Bonds and Surety

We lend our expertise in arranging Bonds and Surety

The Cover

An agreement between the surety company (or insurance company, in most cases) and a principal, where the bonding company agrees to pay a second party, known as the obligee or recipient of the bond, if the principal is unable to perform a particular obligation.

Bonds are not insurance policies, which indemnify the insured in the event of a loss. A bond is merely a guarantee by the bonding company to pay if it can be established that the principal failed to perform a particular obligation. The bond also only responds if it has been established that the principal cannot meet its obligations to the obligee.

Our Capability

Unlike other insurance brokers, our first order of business is to make sure that you do not misunderstand how bonds work. Bonds are not insurance, where a loss results in indemnification of the insured. Bonds are actually guarantees, where bonding companies agree to pay the recipient of the bond in the event a condition is not fulfilled by the party that took out the bond. Another common misconception is that the bonding company pays immediately upon non-fulfillment of the obligation when, in actuality, the guarantee can only be called upon if the recipient can no longer recover from the principal.

That said, our expertise and experience in arranging insurance also extends to arrangement of your bonding needs, for which we have a broad range of solutions that cater to whatever various requirements you might have: from the more straightforward types, such as performance bonds, bidder’s bonds, or retention bonds, to lesser known cousins. such as a supersedeas bonds, we can easily assist and provide you with the surety. Meantime, we also have facilities and solutions for those seeking to provide greater security, such as trade and credit risk insurance, which now indemnifies the insured in the event of non-fulfillment of a condition, which is defined as the loss. With our expertise at your disposal, you can easily assure your business partners of your own credibility and reliability, enhancing your relationship with them by providing quality security that underscores their value to you and your committment to them.

Who to Contact

Nante Linsangan
Manager
nhlinsangan@llibi.com
+632 8445773 local 507