While there are many similarities between Insurance and Surety, these are not real and there are large differences between the two, highlighting the next.
1 .- The number of people involved in the bond, provided there are three (3): the creditor, the debtor and the guarantor, in the insurance are generally two (2): The insured and the insurer. 2 .-
Insurance is a contract and the bond is fitting.
3 .- The insurer assumes an obligation itself, and no guarantor.
4.-The insurance must be issued by legal persons, the security is not provided.
5 .- The insurance requires a willingness of the parties, the security is not provided.
6 .- The insurance is randomness in the bond from liability caused by acts of will.
7 .- The security enjoys the benefits of exclusion and division, no insurance. The bonds
find 3 people to know: 1 .-
company Insurance, in its capacity as guarantor
2 .- A creditor or beneficiary, which may be an individual or legal person for which guarantees the fulfillment of an obligation.
3 .- The secured or debtor, individual or corporation, responsible for the fulfillment of an obligation.
In principle we can say that these people united by a very important element in the insurance business which is called the premium is, the consideration to which the secured obligation to the insurer. On these there are various opinions. Some say the premium by the entrenched, can not be a factor which may determine the validity of the contract of guarantee, ie, the insurer once signed the contract, is delivered to the creditor can not claim for the case of execution of the bond, the fact that the secured not pay the premium. Others point out, that being the premium an essential element for which the insurer assumes the risk covered by the contract, as provided by the commercial code, article 561, it is clear that if the Principal fails to pay the premium , the insurer assumes no liability to the creditor.
We favor by saying that the bond can not be conditioned upon payment of a premium. This is because, as noted above, the security companies that provide insurance are not insurance contracts but merely a deposit, which is commercial in nature, therefore no we can apply the rules established in the commercial code to the insurance policies as securities are regulated by the law of insurance and reinsurance.
is why insurance companies should require a sufficient guarantee against solvent, others need to point to the entrenched defense, and never to the creditor. Who is the well-established company provides all necessary means to enable it as a surety to recover what is required to pay. In this regard the first thing you should do is keep a clear record and updated the client and within it a balance, that others, financial realities, must meet the legal realities, is ie pointing in the same documents evidencing title to real property, the number of bank accounts in order to balance well documented, on the other hand it is worth analyzing in great detail, the principal obligation assumed by the debtor. As the bond
an ancillary agreement, it must be remembered that it is always linked to an obligation, the fulfillment of the obligation secured by the debtor but in case this does not, the guarantor shall do so in their absence, and then the lender will guarantee its obligation two heritages: The One with the entrenched and the guarantor, with an added advantage, they can claim compliance unmet obligation directly to the insurer in its capacity as guarantor.
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