Surety bonds for contracts (póliza de cumplimiento)

It's the Colombian name for a surety bond: the insurer guarantees to your client that you'll meet your contract obligations. It's used in public and private contracts, including service contracts (contratos de prestación de servicios).

Depending on what the contract requires, it can include the bid bond, contract performance, advance payment, service quality, stability of works, and payment of wages and benefits. Each coverage has its own insured amount and term.

It depends on the contract value, the required coverages, insured amounts and term, and your profile as a contractor: experience and financial capacity. We quote for free with Bolívar, Mundial, Seguros del Estado, Solidaria and others.

Usually the contract, bid terms or invitation, your RUT (tax ID) and ID and, for companies, the certificate of existence and legal representation. Depending on the amount, also financial statements. Each insurer defines its own list.

As a general rule, a guarantee is required (Ley 1150 de 2007, art. 7), with exceptions such as loan agreements or inter-administrative contracts. An insurance policy is one of the accepted guarantees (Decreto 1082 de 2015). You upload it to SECOP II for approval.