The Surety bonds in Mexico
The bond insurance in Mexico is still a bill, however the National Insurance and Bonding Commission has already announced the process that will govern the insurance companies.
The sale of surety bonds can be made:
- Through agents specialized in surety bonds
- The runners
Like other types of insurance, it will be very common for insurance companies to have an authorized and specialized sales channel, which will be the agents.
Benefits of contracting a surety bonds with an agent
Generally insurance agents have exclusivity agreements with some insurance company, which allows more competitive prices
The knowledge of the available insurances of the insurer and the degree of update in the subject are very ample
In some cases your services will extend beyond the sale of surety bonds and you will become a consultant
What will the surety bonds be used for?
It will be the insurance that will guarantee the creditor (insured, who hires the surety insurance ) of an obligation to compensate the damages that may be caused by his breach, that is, the insured guarantees the fulfillment of the contractual obligations.
In Mexico, the surety bond will show important improvements in the economic system and will begin to be offered in the course of 2014.
If you want to know more about insurance and bonds, contact us.