ICICI Lombard Surety Bond Insurance

ICICI Lombard Surety Bond Insurance is designed to support infrastructure and construction projects by providing financial assurance to project owners against contractor default. The solution aims to facilitate project execution while offering an alternative security mechanism to traditional bank guarantees. The product supports India's growing infrastructure ecosystem and helps contractors optimize capital utilisation.

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ICICI Lombard Surety Bond Insurance: Inclusions

The policy is intended to provide:

Protection against contractor non-performance.
Financial security for project owners.
Support for infrastructure and construction contracts.
Alternative to bank guarantees for eligible projects.
Contractual performance assurance.
Risk mitigation for beneficiaries.
Coverage subject to approved bond terms and policy conditions.

ICICI Lombard Surety Bond Insurance: Key Benefits

Supports infrastructure development projects.
Helps contractors preserve bank credit limits.
Enables improved liquidity management.
Enhances project execution flexibility.
Provides financial confidence to beneficiaries.

ICICI Lombard Surety Bond Insurance: Exclusions

Coverage remains subject to policy wording, underwriting approval, contractual terms, and applicable exclusions specified in the final issued bond documentation.

Applicants should refer to the official policy documents for the complete list of exclusions.

ICICI Lombard Surety Bond Insurance: Claim Process

Beneficiary identifies contractor default.
Bond is invoked as per contract provisions.
Relevant documents are submitted.
Claim assessment is undertaken.
Eligible losses are settled according to policy terms.

ICICI Lombard Surety Bond Insurance: Documents Required

Documents generally include:

Contract agreement
Tender documents
Financial records
KYC documents
Project information
Claim invocation documents
Loss assessment records

Subject to underwriting and claim requirements.

Frequently Asked Questions

What is ICICI Lombard Surety Bond Insurance?

It is a contractual guarantee solution that protects beneficiaries against losses arising from contractor default.
Is it a replacement for a bank guarantee?

It can act as an alternative security mechanism for eligible projects.
Who can benefit from the policy?

Contractors, infrastructure companies, project owners, and businesses involved in contractual projects.
Are claims paid automatically?

No. Claims are assessed and settled according to policy terms and supporting documentation.

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