Has anyone come accross a question/any information about Suretyship? I am interested in the terms and conditions particular those relating to the definition of a claim in respect of a performance guarantees and the amount payable.
Thanks for the wikipedia link...great idea...its one of my favourite sources of information on the web and covers both surety and surety bonds. The term came up in the ST3 smart revise, which I thought would help me get up to speed with the things I should have know when I sat 303 but are somewhat rusty due to a lack of regular use. It is defined in the SA3 glossary as "Insurance to provide a guarantee of performance or for the financial commitments of the insured”. I received my SA3 course today and a paper on pecuniary loss is listed in the further reading chapter (discussed at the 1994 general insurance convention) http://www.actuaries.org.uk/files/pdf/library/proceedings/gen_ins/gic1994/0291-0321.pdf
