- Liability insurance letter of credit replacement
- Large firms with substantial compulsory liability insurance policies
Compulsory liability insurance products, such as employers’ liability, create an obligation on insurers to settle claims without deduction of any excess in the event of claim. Thus, if you have volunteered to carry a sizeable monetary excess in exchange for a reduction in your premium, your insurer may require you to provide an insurance deductable bond (or letter of credit) as security against the risk of your non-payment of that excess, in case of your insolvency.
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