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The insurer undertakes to compensate the beneficiary for the policyholder’s/customer’s failure to comply with their legal or contractual obligations to the beneficiary. This insurance provides a guarantee to the company.
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According to the Civil Procedure Law 1/2000, the provision of surety, also referred to as a bond or guarantee, can be offered in different forms to compensate third parties for damages.

It can be provided through:

  • Cash

  • Bank guarantee or mutual guarantee society

  • Surety insurance

Its purpose is to ensure immediate availability in the event of a breach of duty or contract.

  • Allows you to have more lines of credit with the bank since it does not appear in CIRBE (Central Credit Register of the Bank of Spain). This frees up assets for other investments or purposes.

  • The only cost is the premium. The insurer does not penalize the client for early cancellation and does not charge extra fees for maintenance, unlike banks. This allows the company to save more money.

  • The insurance does not involve fees for opening or processing.

  • The insurance does not require the purchase of shares (between €500,000 and €1,000,000) as mutual guarantee societies do. Nor is there any obligation to return them when bidding.

  • Banks require account pledges or immobilization of client funds to additionally secure the guarantee. The insurer does not require this, allowing the company to maintain more free capital.

  • Banks charge for the full period and never refund money if the guarantee period is shorter than billed. The insurer charges proportionally to the elapsed time and refunds any unused premium.

  • The premium is tax-deductible for companies and self-employed professionals.

  • A bank guarantee requires notary involvement and corresponding expenses. The insurer does not require a notary, only the company’s signature, with no additional costs.

  • Surety insurance can be easily and quickly canceled as soon as it is no longer needed, with no further charges.

  • It is applicable to multiple situations — from public tenders, securing amounts, rental guarantees to guarantees before official bodies (travel agencies, connection points, etc.).

  • It is accepted by official bodies.
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  1. For security companies / individuals or legal entities:
    They must take out insurance to obtain authorization to start their activity. The insurance is submitted to the General Directorate of the Police (Ministry of the Interior). The company guarantees an amount to cover any sanctions imposed by the authority. The insured amount depends on the provisions of the Private Security Agreement/Regulations, the type of activity performed, and the scope of operations.

  2. For travel agencies:
    The European Union requires coverage for obligations arising from their activity or in the event of insolvency, with a minimum amount of €100,000 in the first year and, from the second year onward, at least 5% of the previous year’s turnover.

  3. For Customs Guarantees and temporary imports:
    This insurance is also known as Import Insurance or Importer’s Guarantee. It ensures the payment of customs and tax debts (VAT and Excise Duties). It is aimed at customs brokers, importers, temporary importers, and freight forwarding companies.

  4. For temporary employment agencies (ETT):
    This guarantee is required to obtain authorization to operate as a temporary employment agency.

  5. For insurance brokers:
    Insurance brokers themselves must obtain a license to operate in Spain, requiring a surety insurance policy that covers potential errors in quotations or cases where clients are encouraged to provide false information on insurance applications.

  6. For real estate agents:
    In some regions, it is mandatory to have surety insurance to practice as a real estate agent.

Surety insurance to cover obligations before the Public Administration.
According to the Public Sector Contracts Law, public administrations offer contracts to private companies for works, services, or supplies through public tenders.

There are two types:

  • Bid bonds or provisional guarantees, aimed at securing the validity of the offer

  • Performance bonds or final guarantees, ensuring the fulfillment of contractual obligations

Surety insurance for tax deferral:

It provides a guarantee for the deferral of any tax before the Tax Administration. Taxes such as VAT, Corporate Tax, and installment payments or annual settlements can be deferred.

Guarantees for special taxes on alcohol, beer, wine, hydrocarbons, tobacco products, coal, or electricity cover the amount of duties arising from incidents in the movement of goods subject to taxation from the customs point of import to the establishment.

Surety insurance for advance payments

Surety insurance for subsidies. If your company applies for public funding to carry out projects such as building works, relocating industrial facilities, modifying production lines, or implementing industrial technology, the recipient of the subsidy must provide a guarantee through surety insurance when applying for the aid.

Surety insurance for construction

You can read more about this topic on the page dedicated to construction insurance.

Judicial surety insurance

It guarantees the amounts in cases of judgments for employee dismissals, disputes over tax payments, claims against clients or suppliers, penalties imposed by the Tax Agency, etc.

  • Analyze your case

  • No cost for the assessment

  • Finding the best option for your project

  • Meeting regulatory requirements and having an expert by your side throughout the project execution process

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