Garantiikindlustused

Garantiikindlustused, often translated as guarantee insurance or surety bonds in English, are a type of insurance designed to protect one party from financial loss if another party fails to fulfill contractual obligations. These policies are typically entered into by three parties: the principal (the party undertaking an obligation), the obligee (the party to whom the obligation is owed), and the guarantor (the insurer providing the guarantee).

The primary purpose of garantiikindlustused is to provide financial security and assurance in various business and contractual relationships. For example, a contractor might need a performance bond (a type of garantiikindlustus) to assure a client that the project will be completed according to the agreed-upon terms and specifications. If the contractor defaults, the client can claim compensation from the insurer. Another common application is in construction, where advance payment bonds ensure that any prepayments made by the client are protected if the contractor fails to start or complete the work.

Garantiikindlustused can also be used in legal contexts, such as court bonds, which are required in certain legal proceedings to ensure compliance with court orders or to cover potential damages. Similarly, customs bonds are used to guarantee payment of duties and taxes related to the importation of goods. The underlying principle across all these types is risk transfer, where the financial risk of non-performance is shifted from the obligee to the guarantor. The guarantor assesses the principal's financial standing and ability to fulfill the obligation before issuing the policy, and charges a premium for this service.