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Benefits of Surety Policies subject to Immediate Execution, with respect to bank guarantees:
Benefits for the purchaser
- Reduction of debt levels within the banking system.
- Reduced financial cost. The only associated cost that the policy has, apart from the rate, is the VAT, which in the majority of cases is recoverable.
- Increased flexibility and valuation of the counter guarantees.
- Increased agility and time of issue.
Benefits for the insured
- Immediate execution policy offers the same security and rapidity as the bank guarantees.
- Reduced costs, as contractor transfers his costs to the mandatory party.
- Permits participation of more suppliers or contractors, as in many cases the exigencies of bank guarantees exclude participation of excellent candidates.
- They can be endorsed and their validity period extended, subject to prior authorization from the Company.
- Like the bank guarantee, policies only cover events that occur during their period. However, the expiry of said period does not waive the Company's liability. The Insured can claim for indemnity subsequently to expiry of the policy period, within the respective period indicated in the policy.
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