Booklet Surety Bonds
Dear members,
Statistics show that in most of the developing countries the contracting of insurance is not a widespread culture, which is even more evident when we analyze the surety penetration figures in these economies. The Latin American surety market has grown significantly over the last decades. However, in many countries, the purpose, characteristics and details of this product are little known by the contracting and contracted companies and the population in general. Even in countries where the surety market is more consolidated, brokers, policyholders and the insured frequently have doubts about the conditions, operation and covers of the products offered by insurance companies that write surety bonds. Being aware of this situation, the Panamerican Surety Association (PASA) decided to prepare this booklet that briefly describes the main characteristics of this product in simple language and provides general concepts, respecting the specifics of surety bonds in each country.
We hope that you find this publication useful to increase your knowledge on surety bonds and to help promote its use in our market.
Version to view