The risk of financial loss and/or additional expenses in relation to payments for the direct or indirect guarantee contract (Guarantee) stated in the insurance policy.
Insured persons are Bulgarian financial institutions (banks).
Parties of the contract are:
insurer, who agrees to take the risk, related to the establishment of the guarantee;
the insured person – legal entity, issuer of the direct and indirect guarantee contract.
Depending on the character of the guaranteed obligation of the liable person, the agreed insurance coverage includes:
guarantee of customs duties (state receivables) of the liable person (importer, carrier etc.) according to the Bulgarian legislation in force;
Guarantee of the performance of contract obligations of the liable person, including in relation to:
Contracts for delivery of goods and/or provision of services;
Refunding of advanced payment by the liable party in case of a contract termination;
Good performance and functional guarantees (Bonds, Liquidated damages).
Guarantees for participation in tender (competition) or procedure for order assignment, including the cases when, if the competition is won, the guarantee is transferred to guarantee for good performance.
Other guarantees, explicitly approved by the insurer.
The Insurer covers risks for the insured person, related to financial losses, as a result of occurred guarantee payment (indirect guarantee) or as a result of non-performance of the contractual obligation for payment by the liable person (direct obligation). Beneficiary of the policy can be local or foreign legal entity in favor of which the guarantee contract is issued.
Guarantee, secured by unconditional and irrevocable counter bank guarantee;
Illegal and/or fraudulent acts of the Insured person;
Fines, administrative penalty and lost profits;
Changes in the guarantee contract, not coordinated with the Insurer.
Determined on the base of the total payment obligation as per the guarantee contract and the maximum total liability of the Insurer cannot exceed the insurance sum stated in the contract, reduced by the amount of the deductibles stated in the policy, if such is agreed upon.
Insurance premium: Determined by the tariff of the Insurer. Dependent on:
Term of the insurance: covers the term of the guarantee contract.
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