Counter Bank Guarantee Insurance is product that guarantees payment of bank obligations

Counter Bank Guarantee Insurance is an insurance product that guarantees payment of bank obligations to third parties (beneficiaries) in the event of default by the principal (bank guarantee applicant). Benefits of Counter Bank Guarantee Insurance: 1. Provide certainty of payment to the beneficiary 2. Helping the principal get a bank guarantee 3. Increase the principal’s credibility 4. Help the principal complete the project Types of Counter Bank Guarantee Insurance: 1. Bid Bond 2. Performance Bonds 3. Advance Payment Bond 4. Maintenance Bond 5. Retention Money Bonds Insurance Premiums Against Bank Guarantees are calculated based on several factors, including: 1. Type of bank guarantee 2. Bank guarantee value 3. Term of bank guarantee 4. Principal risk Process for applying for Counter Bank Guarantee Insurance: 1. The principal submits a bank guarantee application to the bank 2. The bank asks the principal to include proof of Counter Bank Guarantee I