Performance Bond Insurance

Performance Bond Insurance

On the subjects of credit insurance, factoring and sureties, the SCHUNCK GROUP runs its own competence centre where banking and insurance experts adapt the insurance solutions to current developments on an ongoing Basis.

A surety relating to an insurer is nowadays an alternative to a bank guarantee. All surety needs in connection with the supply and performance of a company can also be expressed by a so-called deposit insurance policy. This is particular appropriate for:

  • Rental security
  • Fuel or fuel cards, tolls, leasing
  • Government authorities (customs duties, import VAT, IATA, recultivation)
  • Contract fulfilment, down payments, warranties
  • Other operational hedges such as working hour accounts and pre-retirement part-time work

What does the typical situation of a company look like?

Sureties have traditionally been provided by a company’s personal bank. Advanced guarantee frameworks must according to the Banking Act be credited against the entire bank line of credit of a company. Shifting the sureties to an insurer reduces pressure on a bank line of credit, and lines opened up may, for instance, be used for current account credit or long-term loans.

What solutions does the SCHUNCK GROUP offer?

The SCHUNCK GROUP checks existing surety guarantee obligations and, on the basis of an individual analysis, produces an insurance solution especially adapted to the needs of the company. Depending on the company and the situation, special contract forms and special terms are possible.

What advantages does SCHUNCK surety insurance offer?

  1. A simpler application and acceptance procedure
  2. Sureties given by insurers have the same acceptance as bank guarantees, nationally and internationally
  3. Naturally, documents „on first demand“ as well
  4. Individualised surety texts can be considered
  5. Transparent and attractive pricing
  6. No or only negligible collateralisation (no real property backing required)
  7. Easing of the bank line of credit by shifting sureties to an insurer
  8. All types of sureties
  9. No sectors excluded

Your contact

Jörg Peters

+49 40 23777-144