Self-service

Bonds And Guarantees

HomeBonds And Guarantees
Products we Offer

Bonds And Guarantees

CredSure issues local bonds and guarantees required by contractors and importers including customs and court bonds. A bond or guarantee can be described as a written understanding by the guarantor to accept responsibility for the performance of a contractual obligation entered into by the contractor liable for any breach.

Custom Bonds

ATIP Bonds

This covers importation privileges. Where goods are temporarily imported and then exported, firms need to be exempted from

city, so that if goods are not taken out by a specified date, duty will be payable by the guarantor.
Warehouse Bonds

Customs require a bond on warehouses storing imported goods to ensure that duty is paid once the goods are cleared

and removed.
Removal in Transit Bonds

This covers goods in transit to another destination. For example goods are imported from South Africa and the end

user is in Zambia, the Zimbabwean freight forwarding company does not have to pay duty with respect to these goods. A removal in transit bond is put in place to ensure that goods get to the final customer without duty being paid whilst in transit.
Inward Processing Rebates

These cover the importation of raw materials without duty and the goods

manufactured therefrom also being exported.
Agents Bond

This bond is required by Customs from forwarding and clearing companies who handle goods on behalf of other

companies for the due observation of ZIMRA regulations and payment.

Construction Bonds

Bid Bonds

This bond ascertains the seriousness of the contractor. It is seen as an assurance by the contractors that the tender

procedures will be followed.
Performance Bond

This bond covers against defective workmanship and ensures work is done to specifications and standards within the

required time.
Advance Payment Bond

This bond is required to guard against the misuse of money that is paid in advance to contractors for the purchase of

materials.

Retention Bond

This bond enables the retention monies to be released to the contractor, at the same time guaranteeing the employer that in

the event of default by the contractor, such monies will be paid to the employer.
Maintenance Bond

Construction defects might be noticed six months or more after completion of a project. This bond covers costs of any

defects that are realised after completion of works.

Court Bonds

Administration of Estate Bond

The Master of High Court requires this bond to ensure that beneficiaries will not

be prejudiced by mal-administration and fraud by the administrator of the estate.
Judicial Management Bond

This bond is required by the Master of the High Court to ensure the due performance

of expert management that has been called in to avoid the liquidation of a company that is experiencing financial difficulties.
Liquidators Bond

This bond is required by the Master of the High Court to ensure the due performance of the person appointed in the liquidation

proceedings of a company.

Other Bonds

Railway Ledger Bond

This bond is required by the National Railways of Zimbabwe from the companies that use railway carriage

facilities on credit. This bond offers security against default of the monthly payments by the respective customers.
Marine

Covers the loss or damage of ships, cargo, terminals, and any transport or property by which cargo is transferred,

acquired, or held between the points of origin and final destination
Hull Insurance

Covers loss of or damage to the actual ship, yacht or motor boat whilst being used on water, laid up and during transit

to and from the lake. Cover also applies to outboard motors and ancillary equipment e.g ship to shore radios e.t.c.
Cargo

Covers loss of or damage to goods in transit. Cover is from warehouse to warehouse until final destination. Cover is

on an all risk basis and exclusions include war, nuclear disaster, wear and tear and damage due to dampness.
Need Help?

FAQ's

It is important to update your cover when there are significant changes and events in your life. It is important to review and update son as to protect the most important things in ones’ life. These may include

  • Credit expansion
  • Changes in income
  • After buying a new car
  • After buying a new house
  • When starting a new business
  • When buying new properties for an existing business

Each claim is treated differently from home, motor, health and credit insurance. There are a number of factors that affect how long it takes to resolve a claim. The best ways to assist your claim process go more fluently include providing us with all the necessary information. A CredSure representative will indicate the approximate timeline for resolving your claim.

You are not covered.

Selects the specific product or insurance on our website or call: (+263) 242 738945-47

Call us for further information Our
customer care is here to help you.

(+263) 242 738945-47

Contact Us
Our company
Quick links
Subscribe to our newsletter
ZHL Business Units
Copyright © 2024 CredSure Insurance Limited. All rights reserved.