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ERGO Pauschalprodukt und Individualprodukt Individual: the policy wording in full
Individualprodukt: Avalrahmen mit Beitrag auf die Avalsumme vom Einbuchungs- bis zum Ausbuchungstag und Gutschrift bei vorzeitiger Rückgabe; Sicherheiten laut Versicherungsschein vor dem ersten Abruf.
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Everything about this policy
What the policy covers: 64 points, each with its clause
Quotes are shortened.
The full German wording of each point is on the German page for ERGO Pauschalprodukt und
Individualprodukt Individual.
Basics and bond facility
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Bond facility (overall limit from which individual bonds are drawn) | yes, up to the sum insured | „Wir stellen Ihnen nach Prüfung Ihrer wirtschaftlichen Verhältnisse einen Avalrahmen zur …“ | Ziffer 1, page 1 |
| Maximum amount per single bond | not addressed | ||
| Target group of the product by bond requirement or turnover (upper and lower limit) | not addressed | ||
| Contract form: facility agreement, single bond or compact facility with simplified underwriting | yes | „In diesen Avalen verpflichten wir uns gegenüber den Avalgläubigern bei Vorliegen der im …“ | Ziffer 1, page 1 |
| Issuance of bond certificates through an online portal of the insurer | not addressed | ||
| Time limit for issuing a bond after request | not addressed | ||
| Own standard wordings of the insurer for each bond type | not addressed | ||
| Acceptance of wordings prescribed by the beneficiary (after review) | yes | „Begründete Fälle liegen u. a. vor, wenn ein Avaltext, ein Avalempfänger oder die …“ | Ziffer 3.2 e), page 1 |
| Suitability for public contracting authorities (insurer bond equal to a bank guarantee, e.g. VOB/B section 17, BVergG, Ley 9/2017) | not addressed | ||
| Inclusion of affiliated companies and joint ventures in the same facility | not addressed |
Bond and guarantee types
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Bid bond (security for the tender in a procurement procedure) | not addressed | ||
| Performance bond (execution of the contract) | not addressed | ||
| Warranty or defects liability bond (after acceptance) | not addressed | ||
| Release of cash retentions by a bond | not addressed | ||
| Advance payment bond | not addressed | ||
| Payment bond, including contractor security under BGB section 650f | not addressed | ||
| Bond for building contracts with consumers (BGB section 650m, in Austria BTVG section 4) | not addressed | ||
| Bond for property developers and buyer prepayments (MaBV section 7, BTVG, Spanish LOE) | not addressed | ||
| Customs and tax bond (duty deferment, excise duties) | not addressed | ||
| Rent bond for commercial leases (not private residential tenancies) | not addressed | ||
| Court bond (security in legal proceedings, avoiding enforcement) | not addressed | ||
| Bond for decommissioning, restoration and waste disposal (wind power, landfill, quarrying) | not addressed | ||
| Bond for tour operators and travel agents (insolvency protection of customer money) | not addressed | ||
| Bonds or guarantees payable on first demand | yes | „sind bei Avalen mit der Klausel „Zahlung auf erstes Anfordern“ berechtigt, sofort eine …“ | Ziffer 6.2 b), page 2 |
| Bonds to foreign beneficiaries or via partner insurers abroad (fronting) | not addressed | ||
| Bonds without expiry date | not addressed |
Premium and costs (rules, no prices)
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Premium basis: bond commission on outstanding exposure, on the facility or per bond | yes | „berechnen aus der Avalsumme den vereinbarten Beitrag vom Einbuchungs- bis zum …“ | Ziffer 7.2.1 a), page 3 |
| Commitment fee on the unused facility | none | „berechnen aus der Avalsumme den vereinbarten Beitrag vom Einbuchungs- bis zum …“ | Ziffer 7.2.1 a), page 3 |
| Minimum premium per contract or per bond | not addressed | ||
| Issuance, handling or amendment fees | yes, up to the sum insured | „berechnen Ausfertigungsgebühren in vereinbarter Höhe.“ | Ziffer 7.2.1 c), page 3 |
| Premium runs until the certificate is returned or the beneficiary releases the bond, not only until expiry | yes | „berechnen aus der Avalsumme den vereinbarten Beitrag vom Einbuchungs- bis zum …“ | Ziffer 7.2.1 a), page 3 |
| Pro rata premium refund on early return | yes | „werden bei vorzeitiger Rückgabe oder Reduzierung des Avals einen überzahlten Beitrag …“ | Ziffer 7.2.1 b), page 3 |
| Adjustment of premium rates on a change of credit rating during the term | not addressed | ||
| Treatment of insurance premium tax (charged or not) | not addressed |
Recourse and collateral
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Insurer recourse against the policyholder after payment to the beneficiary | yes | „haben alle von uns wegen der Inanspruchnahme von Avalen geleisteten Zahlungen und …“ | Ziffer 8.1 a), page 3 |
| Reimbursement also of interest, costs and legal costs of the insurer | yes | „Hierzu gehören u. a. Sachverständigen-, Gerichts-, Rechtsanwalts- und Notarkosten sowie …“ | Ziffer 8.1 a), page 3 |
