With the booming growth of
China's economy, the kick-off of “The Belt and Road Initiative” enables many
Chinese enterprises to go abroad, investing in mining development, building factories
and participating in local infrastructure development, etc.
According to international
practice, laws of different countries and tenderees, all
tender competitors are required to provide complete insurance solutions,
including the Bid/Performance Letters of Guarantee (LGs). Due to different
legal and business environment, the insurance laws and regulations of different
countries vary. There are considerable differences in many
aspects including requirements of local law for employee security, statutory
coverage and limits, environmental pollution insurance, public liability
insurance, installation and engineering liability insurance, umbrella
insurance. These requirements are very complex requiring specialized profession
services.
Two phases are classified for the
above-mentioned work:
Phase I is bidding. Insurance requirements are
raised by tenderees and will be confirmed by tenderers. Meanwhile, tenderees will require the
tenderers to provide the Bid LG sometimes. Usually it will take months for both tenderees
and tenderers to clarify and understand insurance requirements from each other.
Phase II is to place insurance policy in
time by bid-winning competitor as per
tenderee’s requirements after successful bidding. During this phase the
time to issue insurance policy at tenderee’s request can be very tight.
For Chinese companies that plan to bid
abroad, lots of the tenderee’s insurance requirements cannot be found in China.
Many Chinese domestic insurance companies are only familiar with local requirements
so they are unable to provide insurance service abroad. Also few domestic insurance brokerage companies are familiar
with the arrangement of overseas insured objects.
With an expertise in traditional overseas
insurance, TecHonor Insurance Brokers Co., Ltd , as a supplementary services
provider, is cooperating with Chinese enterprises with “world-oriented strategy”,
and has already been actively participating in international bidding of Chinese
enterprises with frequency since 2005.
TecHonor has years of experience as an
insurance broker for the
placement of insurance in large projects in Hong Kong, Singapore, USA,
South America, East Europe and Africa on behalf of Chinese bid competitors.
TecHonor is already ranked among the top
echelon of overseas insurance brokerage companies.
TecHonor, is one of the insurance solution
providers on oversea investment/projects helping Chinese experienced
enterprises go global with “The Belt and Road Initiative”
