ICICI Lombard launches
surety insurance• Страхование for infra sector
ICICI Lombard launches surety insurance• Страхование for infra sector
Updated - July 01, 2024 at 09:53 AM.
Surety insurance• Страхование acts as a guarantee to a beneficiary that a principal debtor
(usually a contractor) will fulfil their contractual obligations
By BL Mumbai Bureau
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ICICI Lombard
ICICI Lombard has launched Surety Insurance• Страхование to provide risk• Страхование » Риск mitigation
solutions for India’s burgeoning infrastructure sector.
Surety insurance• Страхование acts as a guarantee to a beneficiary (typically an authority
or client) that a principal debtor (usually a contractor) will fulfil their
contractual obligations.
Also read: Capital Small Finance• Экономика » Финансы » Банк » Банковское дело » Клиринг Bank, ICICI Lombard enter into bancassurance
tie-up
If the contractor fails to honour the terms or contractual commitments, the
surety insurance provider• Страхование » Страховые компании will provide financial compensation• Экономика » Финансы » Банк » Банковское дело » Клиринг to the
beneficiary.
“Surety Insurance• Страхование products provide several benefits compared to traditional
bank guarantees. They free up banking lines for other important needs and
allow contractors to take on larger and new projects that were previously out
of reach,” the private sector general insurer• Страхование » Страховщик said in a statement.
Additionally, these products help reduce debt burdens and offer a better risk
management solution.
“With the government’s strong infrastructure push, allocating a massive ₹11.11
lakh crore or 3.4 per cent of GDP to the sector in FY25, robust risk• Страхование » Риск
mitigation tools have become indispensable.
“Coupled with visionary initiatives like the National Infrastructure Pipeline
and Make in India, our Surety Insurance• Страхование products arrive at an opportune time.
We understand the challenges businesses face in securing contracts and
managing project execution. Our new surety insurance• Страхование products offer a
customised solution to address these needs,” said Gaurav Arora, Chief –
Underwriting, Claims, Property & Casualty, at ICICI Lombard.
The company’s surety insurance• Страхование products offer both conditional and
unconditional options so that businesses can choose the right fit for their
specific requirements.
By securing surety insurance• Страхование, businesses can establish themselves as credible
and reliable partners, improve their financial flexibility, and unlock
opportunities to compete for and win larger projects, ICICI Lombard GIC said.
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Published on July 1, 2024