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COFACE expands its portfolio in Romania and launches surety bonds

Credit insurer COFACE announced in a statement published on its website it expands its portfolio on Romanian insurance market entering surety bonds segment- "a viable alternative to the letter of credit and are dedicated to companies involved in public procurement contracts".

"The launch of the Surety Bonds division is done after a year marked by unprecedented challenges and as a natural step in the development of Coface on the Romanian market. We thus continue to support companies through complex risk management services, developing our offer with guarantee instruments designed to meet the needs of companies taking part in public procurement processes. This product is Coface's response and contribution to the need for companies to participate safely in submitting bids, concluding and carrying out this type of contracts," stated Eugen Anicescu, Country Manager, Coface Romania.

Any company that intends to conclude contracts with the state is obliged to constitute the bid bond and performance bond. Thus, COFACE informed will start to offer:

The bid bond - an instrument of presenting the tender offer, which aims to protect the contracting authority (Beneficiary) against the risk of misconduct by the tenderer (Insured) throughout his involvement in the award procedure.

The performance bond - is constituted by the contractor (Insured) in order to ensure the contracting authority/entity (Beneficiary) the quantitative, qualitative fulfillment and within the agreed period of the sectoral contract/subsequent contract.

"Coface surety bonds are the quickest and most convenient alternative to the letter of credit. Through this new product we respond to the real needs of the market and facilitate the participation of companies in public procurement procedures, offering numerous advantages. I am confident that the new division will provide the necessary support, through specialized services, in the protection and development of businesses", added Mihut Marculescu, Head of Bonding Department, Coface Romania.

The new products are addressed to companies registered in Romania or in other states of the European Union or associations of companies registered in Romania or in other EU states.

Author: Andrei Victor on 25.05.2021

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