Basic Information Required for Facultative Reinsurance

General Information

Information about the insured and the risk:

• Full name(s) and address(es) of risk(s).
• Full name and address of parent company (if any).
• Principal operations of risk.
• Annual reports and accounts of at least the last two years, if possible with other published reports.
• Period during which ceding company has been in relation with risk(s) and a description of the experience during that period.

Reinsurance Conditions:

• Reason for additional capacity.
• The share that is covered by the ceding company's treaty facilities (automatic & special limit) and the share which is offered facultatively.
• Ceding company's gross & net retention (both for treaty facility and facultative facility).
• Expected Premium Income.
• The original rate per annum/month.
• The total costs to Nationale Borg Re (taxes, brokerage, reinsurer´s commission etc.).
• Names of co-insurers and/or co-reinsurers and the amount accepted by them.
• The wording of the counter-indemnity of the Parent Company and its present value (if applicable).

Additional information applying to Contract Bonds

• Kind of Bond (Bid bond/ Performance bond/ Payment bond/ Advance Payment bond/ Maintenance bond/ Retention Money bond).
• The amount of the particular bond(s).
• If the contract is to be performed by a consortium of contractors, is then a counter-indemnity for 100% of the bond amount obtained from each contractor so that all members of the consortium are jointly liable to the Surety company, or not?
• Draft contract or tender specifications if available, or at least copies of force-majeur clause, price-variation clause, penalty clause, financing scheme.
• The commencing- and end date and period of possible maintenance.
• Name and full address of the authority to which the bond is given.
• Contract price offered by contractor (and if possible a list of bid-prices of other tenders).
• Is part of the contract to be subcontracted and if so, which part and to whom?
• Will the main contractor require bonds from sub-contractors?
• List of principal works (with contract prices) executed previously by the contractor and a list of works on hand (if possible with an indication of the percentage of each contract already performed).
• Possible collateral requested.
• If a contract is to be performed by a consortium of contractors, the above particulars about each contractor is to be given separately if possible.

Additional information applying to Customs & EU Bonds

• Kind of bond (Customs bond, VAT bond, etc.).
• Commencing date, expected maximum duration of the bond and possible annulation clause.
• Amount of the facility/percentage of the value of the goods covered.
• Copy of the bond wording (if one or two large bonds give raise to needed Facultative Capacity).
• Possible collateral requested.

Additional information applying to Credit Insurance

• Domestic/Export Credit
• Total credit limit.
• Own retention insured
• Period of cover
• Protracted default included