State Bank of India’s non-life insurance arm – SBI General Insurance has launched ‘General Surety Bond Bima (Conditional & Unconditional)’ insurance product. Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority).
The product is designed to provide protection against breach of terms and conditions by the contractors either during the bidding stage or during the performance stage of a project. The Surety insurance product consists of a wide range of bonds, such as bid bonds, advance payment bond, performance bond, and retention money bond.
State Bank of India (SBI) is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
