Bonds

Fire and Allied Perils Policy

Did you know that sections 183 and 184 of the Insurance Act 724, make it compulsory for all private buildings under construction or completed and used for commercial purposes to obtain Fire insurance?

Our Fire and Allied Perils policy has been designed to cover losses or damages to your property resulting from Fire, Explosion [specifically of gas used for domestic purposes] and Lightning. It also covers loss or damage arising from such perils as Impact, [usually by vehicles or animals], riot & strike, bursting or overflowing of water tanks, apparatus or pipes, flood, earthquake, hurricane, tornado, windstorm, cyclone, aircraft or any other aerial device.

Your legal liabilities as owner of the premises in respect of loss of or damage to property, bodily injury or death suffered by third parties are also covered up to a limit of GHC20,000.

Such properties as office equipment, stocks, raw materials, furniture and fittings, plants and other equipment may also be covered.

With the GLICO General Fire and Allied Perils Policy, you would not only become compliant with the legal requirements but have peace of mind; rest assured that your property is secure.

Please click on a product name for more details.

Bid Bond

These are guarantees issued by the Surety (GLICO General) in favour of the Bidder (Contractor) assuring the Client (i.e. any person, Corporate or Unincorporated Entity desiring to award a target project by duly awarded; and that if the bidder happens to be the winner, he would proceed to obtain a Performance Security for the contract.  The surety pays a certain sum of money – i.e. the bond sum which is always stated in the Bond, if the Bidder withdraws from the tender before the contract is awarded

Performance Bond

These are bonds that guarantee proper and timely execution of a contract by the Contractor.  The guarantor/Surety (GLICO General) promises the client that the Contractor shall perform the contract in accordance with stated specifications and within set periods.  The guarantor (GLICO General) pays a stated sum if the contractor fails to execute the contract and within the agreed period.

Advance Payment

In some situations, a Principal who awards a contract to a Contractor agrees to make some advance payments to enable the Contractor mobilize resources towards effective performance of the job(s).  Our Advance Mobilization Guarantee is a form of loan guarantee which protects the Principal against loss of advance payment.  Our policy provides that we, as insurers, guarantee the judicious use of the monies advanced to the Contractor on the job failing which we shall pay whatever balances that may remain outstanding should the contractor fail to perform the contract.

Customs Bond

Our Customs Bonds provide guarantee to the Republic of Ghana (through GHANA REVENUE AUTHORITY – CUSTOMS DIVISION who are the collecting agent), that an importer/exporter would pay all duties due on the imported/exported goods. We provide various types of Customs Bonds and notable among them are Warehouse or Security, Removal, Transit, Exportation Bonds and Customs House Agent.

security or warehouse Bond

In some instances, you as an importer may request that you be allowed to put your imported goods on which duties have not been paid, at specified Bonded warehouse(s) and pay the duty involved at a later date. GLICO General by issuing the Security Bond, guarantees that you would pay the duty to GHANA REVENUE AUTHORITY – CUSTOMS DIVISION and that should you default in the payment of duty on the goods, we shall pay GHANA REVENUE AUTHORITY – CUSTOMS DIVISION, but up to the value of the Bond.

Removal Bond

You may remove goods from a bonded warehouse to your premises or the destination where the goods are needed. The State may lose revenue by way of duty lost if the goods being removed from a given warehouse(s) do not reach their destination. Our Removal Bond provides a guarantee to GHANA REVENUE AUTHORITY – CUSTOMS DIVISION that we shall pay any loss of duty to the State, up to the value of the Bond if the goods fail to get to the destination.

Temporary Import Bond

Your company may import goods into the country for a fixed period of time and there may be the need to re-export such goods to their final destination. As you may be aware, all goods imported into the country have to be taxed, and where the goods are not re-exported, it would mean loss of revenue to the State. Our Temporary Importation Bond guarantees to pay to the State the revenue lost as a result but up to the Bond amount.

Re-Exportation Bond

Our Re-Exportation Bond provides a guarantee for our numerous clients who may re-export imported goods to other countries or import goods for use in the country when they visit, with the intention that such would be sent back. The Bond guarantees for the tax element on goods-in-transit especially from the neighbouring countries through Ghana.

Transit Bond

Our clients may import goods into the country and then transport such imported goods for which duties have not been paid, from one point in Ghana. Where the importer does not transport the goods but sells them, the unpaid duty becomes revenue lost to the State. Our Transit Bond guarantees to pay the revenue lost but up to the Bond amount if our client fails to transport the imported goods to the neighbouring country.

Exportation Bond

As a local manufacturer, you may export some of your locally produced goods to other countries. Where you fail to export such goods and rather sell them locally, the State loses the sales tax duty payable on the goods. Glico General’s Exportation Bond guarantees to pay the sales tax duty to GHANA REVENUE AUTHORITY – CUSTOMS DIVISION if you fail to export the goods and instead sell them locally.

Customs House Agent Bond

Customs Clearing Agents, in the course of discharging their duties, may misconduct themselves in such a manner that could result in the State losing revenue in terms of customs duty.  Our Customs Agent Bond guarantees to GHANA REVENUE AUTHORITY – CUSTOMS DIVISION that should the misconduct of the Clearing Agent result in loss of customs duty to the state we shall pay to GHANA REVENUE AUTHORITY – CUSTOMS DIVISION but up to the value of the bond.

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