History Facts
Surety insurance was created in the 80s but implemented in Mexico since 2019. It was created for clients
with excellent financial position, who required bonds continously and had to go through the long process
of emission; moreover, always having to deliver a warranty (property or money) even though multiple contracts
had already been satisfied with its excellent technical capacity. So a more effective way was needed for these
clients, so Surety Insurance or Seguro de Caución was created.
What is it?
"Compensation or penalty for the damage suffered within the limits provided in said contract and for the breach
by the contractor of its legal or contractual obligations with the exception of financial contracts."
Differences:
| Bond |
Surety Insurance |
| Tripartite Contract |
Bipartite Contract |
| Guarantees required |
Guarantees not required |
| Bond Policy |
Insurance Certificate |
| Accessory Contract |
Principal Contract |
