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BONDS
A bond is a written contract in which one party called the surety usually a bank or an insurance company agrees to guarantee the performance of another party the client to a third party called the beneficiary following a contract between the client and beneficiary.
SECURITY/IMMIGRATION BOND
Bond to the Immigration Department for processing of work permits, including those for self-employed Non-Kenyan residents, to facilitate stay in Kenya or for dependants who are not Kenyan Nationals.
A claim under these bonds would arise if a person for whom a bond is given changes his/her employment contrary to the one specified in the work permit or is deported from Kenya.
The Bond amount is for the expenses the Kenya Government would incur for prosecution and /or deportation expenses.
Underwriting Considerations
The client
- Client/Applicant vetting
- Application must be provided, with relevant information provided.
Documents required are:
- Memorandum and Articles of Association (Ensure company applying is a legal entity, well constituted and acting within their mandate).
- Audited accounts – Up to three years
- Resolution by the board to apply for a bond
- Properly executed documents by authorised signatories
- Evidence of contractor (Completion Certificate of similar projects, Loss history, etc.)
- Six months’ bank statement
- Appropriate collateral and counter indemnity executed in favour of the insured.
- Existence of supporting covers
For assistance, contact our Customer Care teams on 0711-030140 and/or 0711-030105, email customercare@directline.co.ke or visit us at our various branches.