Question
General Surety Bond Bima (Conditional & Unconditional)'
insurance product has been launched to act as a security arrangement for infrastructure projects and will insure the contractor as well as the principal (contract awarding authority).Which insurance company has launched this product?Solution
SBI General Insurance, launched the General Surety Bond Bima (Conditional & Unconditional)' insurance product. Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority).The product is designed to provide protection against breach of terms and conditions by the contractors either during the bidding stage or during the performance stage of a project.
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