Question 1

Does SuretyPH issue the surety bond?

Accepted Answer

No. SuretyPH prepares, processes, and tracks bond applications. Only a participating duly licensed insurance company can evaluate, approve, price, and issue a surety bond.

Question 2

How is the bond amount computed?

Accepted Answer

Bond Amount = Contract Amount × Bond Percentage. The obligee sets the required percentage, for example 5% for a bidder's bond or 30% for a performance bond on many government contracts.

Question 3

How is the premium computed?

Accepted Answer

The premium is separate from the bond amount and is determined by the issuing insurance company using its approved rates, the bond amount, the validity period, and its risk assessment. Documentary stamps and other statutory charges may apply.

Question 4

Will I be asked for collateral?

Accepted Answer

It depends on the insurer's evaluation, the bond type, and the exposure. Any collateral requirement is set and confirmed by the issuing insurance company, not by SuretyPH.

Question 5

How long does processing take?

Accepted Answer

Complete files move faster. Pre-assessment is typically quick, while insurer evaluation depends on the bond type, contract size, and completeness of documents. Urgent submission deadlines should be flagged on the application.

Question 6

Can my application be declined?

Accepted Answer

Yes. Approval is never guaranteed. An insurer may decline, require additional requirements, or issue on different terms after evaluation.

Question 7

Are my documents secure?

Accepted Answer

Uploads are stored in private, access-controlled storage. Only you and authorized SuretyPH personnel handling your file can access them, and important actions are recorded in an audit log.

Question 8

Can I renew an existing bond?

Accepted Answer

Yes. Bonds nearing expiry are flagged for renewal in your portal, and renewal applications are re-evaluated by the insurer.

Frequently Asked Questions