SURETY

Surety bonds are required by law for all obligations under contracts with the government and public authorities. They are also an increasingly common feature of contracts between private enterprises as a means of safeguarding the company’s assets.

SACE offers an extensive range of guarantees covering contractual and legal obligations, for transactions in Italy and abroad.

Contractual Guarantees enable your company to bid for civil works, supply, service and maintenance contracts in Italy and abroad by guaranteeing to the public authority or private counterpart that the relative contract will be signed and all obligations will be met. Our range of contractual guarantees includes:

• bid bonds
• performance bonds
• advance payment bonds
• retention money bonds
• guarantees to cover urbanisation charges.

Guarantees of performance of legal obligations cover the fulfillment of obligations undertaken with the public authorities. These include:

• tax refund payment bonds
• guarantees for customs duties.

Guarantees covering the contractual or legal obligations of Italian enterprises or their subsidiaries in connection with the supply of goods and services and the supply of works abroad are issued directly by SACE or through accredited insurance companies (reinsurance) or banks (counter-guarantees).


CONSTRUCTION RISK

SACE Group provides insurance cover against risks related to construction business and General Contracting, fulfilling the need to comply with legal obligations in bidding for contracts.

• C.A.R - Contractor's All Risks provides cover for any sudden and unforeseen loss or damage occurring during the period of insurance to the property insured on the construction site, including damages involuntarily caused to third parties.
• Decennial liability covers materials and direct losses due to partial or total collapse of the building or serious structural defects that undermine its stability. It covers also damage to third parties and it can be tailored for public and private works contracts.
• E.A.R. – Erection All Risks covers all risks arising from the construction and installation of machinery, plant and steel structures. It holds specific rules regarding the execution and testing of plant and systems. An extended cover includes design inaccuracy and faulty material or supplies.