Tata AIG Surety Bond Insurance: Inclusions
The policy provides protection against losses arising from contractual default by the principal.
Key features include:
- Coverage against non-performance of contractual obligations.
- Financial security for project owners and beneficiaries.
- Support for infrastructure and development projects.
- An alternative to traditional bank guarantees.
- Improved working capital efficiency for contractors.
- Coverage through multiple surety bond variants.
Tata AIG Surety Bond Insurance: Available Bond Types
1. Bid Bond
Provides assurance regarding bid commitments and contract acceptance.
2. Performance Bond
Protects beneficiaries against losses caused by contractual non-performance.
3. Advance Payment Bond
Secures advances released under the contract.
4. Retention Money Bond
Provides security in lieu of retention money withheld under contractual arrangements.
5. Maintenance Bond
Offers protection during the maintenance or defect liability period.
Tata AIG Surety Bond Insurance: Exclusions
Coverage does not extend to:
- Financial guarantee obligations.
- Losses not arising from contractual default.
- Obligations outside the insured contract.
- Exclusions specified in the issued policy wording.
- Liabilities not covered under the bond.
Policyholders should review the policy wording for detailed exclusions.