CONTRACTUAL BOND INSURANCE
we underwrite risks on behalf of HDI Global Specialty SE (rating "A+"). HDI Global Specialty SE is a joint-venture of Hannover Re and HDI Global SE, both strong, global players in the re/insurance markets.
WHY CEE SPECIALTY S.R.O.
- a Czech company licensed and regulated by Czech National Bank; indirectly owned by the private equity fund RCI II whose major shareholders are the European Bank for Reconstruction and Development and the European Investment Fund
- we underwrite risks on behalf of renowned global insurers on Czech, Slovak and international markets
- we offer local & tailor-made insurance solutions; insurance policies are in Czech and subject to Czech law
- experienced team of underwriters with respective authorities
- claims handling through Czech independent loss adjuster company
Types of bonds we offer
- Bid Bond
- Performance Bond
- Maintenance Bond
- Retention Bond
- Advance Payment Bond
Capacity and limits
- max. agregated limit 25 mil. CZK (EUR 1mil.) per client / group and year
- max. standard limit for one bond is 5 mil. CZK (EUR 200k)
Bond period
- bid bonds max. 12 months
- other contractual bonds max 36 months in performance period
and 24 months in maintenance period, total bond period incl. extensions is max 60 months
Main advantages
- insurance bond is a full-fledged alternative to a bank guarantee - the same form and legal certainty, irrevocability, payment on the first-call and without objection in case of unconditional guarantees
- cost savings:
- unlike bank guarantee, an insurance bond is not a loan, it does NOT reduce the credit line - so you can borrow more money from the bank - and does not enter the insured's accounts as a possible financial liability
- substitute of retained cash or bid security
- the insured pays only the insurance, no other fees
- fast process of issuing the letter of guarantee with recognized electronic signature
- various options of collaterals for securing potential insurance indemnity incl. option without any collateral!
- we prefer framework agreements with minimum administrative on the part of both the broker and the client
