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In contract law, an indemnity is a contractual obligation of one party (the indemnitor) to compensate the loss incurred by another party (the indemnitee) due to the relevant acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless".
Surety bonds are instruments that create a legal obligation for one party to pay another. An indemnity bond is a specific type of surety bond that's often used in situations where someone is ...
This was a $45 million Section 4(2) private cat bond that triggers on an Indemnity Per Occurrence basis. [24] The first public rule 144A cat bond was the Long Walk Re transaction in November of 2023, providing AXIS Capital with $75 million of Indemnity Per Occurrence coverage. These notes cover so-called "systemic cyber events".
The economic value of bond insurance to the governmental unit, agency, or other issuer of the insured bonds or other securities is the result of the savings on interest costs, which reflects the difference between yield payable on an insured bond and yield payable on the same bond if it was uninsured—which is generally higher.
The bond typically includes an indemnity agreement whereby the principal contractor or others agree to indemnify the surety if there is a loss. [19] In the United States, the Small Business Administration may guaranty surety bonds; in 2013 the eligible contract tripled to $6.5 million.
One portion of insurance-linked securities is the reinsurance of high severity, low probability events known as CAT bonds, or catastrophe bonds. [1] These include cover for natural disasters and other uncontrollable events. These policies are grouped by their assessed risk, and then re-insured by other insurers. [4] CAT bonds are very risky in ...
Allianz Trade is an international insurance company that offers a range of services, including trade credit insurance, debt collection, surety bonds and guarantees, business fraud insurance and political risk protection. It monitors the financial health of over 80 million companies.
Mortgage insurance (also known as mortgage guarantee and home-loan insurance) is an insurance policy which compensates lenders or investors in mortgage-backed securities for losses due to the default of a mortgage loan.