Tata AIG Unveils Surety Insurance Bonds
Surety Insurance Bonds have emerged as an alternative to traditional bank guarantees for contractors
TATA AIG General Insurance has rolled out Surety Insurance Bonds to facilitate smoother execution of infrastructure projects and commercial contracts across both government and private sectors, catering to diverse project needs.
Surety Insurance Bonds have emerged as an alternative to traditional bank guarantees for contractors and by opting for Surety Insurance Bonds, contractors can unlock capital and enhance their bidding capacity.
This will help them overcome liquidity and capital constraints. Available across both conditional and unconditional formats, TATA AIG's Surety Insurance Bonds have been designed to provide coverage to the project owner or beneficiary against losses arising from the contractor's non-performance, non-fulfillment, or breach of contractual obligations as stipulated in the agreement or bidding documents.
TATA AIG’s current product suite includes the contract bonds permitted under IRDAI guidelines, such as bid bonds, performance bonds, advance payment bonds, and retention money bonds.
Deepak Kumar, Senior Executive Vice President and Head, Reinsurance, Credit and Aviation Insurance, TATA AIG General Insurance said, “With the unveiling of our Surety Insurance Bond, TATA AIG is committed to addressing the critical liquidity and capital challenges faced by contractors in the infrastructure sector. With this range of surety bonds, we are cementing our dedication to foster growth and development through innovative insurance solutions for the country’s infrastructure companies.”
