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Bonds Insurance
Making the right choice to mitigate the risks brought about by the breach of contracts, agreements or provisions of the law is imperative to sound business and one’s protection.
A bond is a three-party agreement where AXA Philippines assures the performance of an obligation of the bond applicant (principal/obligor) to a third party (obligee/bond beneficiary), by virtue of the contract or as required by law.
Coverage:
Guarantees financial indemnification to the obligee in the event that the principal/obligor defaulted or failed to perform the terms and conditions stipulated in the contract or court order. The bond guarantees that if undertaking written on the agreed contract is not complied/performed, the obligee will be indemnified.
- Supersedeas bond - Seeks to stop or stay the execution of the decision and hence, guarantees the performance of the judgment or order appealed from in case it is affirmed wholly or in part (in labor case) or answers for the damages that the complainant in ejectment case may suffer by reason of holding the execution of the judgment of the lower court pending defendant’s appeal to the higher court.
- Administrator’s bond - Guarantees that the appointed administrator of the estate of the deceased, shall perform all his duties and responsibilities as required by law.
- Attachment bond - Guarantees the payment of all costs and damages which a party may sustain by reason of the attachment.
- Counter-attachment bond - Guarantees the payment of all costs and damages which a party in whose favor an order of attachment is issued, may sustain by reason of the lifting of the attachment.
- Guardian’s bond - Guarantees that the appointed guardian of a ward or parent of a minor shall perform all his duties and responsibilities as required by law.
- Heir’s bond - Guarantees the payment of all claims that may be filed by any compulsory heir deprived of lawful participation in the estate of the deceased and/ or any unpaid creditor who has a claim against the estate.
- Injunction bond - Guarantees the payment of all the damages which the party enjoined by order of injunction, or to whom the order of injunction is directed, may sustain if the court should finally decide that the Plaintiff is not entitled thereto.
- Counter injunction - Guarantees the payment of all damages which the plaintiff may suffer by reason of lifting of a restraining order.
- Replevin bond - Guarantees the return of the seized property or payment of damages which the adverse party may sustain should the court adjudge that the party seeking recovery is not entitled thereto.
- Counter-replevin bond - Guarantees the re-delivery of the seized property to the plaintiff, should delivery be adjudged, and payment of such sum that plaintiff may recover.
- Sheriff’s Indemnity bond - Seeks to protect the sheriff against the claim of a third party alleging adverse title or right of possession to the property being seized.
- Writ of possession bond - required by the court for any party who is issuing another party to secure possession of property that they believe they have a legal right to.
- Bidder’s bond - Guarantees that the successful bidder (principal) shall enter into contract with the project owner or general contractor (obligee) and furnish the required Performance Bond.
- Performance bond - Guarantees the full and faithful compliance by the principal of its undertaking to complete the works in accordance with the approved plans, specifications and terms and conditions of the contract.
- Surety (downpayment) bond - Guarantees the recoupment of the downpayment given by the obligee to the principal through deductions from the progress billings submitted by the latter and approved by the obligee.
- Guarantee bond - Also known as warranty bond, it guarantees the correction and repair of hidden defects in the materials and workmanship used by the principal in the project found or becoming evident within one year from the date of final acceptance by the obligee.
- Payment Bond - Guarantee payment of money claims in relation to collection servicing agreement.
- Combined performance and surety bond – covers both undertaking of performance & surety bond.
A reconstituted title bond undertakes to indemnify the mortgagee against any loss or damage which it may suffer arising from claims presented to any person against the property whose rights might have been prejudiced, pursuant to section 7 & 8 of Republic act no. 26 which provides for special procedure for the reconstitution of torrens certificate of title that are missing and not fictitious titles which are existing.
Guarantees the payment of money or loan (financial guarantee) or the payment of the purchase price or balance thereof within the stipulated period in accordance with the terms and conditions of the agreement (credit guarantee).
One required by the government or any of its agencies and instrumentalities which guarantees compliance with the terms and conditions of a license or permit granted to any person or entity to operate a particular business (such as real estate broker’s bond and POEA or DOLE surety bond).
Seeks to cover an employer against loss of money or of any other kind of property, whether real or personal, arising from the fraudulent or dishonest acts of the employees covered.
Seeks to indemnify the bank or issuing corporation against any loss or damage which it may suffer by reason of the replacement of lost check or lost stock certificate, respectively.
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