With its Bond Insurance product that offers significant conveniences in every field, Marsh aims to increase the demand for this product in Turkey. Hakan Kayganacı, CEO of Marsh Turkey, gave a statement about bond insurance; and talked about the advantages of Bond Insurance as an insurance policy that offers the features of traditional letters of guarantee issued by banks. He stated that other types of insurance had two contractual parties, whereas Bond Insurance had three, which consist of “principal (debtor)”, “beneficiary (obligee)” and the “surety” who issues the letter of guarantee by underwriting the Bond Insurance. Kayganacı said: “This type of insurance is a guarantee that the obligee will receive their payments in case the principal does not fulfill their contractual or legal obligations. Thus, Bond Insurance provides guarantee for the responsibilities of the principal.”

The only broker with a dedicated department for Bond Insurance
Kayganacı stated that Marsh’s Financial and Risk Solutions (FinPro) Department dedicated to Bond Insurance offers all manner of services for its customers such as providing capacity from local and global insurance/reinsurance companies, issuing surety bonds (letters of guarantee), reviewing contracts etc. Underlining that Marsh is able to create highly competitive circumstances and find and develop surety solutions for its customers thanks to their long-term relations with global guarantors, Kayganacı added as follows: “Marsh is differentiated from its competitors by being the only broker with a dedicated department for this insurance within its global structure.”