Find answers to the most frequently asked questions about Atradius Surety and our services.
Please read the following information in conjunction with the disclaimer at the end of this page.
Find answers to the most frequently asked questions about Atradius Surety and our services.
Please read the following information in conjunction with the disclaimer at the end of this page.
The information required to assess a surety bond facility is, among others:
Depending on the complexity, this process can take up to a couple of weeks.
A collateral is an asset or more general commitment that has been offered as a counter guarantee for a policy or a surety bond.
Collateral might be needed in some countries and cases. Collateral is usually requested in order to strengthen the credit worthiness of a prospect/customer and enable a positive final evaluation of a surety bond request.
No, we are not allowed to issue financial guarantees. In fact, as financial guarantees are issued to cover purely financial obligations granted by banks or financial institutions, these products fall outside the scope of insurance.
Our surety bonds are widely accepted by governments as well as large publicly traded companies and private enterprises.
Atradius Surety is active and can issue surety bonds locally in 12 European countries: Belgium, Denmark, France, Finland, Germany, Italy, the Netherlands, Norway, Luxembourg, Portugal, Spain and Sweden. Surety requests related to other countries are evaluated on a case by case basis.
Our Surety teams assess these requests according to relevant local legislation on insurance licensing as well as other factors, such as the nature of the underlying obligations, terms and conditions, etc.
In case of a new relationship, Atradius Surety needs to perform a full underwriting assessment, which depending on the complexity, may take up to a few weeks to be completed and a surety bonds facility to be established. Once the facility is established, in most cases we can issue a surety bond within 24 hours, depending on the amount, complexity and nature of the case.
Duration varies depending on the type of a surety bond.
A surety bond is terminated when it reaches its specific expiration date or when the beneficiary provides a “release letter”. This is a declaration that the underlying obligations
have been fulfilled and no longer need to be guaranteed.
No, we cannot cancel a surety bond. However, specific conditions may apply.
We evaluate each case individually as the premium varies according to the type and duration of the bond, the customer’s financial information and the market practice.
First, the customer is informed that a claim has been filed to give him the opportunity to reach out to the beneficiary to resolve the case. If this is unsuccessful, we assess the claim
for its validity and, if approved, we pay the amount due to the beneficiary in accordance with the value determined within the bond. If we consider the request baseless or partially
grounded (such as the unfair calling of a bond), we can take legal action to protect both your business and ourselves.
All content on this page is subject to our Disclaimer, available here.
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