Oriental Insurance Surety Bond Insurance: Inclusions
The policy offers protection against losses arising from the principal's failure to perform contractual obligations covered under the bond.
Coverage is available under various bond categories, including:
- Bid Bond
- Performance Bond
- Advance Payment Bond
- Retention Money Bond
- Maintenance Bond
Key inclusions include:
- Coverage for contractual non-performance.
- Financial protection for beneficiaries.
- Security for advances released under contracts.
- Assurance regarding maintenance and defect liability obligations.
- Support for infrastructure and project-based contracts.
Oriental Insurance Surety Bond Insurance: Bond Types
Bid Bond
Provides assurance that the bidder will execute the contract if selected.
Performance Bond
Protects beneficiaries against losses caused by contractual non-performance.
Advance Payment Bond
Secures advances paid by the beneficiary to the contractor.
Retention Money Bond
Acts as an alternative to retention money withheld under the contract.
Maintenance Bond
Provides security during the claim maintenance or defect liability period.
Oriental Insurance Surety Bond Insurance: Exclusions
Coverage does not extend to:
- Financial guarantees.
- Contractual obligations outside the insured contract.
- Losses excluded under the policy wording.
- Any liability not specifically covered under the issued bond.
For detailed exclusions, policyholders should refer to the official policy wording.
Oriental Insurance Surety Bond Insurance: Documents Required
The following documents may be required:
- Completed proposal form
- Contract agreement
- Tender documents
- KYC documents
- Financial statements
- Project details
- Bond invocation letter
- Supporting evidence of loss
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