Raheja QBE Surety Bond Insurance: Inclusions
Raheja QBE Surety Bond Insurance provides indemnity for actual financial losses suffered by the Beneficiary due to the Contractor's non-performance, default, or breach of contractual obligations, subject to the bond amount and policy terms.
Available Bond Types
Bid Bond
Protects the Beneficiary if the bidder withdraws its bid or fails to enter into the contract after award. It may cover re-tendering costs and associated losses.
Performance Bond
Provides protection against non-performance, delays, or breach of contractual obligations by the Contractor.
Advance Payment Bond
Protects advance payments made to the Contractor when resources are not mobilised or work is not performed as agreed under the contract.
Retention and Maintenance Bond
Provides protection for retention and maintenance obligations, including rectification of defects and non-conformities during the maintenance or defect liability period.
Raheja QBE Surety Bond Insurance: Exclusions
This Surety Bond Insurance will not apply in the following situations:
- The original contract is invalid, cancelled, or terminated before the insured risk occurs.
- Losses arising from intentional misconduct, gross negligence, fraud, collusion, illegal acts, or criminal activities.
- Changes or modifications made to the contract without the Surety's prior written consent.
- Third-party losses that do not form part of the original contract.
- Failure by the insured to pay the premium or provide the required indemnity or security.
- Force majeure events or circumstances that make project execution impossible under the contract.
Note: Please refer to the official policy wording for the complete list of exclusions, terms, and conditions.
Raheja QBE Surety Bond Insurance: Claim Process
To raise a claim under the policy:
- The Beneficiary must invoke the bond through a written notice signed by an authorised signatory.
- The original Surety Bond must be submitted to Raheja QBE.
- The insurer reviews the claim and supporting documents.
- Upon admissibility, Raheja QBE indemnifies the Beneficiary for the actual loss suffered, subject to the bond amount and policy terms.
Raheja QBE Surety Bond Insurance: Documents Required
The following documents may be required during claim submission:
- Bond invocation letter
- Original Surety Bond
- Contract agreement
- Supporting evidence of contractual default
- Loss assessment documents
- Additional documents requested by the insurer during claim evaluation
(Document requirements may vary based on the nature of the claim.)
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