| Collateral as a precondition (cash collateral, pledge, land charge) | yes | „Sie sind verpflichtet, die im Versicherungsschein zur Kautionsversicherung genannten …“ | Ziffer 5.2, page 2 |
| Counter-guarantee or joint liability of shareholders or directors | not addressed | ||
| Insurer right to additional collateral if creditworthiness deteriorates | yes | „sind verpflichtet, im Falle eines wegen Ihrer Einwendungen durch uns geführten …“ | Ziffer 6.1 d), page 2 |
| Exemption claim: insurer can demand indemnity or security before paying | yes | „haben uns nach Beendigung der Kautionsversicherung aus den für Sie übernommenen Avalen …“ | Ziffer 10 a), page 3 |
| Consultation of the policyholder before the insurer pays the beneficiary | yes | „prüfen zunächst sorgfältig die uns zur Verfügung stehenden Informationen. Dann erst …“ | Ziffer 6.2 a), page 2 |
| Payment by the insurer without examining objections of the policyholder (binding in recourse) | yes | „verzichten uns gegenüber auf Einwendungen und Einreden gegen Grund, Höhe und Bestand …“ | Ziffer 6.1 c), page 2 |
| Assignment of receivables from the secured contract to the insurer | not addressed |
Duties of the policyholder
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Submission of annual accounts and interim figures (deadlines) | yes | „uns zur Prüfung der Bonität unverzüglich nach Fertigstellung Ihren jeweiligen …“ | Ziffer 4 d), page 1 |
| Notification of material changes (legal form, shareholders, payment difficulties) | yes | „uns unaufgefordert alle i. S. v. § 490 BGB wesentlichen Veränderungen in Ihren …“ | Ziffer 4 c), page 1 |
| Submission of the required wording before signing with the beneficiary | not addressed | ||
| Duty to recover and return discharged certificates | yes | „verpflichten sich, bei einer Verschlechterung Ihrer Vermögensverhältnisse i. S. v. § …“ | Ziffer 3.1 e), page 1 |
| Prompt notice of disputes with the beneficiary or a threatened call | yes | „Bestehende Einreden und Einwendungen müssen Sie mitteilen und mit geeigneten Nachweisen …“ | Ziffer 6.1 b), page 2 |
| Insurer right to inspect books and projects | yes | „stimmen zu, dass die Avalempfänger uns über die verbürgten Ansprüche Auskunft geben“ | Ziffer 3.1 d), page 1 |
| Consequences of a breach of duty (facility freeze, termination, damages) | yes | „Wir sind berechtigt, die Kautionsversicherung aus wichtigem Grund mit sofortiger …“ | Ziffer 9.2 a), page 3 |
Term, termination and facility changes
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Term and renewal of the facility agreement | yes | „Die Laufzeit der Kautionsversicherung beträgt ein Jahr. Sie verlängert sich jeweils …“ | Ziffer 9.1, page 3 |
| Notice period for the policyholder | yes | „Dies gilt nicht, wenn spätestens 2 Monate vor Ablauf der laufenden Versicherungsperiode …“ | Ziffer 9.1, page 3 |
| Insurer right to reduce the facility at any time or freeze it for new bonds | yes | „sind in begründeten Fällen berechtigt, die Übernahme von Avalen abzulehnen.“ | Ziffer 3.2 e), page 1 |
| Extraordinary termination by the insurer (good cause, credit rating) | yes | „sich Ihre Vermögensverhältnisse wesentlich i. S. v. § 490 BGB verschlechtern“ | Ziffer 9.2 d), page 3 |
| Issued bonds remain in force after termination until released | yes | „haben uns geeignete Sicherheiten bis zur Höhe der noch nicht ausgebuchten Avale zu …“ | Ziffer 10 b), page 3 |
| End of liability by return of certificate, release declaration or expiry | yes | „buchen Avale nach Rückerhalt aus dem Avalkonto aus, wenn keine Inanspruchnahme …“ | Ziffer 3.2 g), page 1 |
| Consequences of the policyholder insolvency | not addressed | ||
| Governing law and jurisdiction | yes | „Es gilt das Recht der Bundesrepublik Deutschland.“ | Ziffer 13.3, page 4 |
Exclusions and limits
| Point | Rule | Wording (German) | Clause |
|---|---|---|---|
| Exclusion of guarantees for loans and financing | not addressed | ||
| Exclusion of bonds for obligations of third parties | not addressed | ||
| Exclusion of global or all-moneys guarantees | not addressed | ||
| Exclusion or conditions for bonds in foreign currency | not addressed | ||
| Sanctions clause (no cover under embargoes and sanctions) | yes | „Versicherungsschutz nur, soweit und solange dem keine auf die Vertragsparteien direkt …“ | Ziffer 12, page 4 |
| Distinction from private residential rent deposits (separate product, not in scope) | not addressed |
Evaluated by NAMMERT from published policy wordings.
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Policy wordings and provider
- Legal entity
- ERGO Versicherung AG
- Distribution
- brokers and direct
- AVB Kautionsversicherung Pauschalprodukt/Individualprodukt Edition: AVB-Pauschal/Individual 2016-02 Original from the insurer (PDF, German)
Full text of the wording
The full text exists only in German.
It is printed on the German page for ERGO Pauschalprodukt und Individualprodukt Individual and
available as plain text.
Volltext ERGO Pauschalprodukt und Individualprodukt Individual Kautionsversicherung · As text (Markdown) ERGO Pauschalprodukt und Individualprodukt Individual