CBIC as Surety

Country Bankers Insurance Corporation (CBIC) being one of the primary providers of insurance (traditional and surety) in the Philippines, sees to it that its commitment expands and continues to protect the public and private interests against financial loss through surety bonding.

OUR SURETY SERVICES

1. FIDELITY BOND – often referred to as “honesty insurance,” covers loss due to any dishonest act of bonded employee.

2. CONTRACTORS BONDS – these are bonds which are required and issued in connection with construction. The three basic types of Contractors Surety Bonds are: 1) bid bond, 2) performance bond, and 3) surety/guarantee bond. These bonds guarantee contract bidder’s good faith, price bid and contractor’s performance, payment and maintenance.

3. LICENSE AND PERMIT BOND – guarantees compliance with the terms and conditions of a government license granted to any person or entity to engage or operate a particular business or of a government permit granted to any person or entity to exercise a particular privilege.

4. JUDICIAL BONDS – issued on behalf of party litigants in connection with proceedings or actions pending before any judicial or quasi-judicial tribunals.

5. CUSTOMS BOND – guarantee payment of customs duties and other charges imposed on goods imported into or entered in any port of the Philippines.

6. OTHER BONDS – Heirs Bonds and Reconstituted Bond.

CBIC provides these services with prudence through its underwriters and legal adviser who act as business analysts to protect the public and private interest for its existing and prospective clients; rural banks, contractors, travel agencies, individuals/private companies, different courts and government agencies.

– Roland Atienza