Insurance guarantee for tender participants: Your confidence in electronic procurement

To successfully prepare a tender proposal for electronic procurements, PRESTIGE Company offers to enter into an Insurance Agreement for the financial risk of non-performance or improper performance of tender documentation requirements by the participant. This is a modern and effective solution that allows you to replace traditional bank guarantees, minimizing costs and bureaucratic procedures.

Why Choose PRESTIGE Company?

• Fast Processing: We process the insurance agreement in up to 2 hours, which is critically important given the tight deadlines of tender procedures.
• No Collateral: You don't need to freeze your own funds or provide property as collateral.
• Minimal Document Package: The processing is simplified for your convenience, requiring very few documents.
• Unique Experience: We have significant experience in insuring financial risks, guaranteeing high-quality services.
• Expert Support: Our experts from various economic sectors provide assistance in the risk assessment process, ensuring the reliability of your policy.

Who Can Be the Policyholder?

The Policyholder can be a Tender Participant—a legally capable individual or a legal entity, regardless of the form of ownership, whether a resident or non-resident of Ukraine.

What Constitutes an Insured Event?

• Withdrawal of a tender proposal by the Policyholder after the submission deadline, but before the validity period of the tender proposals expires.
• Failure by the Policyholder to sign the procurement contract if they become the winner of the tender procedure.
• Failure by the Policyholder to provide contract performance security if they become the winner of the tender procedure, after receiving notification of intent to conclude such a contract, provided that such security is required by the tender documentation.
• Failure by the Policyholder, who became the winner of the tender, to provide documents within the timeframe specified in the second paragraph of Part Three of Article 17 of the Law of Ukraine "On Public Procurement," confirming the absence of grounds for refusal stipulated in Article 17 of the Law of Ukraine "On Public Procurement."

Beneficiary – The Tender Customer who announced the tender.

In accordance with the Tender Customer's tender documentation, tender security is provided by Tender Participants at their choice in the form of a bank guarantee or an insurance agreement for the financial risk of non-performance or improper performance of tender documentation requirements by the participant.

The insurance agreement is a beneficial alternative to bank and financial guarantees, as it costs less while providing full insurance protection in the event of an insured incident.

Insurance Conditions

• Insurance Sum: Set at the amount of the tender security in accordance with the tender documentation.
• Cost of the Insurance Agreement: The insurance tariff is from 2% of the insurance sum, but not less than 2,500 UAH.
• Deductible: In accordance with the tender documentation requirements, no deductible is set.
• Term of the Insurance Agreement: The term of the Insurance Agreement is equal to the validity period of the tender proposal (from 90 days).

The terms of the insurance agreement for the financial risk of non-performance or improper performance of tender documentation requirements by the Policyholder comply with the Law of Ukraine "On Insurance."

Ensure reliable financial protection and a competitive advantage in electronic procurements. Contact PRESTIGE Company today to learn more and conclude an insurance agreement!