International Area Claims

In the event ACE Fianzas Monterrey fronts a bond in a foreign country  for its clients, claims shall proceed in accordance with the laws in force in the country where the surety bond policy was issued.

In operations within foreign countries, the payment of a claim is “Payable On Demand”. The Foreign Insurance Company is thereby bound, in the event a claim is filed, to promptly pay the corresponding amount in favor of the beneficiary. The proper investigation of the principal’s breach is carried out at a later date.

Hence, the Foreign Insurance Company shall request the payment made by  ACE Fianzas Monterrey, which in turn shall enforce the indemnity  provided by the Mexican  principal.

Consequently, determining for which kind of transactions do said “recovery guarantees“ need to be IN CASH or IN CASH EQUIVALENT (i.e., readily available for collection) is of the essence.

In the event the claim is found to be inadmissible, the beneficiary shall return any payment received.