Bonds Claims

I. GENERAL PROCEDURES

    1. Send a claim letter to us specifying the following information:

        1. Bond Number

        2. Justification for claim

        3. Amount of claim

    2. Upon receipt of our acknowledgement letter, submit the required documents to support the claim specified in the letter, if any. Make yourself and/or your representatives available for the inspection of the properties/facilities/ equipment involved.

    3. We refer the claim to the principal and co-signer/s, enclosing all claim documents and asking them to give their comments through a formal letter. If necessary, we confer with the principal and the obligee.

    4. As soon as investigation/evaluation of the claim is completed, you will be notified of our Company's position, i.e. offer of specific amount as settlement with accompanying computations/ breakdown (if necessary), or denial, if the claim is not within the coverage of the policy.

    5. If payment is made by us, acknowledge the payment by issuing an official receipt and release the bond to us.

II. LIST OF DOCUMENTS REQUIRED

Note: Documents required vary from one type of covered undertaking to another. In some cases, documents may not be required but other cases may need some form of inspection.