Things To Know About Surety Bond Insurance Philippines
                     Things To Know 
About Surety Bond 
Insurance 
Philippines 
iChoose.ph
Things To Know About Surety Bond Insurance Philippines 
 Whether you are a small or large business owner in the Philippines, having 
surety bond insurance is very important. A surety bond is simply a binding 
contract between three different parties, namely the principal, the surety and the 
obligee. The principal is the individual who needs the bond, the surety is the 
company that writes the bond and the obligee is the department requiring the 
bond. Surety bond insurance Philippines provides guarantee that the principal 
and oblige will conduct themselves as per the terms stated in the surety bond. 
Things To Know About Surety Bond Insurance Philippines 
 Surety bonds work as a form of insurance. In case the bond’s requirements are 
not met, for instance contracted work not being done as agreed or failing to pay 
vendors or suppliers, a claim may be filed against the bond. It is like a form of 
credit to the principal. Regardless of whether the claims are made by the obligee 
or the public, they need to be repaid by the principal to the surety. 
Things To Know About Surety Bond Insurance Philippines 
 Even though the surety backs bond, you are supposed to sign an indemnity 
agreement. This is also referred to as a general agreement of indemnity, and it 
usually includes the business and its owners.  Indemnity agreement pledge a 
business person’s corporate and personal assets to reimburse the surety for any 
claims as well as legal costs that may arise.
Things To Know About Surety Bond Insurance Philippines 
 Does everyone need surety bond insurance Philippines?  No, you only need a 
surety bond if you are required to get one depending on the circumstance. There 
many surety bond requirements across the country for various reasons as well as 
occupations. Some of the common bond types are required before you can get a 
license, such as contractor license bonds, auto dealer bonds, freight broker 
bonds as well as mortgage broker bonds. 
Things To Know About Surety Bond Insurance Philippines 
 For more information on surety bond insurance Philippines, visit our website at 
https://ichoose.ph/home