- Performance Bond İfa Kefalet Senedi
- A bond guaranteeing that the principal will complete a contract in accordance with its terms. If the principal defaults, the surety is obliged either to arrange completion of the contract or to pay the obligee damages up to the bond amount. Performance bonds are commonly required in construction and infrastructure contracts. Important Technical Note: In Turkish public procurement, two terms are both translated as Performance Bond in London market slips: İfa Kefalet Senedi (emphasising the performance obligation) and Kesin Kefalet Senedi (emphasising the definitive status of the guarantee after contract award). Both are distinct from a Maintenance Bond (Bakım Teminat Senedi), which applies only during the post-completion defect liability period.
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- Performance Bond Kesin Kefalet Senedi
- The definitive guarantee submitted by a contractor after contract award, replacing the provisional bid bond (Geçici Kefalet Senedi). In London and international market practice this instrument is called a Performance Bond: it guarantees that the contractor will fulfil all contractual obligations throughout the execution phase of the contract. Turkish Market Practice: Under Turkish Public Procurement Law (Law No. 4734), the definitive guarantee (kesin teminat) is mandatory at 6% of the contract value and is released upon successful completion and acceptance of the works. Important Technical Note: Both Kesin Kefalet Senedi and İfa Kefalet Senedi appear as Performance Bond in London market slips. The term 'kesin' (definitive) distinguishes this bond from the preliminary bid bond — it does not denote a post-completion maintenance function. The post-completion defect liability period is covered by a separate instrument: the Maintenance Bond (Bakım Teminat Senedi).
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- Placement Plasman
- The process of identifying appropriate reinsurers or insurers for a risk, presenting the risk to the market and securing the required coverage at agreed terms and price. In facultative reinsurance, the broker approaches individual reinsurers until the full capacity required is subscribed. Effective placement requires market access, technical expertise and negotiation skill.
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- Policy Poliçe
- The written contract of insurance between the insurer and the insured, evidencing the agreement and the terms of coverage. Comprises the policy wording (general conditions), schedule (specific details for this insured), endorsements and attachments. The policy is the primary legal document evidencing the insurer's obligation to indemnify.
- Principal (Surety Bond) Mükellefiyet (Kefalet)
- In a surety bond, the principal (also called the obligor) is the party whose obligation is guaranteed to the obligee. The three parties in a surety arrangement are the principal, the surety (insurance company) and the obligee (beneficiary). If the principal defaults, the surety pays the obligee and then seeks recovery from the principal through its right of recourse.
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- Professional Indemnity (PI) Mesleki Sorumluluk Sigortası (PI)
- Liability insurance protecting professionals against claims for financial loss suffered by clients as a result of negligent advice, errors or omissions in the provision of professional services. Written on a claims-made basis. Known as Professional Indemnity (PI) in the UK and most European markets, and as Errors & Omissions (E&O) in North American markets.
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- Property All Risk (PAR) Yangın ve Doğal Afet Sigortası (PAR)
- A commercial property insurance policy covering sudden and accidental physical loss or damage to buildings, contents and plant on an all-risks basis, subject to specific exclusions. Unlike named-perils policies, PAR covers any cause of loss not explicitly excluded. Commonly combined with Business Interruption (BI) coverage.
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