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Bonds

Overview

The purpose of a bond or financial guarantee is to compensate the third party in respect of loss suffered as a result of the failure of the insured to perform a task described in the insurance contract.

Features

Upon providing such a bond as requested, the insurer acts as the guarantor, and is bound to pay a defined amount of money should the insured person fail to meet the terms and conditions of the contract with the third party.

There are several types of bonds:

PERFORMANCE BONDS
Performance bonds are used when a contractor needs assurance of financial capability to complete contracted work as per agreed terms.

BID/TENDER BONDS
Bid or tender bonds are used when the cost of new tendering has to be incurred in case a successful bidder does not take up an offer.

IMMIGRATION/SECURITY BONDS
Immigration or security bonds are issued to non-Kenyans whose conduct the insurer guarantees. In case the insured displays poor conduct, the insurance company is obligated to pay the costs of deportation or the consequences of her or his bad conduct. Kenyans living in foreign countries are also required to secure such bonds upon travel.

CUSTOMS/IMPORTS BONDS
Customs and imports bonds ensure that goods which are pending payment of duties are not smuggled into the local market without payment. Should the untaxed goods end up in the market; the insurer will meet the duty payable by the insured. Customs bonds are given for goods in transit through the country or those produced in duty free zones targeting the export markets. Import bonds are given to cover duty for goods imported into the country.

Benefits

Secures the third party against non-performance or underperformance of the insured according to the terms of the agreement.

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