Warranty Insurance

The warranty insurance is an alternative from financial-banking instruments (letter of bank guarantee) which implies blocking the amount of money during its valability. Warranty insurance policies are addressed to all companies in the public/private sector which carry out their activity in Romania, generally in the construction field but also in the service and delivery sectors.

Warranty Insurance

Characteristics

The main types of warranty insurance:

  • Auction participation warranty insurance (BID BOND)

    This is the warranty instrument that the bidder needs to present to the beneficiary in case of participating in the public acquisition procedure. This has the role of protecting the beneficiary against the possibility of non-compliance with the bidder’s obligations during the offer valability period and is submitted before the end of the public acquisition program or of the Framework Agreement.

  • Performance guarantee (PERFORMANCE BOND)

    This type of warranty is given to the beneficiary of construction projects, through which the constructor assumes all obligations stipulated under the Framework Agreement between the parties.

  • Warranty Insurance for the maintenance period (MAINTENANCE BOND)

    This refers to the warranty of the works that the constructor offers to the beneficiary, at the same time guaranteeing the engagement that the constructor assumed to the beneficiary regarding the project performance.

  • Warranty Insurance regarding the return of the advanced payment (ADVANCED PAYMENT BOND)

    This is a warranty offered to the executor towards the beneficiary which guarantees reimbursement of the amount paid in advance by the beneficiary to the executor.

Covered Risks

The risks covered by this policy are the ones related to the non-execution or the wrongful execution of the obligations stipulated in the contract in the relationship with third parties or beneficiaries. The advantages provided by the warranty insurance are:

  • It represents an alternative to bank warranty letters, without the need to block an amount of funds;
  • Reduced costs compared to bank letters;
  • The warranty is issued fast and efficiently;
  • As opposed to bank letters, warranties can also be issued conditionally, not only in an unconditional and irrevocable manner.

Why should you take out your insurance
trough Transilvania Broker ?

There are multiple benefits of taking out policies with Transilvania Broker, you will be saving time and money, benefiting from the wide range of services, products and offers available on the market.

  • The fair evaluation of risks for a personalised quote.

    We will offer you consultancy in correctly evaluating all the necessary risks, so you will be certain that they will be covered by your insurance policy.

  • The best quotes from multiple insurance companies.

    Based on the requested policies, you will receive quotes from multiple insurance partners that work with Transilvania Broker.

  • Consultancy in choosing the right insurance policy.

    Taking your needs and wants into account, we will present you with a wide range of offers from our partners, together with the benefits, insurance conditions and covered risks of each insurance company, so you can make the best choice in buying your policy.

  • Claims support

    In case of an unwanted event, we will help you avoid any problems that may appear when resolving your claim file with the insurance company.

Oferta de asigurare Transilvania Broker

Over 20 Transilvania Broker partners

Over 20 insurance companies are working with us in order to deliver the most complex solutions at the best prices, covering all the risks you need.

See all partners

Request an offer immediately

Complete the form on the right with your information to receive a personalised insurance offer. A Transilvania Broker agent will contact you as soon as possible, from 8:00 to 18:00.

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