01- What is Guarantee Insurance?
It is insurance which aims at assuring the fulfillment of all obligations acquired by the taker with the policyholder in private and public contracts as well as in bids.
Efficient guarantee or bond substitution, under its various modes, for insurance policy, creating financial results without compromising credit limits at financial institutions, and allowing for the channeling of greater resources to productive activities.
02- What are the involved parties in the Guarantee Insurance?
Taker: legal entity or natural person who takes on the task of building, providing goods or services by means of a contract containing the established obligations.
At the same time, he becomes client and partner of the insurance company, which starts to guarantee its services.
The taker is the risk; the one interested in fulfilling the contract.
He is the one who pays for the insurance premium.
Insured: contracting natural person or legal entity of the obligation with the taker.
Insurer: guarantees the fulfillment of the contract.
03- How do the parties interact in a guarantee insurance operation?
The policyholder receives an insurance policy issued by the insurance company, guaranteeing the taker’s obligations acquired in the main contract.
In order for the operation to be completed, the insurance company and the taker will sign the counter-guarantee contract, assuring the right of subrogation of the insurance company against the taker in case of loss.
4- Who hires the guarantee insurance?
This insurance is usually used in building construction; however, it can be applied to service, supply and customs requirements contracts.
Relations between taker and insurance company are ruled by what has been established on insurance proposal and on the counter-guarantee contract.
Customs Guarantee Insurance:
The goal is to guarantee indemnity to Federal Internal Revenue, under its various offices, corresponding to the payment of suspended taxes by specific customs rules, in instances where the taker does not follow through on his obligations.
The insurance is used as a guarantee to make obtaining customs procedures, such as the temporary admission regime, feasible.
The risk involved is that, at the end of a contract, the equipment must return abroad or its destruction be proved; otherwise, the taxes are owed and if the taker does not pay them, the insurance will be called upon.
Other types of customs guarantees can be: drawback, temporary transit, IN 228 and customs valuation. Example: A company which needs ready clearance or goods delivery at importation, when governed by IN 228, is conditional on the guarantee provision until the special procedure of checking the origin of the resources applied in foreign trade is finished.
The guarantee which the IN 288 refers to can be given under the form of insurance in favor of the Union through a customs insurance.
