Guarantees
We provide the service of issuing guarantee to the beneficiary (employer, owner or creditor) of a project to cover the financial loss arising from the contractor (principal debtor) defaulting on his contractual obligations.
We issue both insurance and bank guarantees on behalf of our clients, directly or through an intermediary. Our footprint is vast; it covers most countries in Africa as well as Australia, USA and the UK. We specialise in creating feasible and more economical alternatives to traditional bank guarantees which are demanded by most employers in foreign markets.
The benefits of insuring with us
Santam is the insurer of choice for millions of South Africans countrywide. We help you be safe and stay safe – everywhere you go. If you need four more reasons to choose Insurance good and proper.
Learn moreOur range of products are as follows:
- Bid bond - covers the employer during the bidding process, and guarantees that the bidder abides by the conditions of the tender.
- Advance payment guarantee - covers the employer for the prepayment of monies advanced to the contractor, usually to cover cost of capital materials and equipment and to aid cash flow.
- Performance guarantee - covers the beneficiary against the risk of the contractor not fulfilling his contractual obligations in terms of the contract.
- Retention Guarantee - replaces monies ordinarily retained by the employer until project completion. Also used to Protect The Employer Against Failure Of The Contractor To Rectify Defects After Project Completion.
- Payment guarantee - covers the supplier of goods and services against non-payment by the buyer.
- Materials onsite/off-site guarantee - covers the employer for the value of materials stored either on or offsite by the contractor. Enables payment of these materials before these materials form part of “Work Done”
- Fuel guarantee - covers a bulk fuel supplier against non-payment by a fuel purchaser. Purchasers can be commercial (distributors, wholesalers, fuel station owners) or retail (airlines, mines, construction and engineering companies, or logistics companies). It serves to ease the financial burden on bulk fuel purchasers to pay for fuel upfront or incur interest expenses by acquiring funding in the banking sector to purchase fuel.
- Utility bonds and guarantees
- Utility payment bond - covers the principal for the deposit or payment of monthly accounts on an electricity or water account that is, should a company fail to pay their bill, Santam will pay the utility provider.
- Utility performance bond - covers a state owned utility provider against the risk of the contractor not fulfilling his contractual obligations in terms of the contract.
- Customs and Excise Bonds - covers businesses involved in import, export, manufacturing, sales or distribution of goods. These bonds guarantee that either taxes or duties or both will be paid by the principal when invoiced by the government. These bonds also ensure that companies comply with all legal and tax acts and requirements related to their business.
- Court and Administration Bonds - includes both liquidation bonds and deceased estates.
For more information contact:
Guarantees
E surety@santam.co.za
T 011 912 8478/8354/8123
Court Bonds
E courtbonds@santam.co.za
T 011 912 8351/8041/8380
Guarantees team
Clinton Spence – Head
E Clinton.Spence@santam.co.za
T 011 912 8123
Kishan Suka – Underwriting Manager
E Kishan.Suka@santam.co.za
T 011 912 8478
Tian Bekker – Legal Advisor
E Tian.Bekker@santam.co.za
T 011 912 8464
Vanessa Loots – Team Leader Guarantees and Court Bonds
E Vanessa.Loots@santam.co.za
T 011 912 8354
Bonga Somhlahlo – Team Leader Guarantees
E Bonga.Somhlahlo@santam.co.za
T 011 912 8358
Kunal Singh – Senior Underwriter Guarantees
E Kunal.Singh@santam.co.za
T 011 912 8356
Lethabo Molomo – Underwriter Guarantees
E Lethabo.Molomo@santam.co.za
T 011 912 8029
Palesa Sauhatsi – Court Bond Administrator
E palesa.sauhatsi@santam.co.za
T 011 912 8351
Tafadzwa Musekiwa – Junior Underwriter
E Tafadzwa.Musekiwa@santam.co.za
T 011 912 8052
Busi Ndlovu – Guarantees Administrator
E busi.ndlovu@santam.co.za
T 011 912 8483
Leesha Maharaj – Guarantees Administrator
E leesha.maharaj@santam.co.za
T 011 912 8380
Andile Kuhlase – Guarantees Administrator
E andile.kuhlase@santam.co.za
T 011 912 8353