Because the security of your business is in good hands – Bids, Payment, Performance Bonds, Commercial Bonds.
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MAPFRE provides bond service for contracts, fidelity, and government requirements, among others. Below are some of the types of bonds offered by MAPFRE to its policyholders.
These bonds are the ones that the government or the owner of a construction project requires that the contractor have. The following are among these bonds:
- Bid Bonds.
- Payments & Performance Bonds.
- Maintenance Bonds.
- Replacement Bonds.
Non-Contract Bonds or Commercial Bonds
Bonds that the government, the laws, or another entity may require of individuals or businesses.
MAPFRE offers the following types of commercial bonds:
- Judicial Bonds.
- Fiduciary Bonds.
These bonds are required by the state or municipality, or by a municipal and/or state ordinance. This kind of bond is required to obtain a license to operate a business or to obtain a permit to exercise a particular privilege.
This type of bond arises as a requirement of some regulation or is issued to cover a particular situation. They are used to guarantee an agreement already established, such as for example:
- Payment guaranty bond.
- Electric power or water service guarantee bonds.
- Rental bonds.
These are payment guaranty bonds issued by the federal government. They include the following:
- Customs Bond.
- Loan Closing Attorney Bond.
- Contract Postal Unit Bond
For more information, please see our brochure.
The different services provided by MAPFRE to the users have a number of general and specific conditions that the insured must meet in order to access to all its benefits and advantages.
- The general and special conditions of the MAPFRE Bond service indicate the types of business that could require a bond, for legal or governmental requirements, or between the parties.
- Therefore, there are the following Contract Bonds: Bids, Payment and Execution or Commercial Bonds that include Payment guarantee Bonds, Licenses and Permits, and Judicial, among others.
- It is important that users take into account what are their responsibilities under the bonds agreement and the requirements to qualify for them. They should take into consideration that bonds are not an insurance, but a guarantee to a third party with whom the principal has a contractual relation.
MAPFRE services have certain requirements and restrictions that shall be considered by the users in order to access to the coverages included in the general and particular conditions of the policy.
MAPFRE Bond service establishes requirements and restrictions in the general and particular conditions, including the following:
- It is a policy aimed at businesses that need to have a bail, by user decision or those established by law.
- MAPFRE has no duty to cover those issues not included in the general conditions of the policy.
- The validity period of the service starts when the premium is delivered to its beneficiary.
- MAPFRE has no duty to cover damages caused outside the validity period of the company.
- In case of a loss the principal is responsible for paying to MAPFRE any expense or loss incurred by the company.
MAPFRE, through a series of recommendations for use, provides access to the benefits and advantages of the services.
Before accessing to the MAPFRE Bond services we recommend:
- Pay special attention to the particular and general conditions of the policy, as well as to the requirements and restrictions established on it.
Once contracted the Bond service:
We recommend that users choose the appropriate service for each type of business.
MAPFRE is not liable for those issues not included in the general or particular conditions of the policy.
In case of a claim is necessary that the principal cooperates with MAPFRE. In case of any loss the principal will be responsible for reimbursing all costs MAPFRE had suffered in respect of the claim against the bond.
We recommend users to contact with the company to solve any query. MAPFRE has specialized agents from the 24/7 MAPFRE Contact Center to help the users.
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