Surety/Bonds

Selfless service and whole-hearted dediacation - these set apart, placing it at a class all on its own. Now one of the most innovative insurance companies in the country, continues to keep in mind its mission and core values - its very strength and true foundation.

Kenwal.biz as affiliate and service provider will help speedy transaction for your Surety and BONDS requirments. We TRUST on our Principal Insurer to give assurances which you can build a business on.

Suretyship is a contract whereby one person engages to be answerable for a debt, default, or miscarriage of another. It provides indemnity to the obligee against a loss up to a specified amount resulting from the failure of the principal to perform or fulfill the prescribed obligation or undertaking under the principal contract.

Any obligation that is to be performed by the Principal in the primary contract or those prescribed by law, rules and regulations of the government can be covered under the Bond.

• Construction Contract Bond

  This surety binds itself with the contractor as principal to ensure that the latter shall abide by his obligations under his contract with the owner/obligee. In his application for the bond, the contractor agrees with the surety that in the event of his failure to perform the contract and carry out all his obligations thereunder, he will indemnify the surety for any loss or expense caused by such failure.

  Products available:

  • Bid Bond
  • Performance Bond
  • Surety (Advance Payment Bond)
  • Warranty Bond

• Custom Bond

  It is an undertaking wherein the principal and the surety, subject to stated conditions, bind themselves mutually and severally to pay the Bureau of Customs if the former fails to perform its undertaking. The principal defaults when it fails to comply with the conditions of the bond or to pay the customs duties, internal revenue taxes, and other charges in connection with the importation, warehousing, and disposition of such articles.

  Products available:

  • General Bond for Bonded Warehouse
  • General Bond for Bonded Manufacturing Warehouse
  • Re-export Bond

• Judicial Bond

  Courts and administrative bodies (clothed with quasi-judicial powers) also require bonds as guarantee for the loss or damage it may suffer as a result of the filing of suit. Such bond is called a Judicial Bond.

  Products available:

  • Fiduciary Bond
  • Civil Judicial Bond
  • Criminal Judicial Bond

• License and Permit Bond

  The bond is required by the government for the issuance of a license to engage in a certain business or for the granting of a permit to exercise a particular privilege. This bond safeguards the public against financial loss caused by the misfeasance or malfeasance of licensees. It may also guarantee the payment of taxes or other charges due to the government.

  Products available under the License Bond:

  • Stockbroker's / Dealer's Bond
  • Real Estate Broker's Bond
  • Insurance Broker's Bond
  • Custom Broker's Bond

• Fidelity Bond
  

  It indemnifies an employer against loss of money, securities and other property resulting from any fraudulent or dishonest act committed by an employee whether acting alone or in collusion with others.

For any inquiries on our Bonds, call Lito Radam at 09153466648 and (032)-4246760 or email: lito@kenwal.biz