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What is a Surety Policy? 
What does a Surety Policy cover?
What are the benefits of an immediate execution policy over a bank guarantee?
What is a Counter Guarantee?
It is the backup that permits the Company to obtain patrimonial compensation in the event of it being obliged to pay a loss indemnity. The policy purchaser becomes obliged under the counter guarantee, to reimburse the Company for all indemnity amounts paid out.
What type of counter guarantees are there?
Simple, or legally supported indemnity bond.
Simple, or legally supported promissory note.
Real guarantees (mortgages, pledging, time deposits)
How does a policy become effective?
The procedures specified in the general conditions of each guarantee policy must be followed in order to obtain their effectiveness. Written notification must be provided to the Company in all cases, indicating the policy number, the claim amount, loss description, and attaching loss backup information.
What is the adjustment of a loss?
Loss adjustments covered by insurance policies can be effected directly by insurance companies entrusting them to adjusters duly registered with Superintendency of Finance and Insurance. However, the insured or beneficiary can also demand that the adjustment be carried out by a registered adjuster.
The basic purpose of a loss adjustment is to determine the occurrence of same, whether the corresponding risk is covered by the policy, and the payable indemnity amount, all in conformity with current regulations.
What is an insurance broker?
These are natural persons or legal entities which are independent from insurance companies. Their function is to assist parties that wish to purchase insurance through them, offering the most convenient alternatives concerning their requirements and interests, and providing information regarding coverage conditions, possible modifications, and assistance during the policy period, and also with respect to any loss, and delivering the respective policy to them. They must be registered with the Superintendency of Finance and Insurance in order to carry out their activities, and must comply with respective currently required regulations.
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