Fianzas y Seguros CRYA
Surety
Surety is a specialized field that requires a high level of market awareness and the different guarantee options in the Latam Market.
Our relations with the main surety companies in the decision makers level are very strong, this diversity gives us the ability to handle all your domestic and international surety needs within the best available guarantee options.
Our surety programs are Created as an agile tool to support ENTERPRISES DEDICATED TO CONSTRUCTION, goods supply and services, to guarantee its bonding needs.
providing the tranquility of having the optimum performance guaranty since the beginning and until each project´s conclusion.
¿Which are the program’s advantages?
Is an effective filter on the selection process of goods and services suppliers, and for the business and bond issuance analysis
Agile bond issuance by the establishment of terms and conditions, and by the bond wording homologation
Higher certainty for the Beneficiary (obligee) for the claims to be filed, as for their proceeding opinion.
Simple and agile Bonds portfolio administration
Which obligations are guaranteed?
Bid bond- Guarantees the offer intending submitted by the Contractor or Supplier.
Advance payment bond - Guarantees the duly investment, total or partial, and the amortization of all the amounts delivered to the Principal (guaranteed) at any time within the effectiveness period of the executed contract, as advance payment given by the Beneficiary, as well as the reimbursement of the advance amount not invested or amortized, with the interests that, in each case, where agreed with the Principal for such purpose.
Performance bond - Guarantees the goods delivery, the works execution and/or the performance of the obligations arising from the bonded contracts, under the conditions and specifications established at the Contracts or Purchase Orders, executed between the Principal and the Beneficiary, being effective in attention to the unfulfilled obligation measure or proportion, unless expressed acceptance of the surety company upon a corresponding inclusion endorsement, in order to not consider proportionality terms, in those cases in which due to the nature of the guaranteed obligation it should be indivisible.
Conventional penalties bond - Guarantees conventional penalties (moratorium and non moratorium) established at the contracts, up to the aggregate amount referred at such contracts; moratorium ones shall be considered when the Principal does not comply timely with the delivery of the goods or hired services. As for the non moratorium penalties, said obligation and performance of the contract will not be claimed to the surety company, solely one of them will be subject to be claimed, in other terms, either performance or non moratorium conventional penalties.
Good Quality bond (hidden vices repairs) - Guarantees good quality of the executed works, of the goods or merchandise delivered to the Beneficiary used at the works execution, until a year after the reception date, as well as the hidden vices repairs accordingly to each inclusion endorsement. The amount to be claimed, shall correspond to the real value of the damage repair caused by the hidden vice.
Labor Contingencies bond - Guarantees possible labor contingencies that may arise against the suppliers or contractors, regarding labor pretentions of employees and/or arising from non fulfillment payment of employer-employees, IMSS, INFONAVIT, SAR or any other lack in regard to the supplier’s or contractor´s labor obligations with its employees, as a result of the executed service contracts, accordingly to provisions established at article 15 of the Labor Federal Law, always that a definitive resolution condemning the contractor or supplier to said obligations payment. This labor contingencies coverage shall respond for obligations occurred within the time of effectiveness established at the inclusion endorsement
¿How to formalize the bonding scheme?
1.- Bonding Contract: Terms and conditions that will govern the bonding are established.
2.- Master Bond: Policy upon which every inclusion endorsement will be issued.
3.- Inclusion endorsement wording.
¿Why are we your best choice?
For its experience in the market. For its product acknowledgment. For its financial and moral institutional strength.
For having the most successful, professional and updated net of certified intermediaries and brokers, who will counsel you.
We rely on forefront technology that allows us to offer you a remote issuance system with which you may print your bonds at any place you might be.
Simplicity on your bonds administration, for having access to a data base, (monitoring system), since accumulated amounts, bond closings (cancelation) may be verified, reports may be generated, etc., from your own office comfort.
Likewise, an electronic bond may be issued, simplifying the delivery process timing, since the document may be sent directly to your email.
In addition, we count with a mechanism to verify the authenticity of our bonds through our VALIDA system which helps preventing frauds.
