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Hotline: 024 3946 0322
Email: suretyhanoi91@sgic.co.kr

Products & Service

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  • Claim Service

Claim Service

This is a service that pays a claim through the process of loss survey and claim assessment, in case a claim is filed due to a loss incurred from the debt or the default of the Principal guaranteed by SGI Hanoi Branch.

Claim Process

  1. Filing Claim
    A claim shall be filed when the default by the Principal is not remedied even though the Beneficiary has requested the Principal to perform its obligations. To file a claim, the Beneficiary has to submit a Claim Form and certifying document(s) of loss to the branch. Documents can be submitted by SWIFT and personal delivery.
    Please refer to the documents needed for each product specified below
  2. Claim Assessment
    When a claim is filed, claim assessment will be conducted for the payment based on submitted documents. The claim will be assessed as per terms and conditions of bond and the bonded contract.
    The loss incurred should be in the scope of bond coverage and should fall within the bond period. The claim underwriter accesses the claim based on the documents submitted by the Beneficiary. The claim underwriter may ask the Beneficiary to provide more details in the course of claim assessment, and the Beneficiary’s cooperation is highly recommended for timely claim payment.
  3. Claim Payment
    When the claim underwriter concludes that the claim is qualified to pay, the amount of claim to be paid will be determined within the bond amount. The Beneficiary has to make agreement on the details of claim payment which includes the information on the bond, the claim, and the claim underwriter’s decision. When the Beneficiary and SGI Hanoi Branch reach a agreement, the claim will be paid.
  4. Claim payment term:
    - Claim time limit: 1 year from the date of loss occurrence
    - Claim payment time limit: within 15 days from the date when the indemnity proceeds payable are determined

Documents needed for claim

  1. General Document
    - A Claim Form
    - An original copy or copy of the bond certificate
    - A copy of the underlying contract, if any amendment(s), all the contracts have to be provided
    - A copy of bankbook
  2. Documents for Specific Bonds
Documents for Specific Bonds : Bond Type, Documents for Submission Information table
Bond Type Documents for Submission
Bid Bond
  • ITB(Invitation to Bid) or certifying document of bid
  • certifying document for bid participation or LOA(Letter of Acceptance)
  • proof document certifying of failure to conclude an underlying contract
    (e.g. form for withdrawal of successful bid)
Performance Bond Contract
  • certifying document of default (e.g. default statement, reminder on performance)
  • notice of contract termination
Sales on Credit
  • details of transaction of goods (e.g. take-over certificate, transaction ledger)
  • details of collection (e.g. payment details, statement of notes receivable)
  • notice of contract termination
Payment
  • certifying document of default (e.g. reminder on performance)
  • certifying document of loss (e.g. payment details)
Advance Payment bond
  • details of advance payment and progress payment (e.g. deposit slip, invoice)
  • certifying document of default (e.g. record of advance payment repayment reminder on performance)
Maintenance Bond
  • evidential document of defect (e.g. defect details, photo)
  • record of request for defect repair
  • estimate for repair
  • confirmation document for fulfillment of underlying contract
    (e.g. completion certificate such as Provisional (or Final) Certificate of Acceptance, inspection certificate, payment certificate)
Counter Guarantee Bond
  • Claim Request form
  • Documents certifying the Beneficiary
  • Written statement of the Principals' breach of the underlying contract
  • Documents certifying the Beneficiary has paid or expected to pay the claim
  • The Original Bond, coppy of Underlying contract
  • Documents specifying the loss (obmitted if it is demand guarantee)
  • Other documents required by the Company
Personal Loan Bond
  • Claim statement which shows the loss amount
  • Loan administration log which shows the history of the Beneficiary’s loan repayment reminder
  • The documents certifying the Principal’s qualification.

* Supplementary documents can be requested upon the claim underwriter’s decision.

Calculation of Loss by Delay

Regarding claim paid, SGI Hanoi Branch, from the next day of claim payment to the day all outstanding obligations are repaid in full, shall apply interest rates for delay as shown below, pursuant to the elapsed periods after the claim payment.

  1. Contract Bond (Bid / Performance / Advance Payment / Maintenance Bond)

    Contract Bond
    Period Interest rate for delay
    The next day of claim payment ~ 30 days 6% per annum
    31 days ~ 90 days 9% per annum
    After 90 days 15% per annum
  2. Personal Loan Bond
    Interest rate for delay equals one hundred and fifty(150) per cent of the applicable interest rate of underlying contract written in the application for the entire period from the day following the payment of indemnity proceeds to the day all outstanding obligations are repaid in full, on a daily basis of 365 days per year

* This rate may vary depending on when it is applied, and the change of interest rate for delay shall be posted on this website