Guarantee insurance provides insurance coverage against the risk of peccant non-performance of contractual relations between the insured and the beneficiary or by the relevant legislation, which gives rise to obligations for payment of the guaranteed amounts in favor of the beneficiary.
What does the insurance cover?
Depending on the nature of the guarantee obligation of the insured, the insurance coverage could vary as follows:
- Guarantee for participation in a public auction /competition/ or procurement procedure;
- Guarantee for refund of advance payment;
- Contract fulfilment guarantee.
What are the liability limits?
- The guarantee securing the performance of a contract cannot exceed 5% of the value of the contract;
- The guarantee, which secures funds provided in advance, could be up to the amount of these funds and shall be released up to three days after the return or utilization of the advance.
The guarantees previsioned and their percentages shall be indicated in the notice announcing the opening of the procedure, in the invitation to confirm interest, in the invitation to participate in negotiations or in the notice.
Who are the parties to the insurance contract?
Unlike other types of insurance, Guarantee Insurance is a tripartite contract with the following parties:
- Insured / insurer – the contractor whose activity under the contract represents the risk;
- Beneficiary – the client in whose favor the insurance is concluded;
- Guarantor – the insurer who undertakes the risk.
Where is the insurance valid?
The coverage is valid only on the territory of the Republic of Bulgaria.
How and where can I get my DallBogg insurance?
You can contact us at 0700 16 406 or take advantage of a personal consultation with our specialists. DallBogg also works with a number of contractual partners across the country.
What should I do in case of an accident?
Contact us at 0700 16 406 for more information or visit our office.
