Contract bond insurance
Insurance of contractual commitments (e.g. bank guarantee) vis-à-vis the ordering/purchasing party.
Insurable risks:
- Fair calling of guarantee following a Swiss exporter's failure to fulfil obligations due to foreign political circumstances or force majeure.
- Fair calling of guarantee following inability to fulfil contractual obligations due to embargos imposed by Switzerland.
- Unfair calling of guarantee if losses are not reimbursed within 3 months of claiming and receiving the guarantee payment.
The insured percentage for contract bond insurances is standardized to a maximum of 95 percent.
Version: 14.11.2008