IRA Class 29 · General
Bond / Guarantee in Kenya
Bid, performance, advance-payment and customs bonds under IRA Class 29.
What does Bond / Guarantee cover?
Insurer guarantees performance by the principal to a beneficiary (employer, customs, court) - paying out if the principal defaults.
Who needs Bond / Guarantee?
Contractors, importers, court litigants and any party required to post a guarantee.
Examples of Bond / Guarantee policies in Kenya
- Bid bonds
- Performance bonds
- Customs bonds
- Advance-payment bonds
Frequently asked questions
Are insurance bonds accepted by KRA and government tenders?
Yes. Bonds issued by IRA-licensed insurers are accepted in place of bank guarantees by most public buyers.
Regulation
Bond / Guarantee is licensed under Class 29 of the Insurance Act (Cap 487) and supervised by the Insurance Regulatory Authority (IRA). Only insurers holding a current Class 29 licence may underwrite this cover in Kenya.