companies in the country, Travellers Insurance & Surety Corporation (TRISCO) provides bond requirements for the following: BIDDERS BOND This type of bond is most commonly prefered by contractors because this is more efficient and they do not have to be connected to any bank credit lines during the bidding process. Providing the construction project owner with the assurance that the contractor will perform all agreed obligations. An agreement whereby one party called the Surety, for a Valuable consideration or free known as premium, binds himself to guarantee the performance of another party called the Principal or Obligor of an obligation or undertaking in favor of a third party called the Obligee. Regulations (IRR) of Republic Act (RA) No. BPI/MS is one of the leading and trusted non-life insurance companies in the country. Covers you from the expenses arising from accidents. Best used as an estate conservation tool. Is a regular pay variable life insurance plan that allows you to build a significant amount of funds for future use by contributing to it in just three years. See More The threat of COVID-19 still looms large. InstaLife is an investment and life insurance plan with an Automatic Acceptance feature. Provides personal accident coverage for qualified individuals belonging to a company or organization. Covers the Insured’s legal liability arising out of their ownership and/or operation of the aircraft. Provides insurance protection for motor vehicles, motorcycles or fleet of vehicles against loss in the event of an accident, theft, or damage caused by natural occurrences. MAPFRE INSULAR Insurance Corporation © 2016. The List of Insurance Companies Accredited by the BOC for the Issuance of the Surety Bond, as of 08 January 2002, is herewith attached as Annex E. The BOC-NAIA Bonds Division (Attention: Director Dina Viernes) is continuing with the accreditation of other Insurance Companies and shall make the appropriate announcements on additional accredited insurance companies. Before an Insurance Company can issue Government bonds or acts as Surety in an undertaking It must have an administrative order issued by the Office of the President of the Philippines and Our Company acquires that AO No. Let us do all of the hard work for you. Covers your life and protects your investments in a flexible policy that allows you to maximize either protection or investment, with fixed premium payments. All-in-one insurance for you and your motorcycle. Provides accident insurance for boilers and pressure vessels that are normally used in steam power stations and factories, covering the risk of explosion and collapse. Protects against legal liability to third parties arising from accidental property damage and/or bodily injury while doing personal activities. Offers a comprehensive insurance package in case an accident or damage occurs in your home in either a single detached home; townhouse; condominium unit; apartment. A fidelity bond promises to reimburse the employer (the obligee) for any loss of money or property that the employer might sustain due to the dishonest acts of the employee (the principal) named in the bond. Having background knowledge of surety bonds and the associated application process will save time for both yourself and your surety provider. Provides accident insurance on an all risks basis, covering sudden and unforeseen loss or damage, which physically affect EDP, office, communication, graphics industry, broadcast and television, and other miscellaneous electronics equipment. Depending on your credit score, you might pay anywhere between 1-15% of the total bond amount.. That's right; you do not have to pay the full bond amount to get bonded. Pioneer underwrites bonds or contracts of surety in which case one party (the surety) guarantees the performance of a primary obligation required by law or a contract by another party (the principal) in favor of a third party (the obligee). The implementation was ordered by then-Insurance Commissioner Francisco Mandanas. Assures that obligations of an individual or a company under a contract will be fulfilled. From the point of view of surety companies, these are: 1) the Bidder’s Bond; 2) the Performance Bond; 3) Warranty Bond for the procurement of … In finance, a surety / ˈ ʃ ʊər ɪ t iː /, surety bond or guaranty involves a promise by one party to assume responsibility for the debt obligation of a borrower if that borrower defaults. Contractors Plant and Machinery Insurance, Directors and Officers Liability Insurance, Errors & Omissions/ Professional Indemnity. The Obligee (bond holder’s client) The Surety (the insurance company) It is the Howden risk consultant’s job to make sure the wording of the surety tightly meets the performance requirements laid out in the contract. In partnership with the top Non-Life Insurance and Surety Firms, we guarantee that you get the reliable service that you deserve because we understand that assurance is what you and your clients need. Responds in the event of a total loss of a vessel as an extension to a ship’s Hull & Machinery policy. The bail bondsman meets with you and agrees to post bail for you. Covers loss of or damage to the aircraft owned and/or operated by the Insured, as caused by war and associated perils. Work with our experts to complete a bond application. Covers movement or transportation of cargo or any moveable properties by means of an aircraft. Provides life insurance coverage for debtors who have outstanding loans with creditors, paying up to the extent of outstanding loan balance. Surety Bond for Real Estate Professionals (Consultants Appraisers Brokers Agents) PRC Surety Bond (P1 950) P20K Good for 3 Years HLURB Surety Bond (P500) P5K Yearly Renewal In partnership with ALPHA Insurance & Surety Company. Hold CTRL (for Windows) or Command (for Mac) to select multiple items. Protects you and your business against financial loss due to crime, damage to property, legal liability and other special risks. Protect your business with a comprehensive package designed for business owners and entrepreneurs. The three parties in a surety agreement are: Contract Surety Bond. Indemnifies the actual loss of gross profit sustained as a result of delayed commencement of business operation caused by an accident covered under the Contractors’ All Risks Policy (CAR) or the Erection All Risks (EAR) Policy. #1- Court Surety Bond – This type of bond used to provides safety from loss which can occur in case of court proceedings.These bonds are required before a court proceeding. We have motor vehicle insurance solutions for fleet accounts that provide comprehensive coverage for a group of automobiles. Lance Surety Bond Associates, Inc. is a Pennsylvania-based surety bond agency that offers bonding at competitive rates in all 50 states. Unlike insurance, this is a contract or an agreement drawn up by the insurance company (called surety) to guarantee the performance of an obligation or undertaking by another party (called principal, who is the insurance company’s client) in favor of another party (called obligee) to whom the principal has an obligation to perform. Insurance protection for professional operators of Unmanned Aerial System (UAS) against damages to their equipment and legal liability for bodily or property damage to a third party. We have several surety bonds available depending on the needs of the business venture. We also have solutions that provide protection for on-going construction and other civil works. We also offer FREE additional benefits such as personal accident, general liability, and money insurance coverages. Protect yourself and your investments from loss when entering into a bond, including: LICENSE AND PERMIT BONDS; FIDELITY BONDS; BIR BONDS; CONSTRUCTIONS BONDS; JUDICIAL BONDS; GENERAL SURETY BONDS For more information on Surety Insurance, kindly Examples of judicial bonds are court bonds and fiduciary bonds. Protects insured vehicles from the financial losses that arise from damages, theft, injuries and other liabilities. Protects against loss of money used for business operations, in case of robbery/hold-up, burglary, brigandage. Now available at Motortrade branches in Cebu and Bohol. Covers shipyards against loss of or damage to a ship under construction – from keel laying until the ship is turned over to the ship owner.