Suretyship Insurance

Insured events:

• Withdrawal of the insured's bid during the period of its validity specified in the tender conditions;
• Avoidance or refusal by the policyholder to sign the contract in accordance with the tender conditions and instructions to the tender participants, when the beneficiary accepts the policyholder's bid during the period of its validity as specified in the tender conditions;
• Avoidance or refusal by the policyholder to submit a performance guarantee letter or a bank guarantee in accordance with the tender conditions, when the beneficiary accepts the policyholder's bid during the period of its validity as specified in the tender conditions;
• The policyholder's disagreement with the adjustment of the bid price according to the tender conditions, when the beneficiary accepts the policyholder's bid during the period of its as validity specified in the tender conditions.

Insured events:

• Non-compliance of the works performed or services provided or goods delivered by the insured with the requirements specified in the contract;
• Violation of the terms of performance established in the policyholder's contract and secured by the insurance contract, except for the cases when these terms were violated not due to the fault of the policyholder;
• Unlawful refusal to continue to perform contractual obligations secured by an insurance contract.

Insured events:

• In the case of prepayment suretyship insurance, the insured event is considered to be the basis of the contract for the advance payment made to the policyholder and not returned to the beneficiary due to the fact that it was not used for the purpose provided for in the contract.

Insured events:

• In the case of warranty period suretyship insurance, the insured event is the policyholder’s default during the warranty period provided for in the contract.