BOND AND SURETYSHIP
This is a very specialized class of insurance business. This is usually referred to as guarantee rather than the conventional insurance Policy.
Bond is a form of guarantee given by one party called the surety (insurer) that he should be held liable by another party called employer/creditor principal as the case may be in the event of yet another party’s (called Contractor/Borrower) failure to fulfill or abide by the terms and conditions of the said contract or agreement.
There are basically five types of bonds, they include:
Advance payment Bond
The requirements necessary for bond are:
Completion of a Proposal Form
Submission of three years audited report or tax for individuals
Certificate of incorporation (for corporate bodies)
Article and Memorandum of Association
Letter of Award of Contract
Evidence of Previous Performance
Non-refundable Cash Premium
Execution of Corporate/Personal Indemnity
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Anchor Insurance Company Limited was registered and licensed by the National Insurance Commission (NAICOM) in October 1989 as a general business (non-life) insurance outfit and started business in November of the same year.
To be the most innovative and preferred provider of General Business Insurance Services in Nigeria.