Bonds Insurance

Historically, banks have usually provided bonds. A bond is not an insurance policy per se but essentially a form of financial guarantee. It is a guarantee by one party (the surety or guarantor – the insurance company) to another party (the obligee - the person requesting the bond) that a third party (the principal - the person required to provide the bond) will meet its contractual obligations.

We provide cover for the following listed bond (guarantees):

  • Performance Bond
  • Advance Payment Bond
  • Tender for Bid Bond
  • Customs Bond
  • Credit Bond
  • Supply Bond
  • Counter- indemnity/Guarantee Bond

Prior to providing the above listed guarantees, the underlisted documentations are usually required by the guarantor to enable assessment of the bond request.

These include but are not limited to the following:

  • Completed Bond Proposal Form
  • Certificate of Incorporation/Registration
  • Letter of Contract Award
  • Contract Agreement
  • 3 Years Audited Statement of Account
  • Evidence of previous Contract Performance (Certificate of Completed Jobs)
  • Counter Indemnity by the Company
  • Personal Indemnity by a Director of the Company
  • In the case of Customs Bond, the Bond form provided by the Custom & Excise department must be made available
  • Similarly, Shares Indemnification Forms from the Company should be provided in respect of shares indemnification bond
  • Collateral Security up to a minimum value of the bond is required

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Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas.

The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.

Contact

Guinea Insurance House
33 Ikorodu Road Jibowu, Lagos.

Copyright © 2020 Guinea Insurance Company Limited RC1808. Authorised & Regulated by the National Insurance Commission RIC N0. - 017