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Bid Bond
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Surety Bond Bima
- Bid Bond
- Advance Payment Bond
- Performance Bond
- Retention Money Bond
A Protective Shield for Infrastructure Projects
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Advance Payment Bond
Offers coverage against the contractor not being able to mobilise the requisite resources as defined in the contract.
Performance Bond
Provides financial security if one party to a contractor cannot complete their contractual obligations.
Retention Money Bond
The assurance to pay that sum of money which is normally held by Beneficiary to safeguard themselves for any defective or non-conforming work.
Why Surety Bond Bima, SBI General Insurance?
Surety Bond Bima is developed in response to the government’s vision to upscale infrastructure development. The Surety Bond Bima provides an assurance to the project owner in the form of a Surety Bond that the contractor would complete the project as per the agreed terms and conditions. The product is designed to insure the contractors for non-performance and financial exposures in case of contractual default. It helps in ensuring that the contractors fulfil their obligations in the projects awarded, thereby providing financial security to the beneficiary. By providing project owners with peace of mind on individual projects, surety bonds help to promote successful and efficient project outcomes.
Who can buy Surety Bond Bima?
A contractor who has been awarded with a contract to execute a project/supply machinery and required to provide security to the Beneficiary/project owners at bidding and performance stages of contract, can obtain this policy.
What is Covered Under Surety Bond Bima, SBI General Insurance?
Take a look at the various features and benefits of Surety Bond Bima, SBI General Insurance
What’s Covered?
- SBI General’s Surety Bond Bima is designed to provide protection against breach of terms & conditions by the contractors either during the bidding stage or during the performance stage of a project. Bid bond, Advance Bond, Performance Bond and Retention Money Bond are types of Bonds.
What's Not Covered
- Contract termination between principal & beneficiary prior to insurance
- Changing terms of contract without the knowledge of the Surety insurer
- Gross Negligence, illegal /criminal acts by both principal & beneficiary
- War/Act of God/Nuclear Perils
- Fraud/Collusion
- Non-performance or non-fulfilment of terms /conditions of the contract
- Any third-party loss not part of the contract
- Any price fluctuation in execution of the project
What’s Covered?
What's Not Covered
What’s Covered?
- SBI General’s Surety Bond Bima is designed to provide protection against breach of terms & conditions by the contractors either during the bidding stage or during the performance stage of a project. Bid bond, Advance Bond, Performance Bond and Retention Money Bond are types of Bonds.
What's Not Covered
- Contract termination between principal & beneficiary prior to insurance
- Changing terms of contract without the knowledge of the Surety insurer
- Gross Negligence, illegal /criminal acts by both principal & beneficiary
- War/Act of God/Nuclear Perils
- Fraud/Collusion
- Non-performance or non-fulfilment of terms /conditions of the contract
- Any third-party loss not part of the contract
- Any price fluctuation in execution of the project
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FAQs about Surety Bond Bima
Here are the commonly asked questions about Surety Bond Bima
A Surety Bond is a risk transfer mechanism wherein an Insurer/ Surety provides a guarantee to a Beneficiary that the Contractor will meet his contractual obligations. In case the Contractor fails to deliver his promise, a monetary compensation is paid to the Beneficiary by the Insurer.
A contractor who has been awarded with a contract to execute a project / supply machinery and required to provide security to the Beneficiary / project owners at bidding and performance stages of contract, can obtain this policy.
SBI General’s Surety Bond Bima is designed to provide protection against breach of terms & conditions by the contractors either during the bidding stage or during the performance stage of a project. Bid bond, Advance Bond, Performance Bond and Retention Money Bond are types of Bonds.
Maximum bond tenure is 60 months (including contract, maintenance period and extensions) or based on the Contract period, whichever is lower.
- Contract termination between Contractor & beneficiary prior to insurance
- Changing terms of contract without the knowledge of the Surety insurer
- Gross Negligence, illegal /criminal acts by both Contractor & beneficiary
- War/Act of God/Force-majeure/Nuclear Perils
- Fraud/Collusion
- Any third-party loss not part of the contract
- Any price fluctuation in execution of the project
Product UIN
IRDAN144RP0001V01202324
IRDAN144RP0002V01202324
DISCLAIMER:The above information is indicative in nature, for more details on complete coverage and terms and conditions, please contact our nearest office and also read the sales brochure carefully before concluding a sale.
Tax Benefits are subject to change in Tax Laws
*T&C Apply
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