There are three parties to the Contract of Suretyship:

 

1.) The Surety Company which provides and guarantees on behalf of another party the performance of an obligation.

 

2.) The Principal in whose behalf the guaranty is executed or the bond is issued for the performance of an obligation in favor of the third party.

 

3.) The Obligee, where the Company undertakes to indemnify for whatever loss he might suffer if the Principal fails to comply with his contractual obligations.

 

Stronghold Insurance, your Surety Company, offers a diverse type of bonds that caters to the surety or bonding requirements in favor of private or government entities whether it be for Individual, Single Proprietor, Corporation, Non-Government Organization and Cooperatives.

 

With our technical expertise on this particular line, we can assure our clients of quick response to their questions or requests.

An insurance coverage that is being required by some Local Government Units (LGUs) before the issuance of a Business Permit or before granting the necessary license to operate a business by the Department of Trade and Industry (DTI) is the Comprehensive General Liability (CGL) Insurance.

 

The Policy affords protection to various types of establishments against financial and legal liabilities that may be incurred for damages to another party’s property (property damage liability) or injury to another person (bodily injury liability) arising from its business operation.

 

Aside from the basic Premises Operations coverage, it also includes insurance protection against certain risks such as Elevator Hazard, Independent Contractor’s Hazards, Product Hazards and Contractual Hazard.

Proprietors of Industrial Firms, Construction Firms, including Real Estate Developers and similar establishments, need insurance coverage on their fixed or movable heavy equipment like cranes, pay loaders, cargo handling equipment, backhoe, graders, forklifts, bulldozers, generator set and similar apparatus. Damages sustained on the properties covered due to any of the perils insured against can be compensated through a Property Floater Insurance.

 

Our Property Floater Insurance policy provides protection against special types of risks which include direct physical loss or damage from external causes such as fire, theft, overturning, collision and malicious damage to these types of properties.

A builder/contractor needs insurance protection on the project he is working on during the construction period due to losses against unforeseen perils such as fire, earthquake, flood and other acts of nature including lack of skills, negligence or human error. With no insurance coverage in place, the continuation of the project may be put in jeopardy due to shortage of financial resources to restore the damaged portions.

 

Good thing Stronghold Insurance offers the Contractor's All Risks Insurance Policy that provides insurance protection to the builder/contractor on the project he is working on, (i.e) residential condominium, office, school, hospital, theatre, factory, and powerplant buildings, road, bridge, pier, flood control, irrigation, dam, water supply and drainage. This will relieve him of worries that the project might suffer due to material damage because he will be able to claim for the losses sustained against any of the insured perils.