Security Bonds (Bid Bonds, Performance Bonds, Immigration Bonds)
These are guarantees that may from time to time be required by other parties to be executed by an insurance company to certify that the insured will observe or maintain a certain state of affairs or will perform a certain task to the required standard or as per an agreed contract.
The bonds will include:
- Customs Bonds
- Immigrations/Security Bonds
- Performance /Contractor’s Bonds
- Tender /bid bonds
- Financial Guarantee Bond
Upon executing such a bond as requested, Pelican Insurance Brokers (K) Ltd serves as the guarantor and is bound to pay a defined amount of money should the person/party so guaranteed, fail to meet the terms and conditions of the contract with the third party.