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1. What is it?

Contract performance insurance is a policy that provides protection to contract beneficiaries against the risk of non-fulfillment of obligations by the contractor. This insurance is essential in fields such as construction, public procurement, and other activities requiring performance guarantees, advance repayment guarantees, or maintenance guarantees. Through this policy, the insurer agrees to compensate the beneficiary if the contractor fails to meet the contractual terms.

2. What does It cover?
  • Performance Guarantees: Covers the risk that the contractor will not perform adequately or complete the work on time, providing compensation to the beneficiary.
  • Advance Repayment Guarantees: Ensures the return of advance payments if the contractor fails to fulfill the contract.
  • Maintenance/Repair Guarantees: Provides protection for necessary repairs during the post-execution warranty period, covering defects that may arise after the completion of the work.
  • Bid Guarantees (Bid Bond): Protects the beneficiary if the bidder does not sign the contract after being selected as the winner.
  • 3. How to obtain It?
  • Assess Needs: Identify the type of guarantee required based on the contract you have.
  • Contact an Insurer: Discuss with a broker or insurance agent to receive a personalized quote.
  • Provide Necessary Documents: Submit the contract and other relevant documents for risk assessment.
  • Negotiate and Issue the Policy: After evaluating the risks, the insurer will issue the policy according to the agreed terms.
  • 4. Useful Tips
  • Maintain Liquidity: Avoid tying up large sums of money in collateral deposits, keeping your business’s liquidity intact.
  • Participate in Multiple Bids: Allows participation in multiple bids simultaneously without financial constraints.
  • Unlock Retained Amounts: Facilitates the release of amounts held in accounts opened for beneficiaries.
  • Lower Costs: Offers lower costs compared to bank guarantee letters.
  • Speed: Provides rapid issuance of the guarantee.
  • Protection Against Abuse: Ensures protection against potential abuse by beneficiaries.
  • 1. What is it?

    Contract performance insurance is a policy that provides protection to contract beneficiaries against the risk of non-fulfillment of obligations by the contractor. This insurance is essential in fields such as construction, public procurement, and other activities requiring performance guarantees, advance repayment guarantees, or maintenance guarantees. Through this policy, the insurer agrees to compensate the beneficiary if the contractor fails to meet the contractual terms.

    2. What does It cover?
  • Performance Guarantees: Covers the risk that the contractor will not perform adequately or complete the work on time, providing compensation to the beneficiary.
  • Advance Repayment Guarantees: Ensures the return of advance payments if the contractor fails to fulfill the contract.
  • Maintenance/Repair Guarantees: Provides protection for necessary repairs during the post-execution warranty period, covering defects that may arise after the completion of the work.
  • Bid Guarantees (Bid Bond): Protects the beneficiary if the bidder does not sign the contract after being selected as the winner.
  • 3. How to obtain It?
  • Assess Needs: Identify the type of guarantee required based on the contract you have.
  • Contact an Insurer: Discuss with a broker or insurance agent to receive a personalized quote.
  • Provide Necessary Documents: Submit the contract and other relevant documents for risk assessment.
  • Negotiate and Issue the Policy: After evaluating the risks, the insurer will issue the policy according to the agreed terms.
  • 4. Useful Tips
  • Maintain Liquidity: Avoid tying up large sums of money in collateral deposits, keeping your business’s liquidity intact.
  • Participate in Multiple Bids: Allows participation in multiple bids simultaneously without financial constraints.
  • Unlock Retained Amounts: Facilitates the release of amounts held in accounts opened for beneficiaries.
  • Lower Costs: Offers lower costs compared to bank guarantee letters.
  • Speed: Provides rapid issuance of the guarantee.
  • Protection Against Abuse: Ensures protection against potential abuse by beneficiaries.
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    About MIB

    What Our Partners Say

    Over the years, MIB has consistently demonstrated professionalism, dedication, and a deep understanding of our mutual clients' needs.

    Our collaboration is built on shared values such as integrity, innovation, and a commitment to providing superior quality services. MIB is not just an insurance intermediary but also a true strategic partner, increasingly contributing to the success and development of Asirom.

    Madalin ROSU
    CEO - Asirom Vienna Insurance Group

    MIB, one of the top 10 brokers nationally, is also among the leading brokers distributing mandatory PAD policies. This not only highlights its success as a business but also under scores its significant social role in raising public awareness about the importance of financial protection for homes.

    MIB achieves these results thanks to its excellent market reputation and significant presence across all counties in the country. In 2023 and 2024, MIB increased the number of distributed PAD policies by nearly 30%, making us proud to be partners.

    Nicoleta Radu
    General Director - PAID

    Since the beginning of our collaboration in 2005, Generali Romania has enjoyed a trusted partnership with Millenium Insurance Broker.

    We continue to develop this partnership daily, providing smart solutions and services that respect our clients' time and meet their financial protection needs.

    Adrian Marin
    CEO - Generali

    OMNIASIG Vienna Insurance Group has a solid, long-standing collaboration with Millenium Insurance Broker. We have always found in them a reliable partner and a team of professionals we can count on.

    Together, we work towards the development of the insurance market in Romania, delivering quality products and services to clients promptly.

    Mihai Tecau
    Chairman of the Board - OMNIASIG Vienna Insurance Group

    A successful and lasting partnership, such as the one we have with the Millenium Insurance Broker team, is built on shared values and the desire to provide our clients with the best products and services.

    Congratulations on all that you do every day for your clients, and continued success.

    Calin Matei
    CEO - Groupama

    Insurance is about doing good—good in people’s lives, businesses, and communities. We are proud to have reliable distribution partners like Millenium Insurance Broker by our side.

    We share the same dedication to service excellence and have a common mission: to build a future with fewer worries and greater prosperity in Romania. Thank you for the solid partnership and for contributing to making things better.

    Virgil Șoncutean
    CEO - Allianz-Țiriac Asigurări

    Millenium Insurance Broker is a trusted and valuable partner for Romanian Airport Services. 

    For over 10 years, they have represented us with professionalism and dedication, consistently finding comprehensive insurance solutions, both nationally and internationally.

    Thanks to their efforts, our insurance protection needs have always been optimally covered.

    With appreciation and gratitude,

    Alexandra Huzuneanu
    CEO - Romanian Airport Services

    MIB is a trusted partner for the Autonom Group.

    I appreciate Ștefan and his team's professionalism, promptness, and swift support.

    Marius Stefan
    CEO - Autonom

    Millenium Insurance Broker has been our insurance service provider since 2019, right from the early days of Bright Communication. Thanks to their team of professionals and their client-focused approach, addressing the increasingly complex business needs of our industry, the relationship between our entities has evolved.  

    Today, MIB is one of our main partners. And not just any partner, but the one that protects us from risks.

    Jeni Grigorescu
    General Director - Bright Communication

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