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BASIC INFORMATION REQUIRED FOR FACULTATIVE REINSURANCE

GENERAL INFORMATION

INFORMATION ABOUT THE INSURED AND THE RISK:

    • Full name(s) and address(es) of risk(s).
    • Full name and address of parent company (if any).
    • Principal operations of risk.
    • Annual reports and accounts of at least the last two years, if possible with other published reports.
    • Period during which ceding company has been in relation with risk(s) and a description of the experience during that period.

    REINSURANCE CONDITIONS:

    • Reason for additional capacity.
    • The share that is covered by the ceding company’s treaty facilities (automatic & special limit) and the share which is offered facultatively.
    • Ceding company’s gross & net retention (both for treaty facility and facultative facility).
    • Expected Premium Income.
    • The original rate per annum/month.
    • The total costs to Nationale Borg Re (taxes, brokerage, reinsurer’s commission, etc.).
    • Names of co-insurers and/or co-reinsurers and the amount accepted by them.
    • The wording of the counter-indemnity of the Parent Company and its present value (if applicable).

    ADDITIONAL INFORMATION APPLYING TO CONTRACT BONDS

    • Kind of bond (Bid bond/ Performance bond/ Payment bond/ Advance Payment bond/ Maintenance bond/ Retention Money bond).
    • The amount of the particular bond(s).
    • If the contract is to be performed by a consortium of contractors, is then a counter-indemnity for 100% of the bond amount obtained from each contractor so that all members of the consortium are jointly liable to the Surety company, or not?
    • Draft contract or tender details, or at least copies of force-majeur clause, price-variation clause, penalty clause, financing scheme.
    • The commencing- and end date and period of possible maintenance.
    • Name and full address of the authority to which the bond is given.
    • Contract price offered by contractor (and if possible a list of bid-prices of other tenders).
    • Is part of the contract to be subcontracted and if so, which part and to whom?
    • Will the main contractor require bonds from sub-contractors?
    • List of principal works (with contract prices) executed previously by the contractor and a list of works on hand (if possible with an indication of the percentage of each contract already performed).
    • Possible collateral requested.
    • If a contract is to be performed by a consortium of contractors, the above particulars about each contractor is to be given separately.

    ADDITIONAL INFORMATION APPLYING TO CUSTOMS & EU BONDS

    • Kind of bond (Customs bond, VAT bond, etc.).
    • Commencing date, expected maximum duration of the bond and possible annulation clause.
    • Amount of the facility/percentage of the value of the goods covered.
    • Copy of the bond wording (if one or two large bonds give raise to needed Facultative Capacity).
    • Possible collateral requested.

    ADDITIONAL INFORMATION APPLYING TO CREDIT INSURANCE

    • Domestic/Export Credit.
    • Total credit limit.
    • Own retention insured.
    • Period of cover.
    • Protracted default included.