INSURANCE SCOPE AND COVERAGE:
Insurance coverage against the risk of culpable breach of the contractual relations between Policyholder/Responsible and Insured/Beneficiary, or against the risk of culpable breach of the regulatory framework, resulting in obligations for payment of Guaranteed Amounts in favor of the Insured.
THE INSURANCE COVERAGE MAY INCLUDE:
1. Guarantee of the customs obligations of the Policyholder (importer, forwarder, etc.) in accordance with the effective Bulgarian legislation;
2. Guarantee of the performance of the Policyholder’s contractual obligations, including:
2.1. For the supply of goods and/or services and/or construction and assembly works;
2.2. For reimbursement of an advance payment by the Policyholder
under the terms and conditions of contract;
2.3. For good performance;
2.4. For payments to subcontractors and/or suppliers;
2.5. For the maintenance of goods delivered or handed over under a contract, construction sites, facilities, equipment, etc.;
3. Guarantees for the participation of the Policyholder in Tender or Procurement Procedure, including the case when, upon the award of contract, the Guarantee is transformed into a Performance Guarantee;
4. Other Guarantees explicitly approved by the Insurer and described in the Policy.
INSURANCE TERM
The insurance contract will take effect at 00:00 on the day specified as the commencement date in the insurance contract, provided that the whole insurance premium or the first installment of the insurance premium has been paid (when deferred payment is agreed). The insurance will expire at 24:00 on the day specified as the expiry date in the insurance policy.
The insurance policy will have effect within the Republic of Bulgaria only.
INSURED AMOUNT/LIABILITY LIMITS:
The insured amount will be determined on the basis of the liability of the Policyholder for payment under the guarantee, whereby the maximum total liability of the Insurer cannot in any way exceed the insured amount stated in the policy less the franchise amount stated in the policy, if such franchise amount is agreed.
INSURANCE PREMIUM:
The insurance premium will be agreed between the Insurer and the Policyholder, taking into account any risk factors relevant to the insurance, the scope of the insurance coverage, the limit of liability (insured amount), and the insurance term.
