With the booming growth of China's economy, the kick-off of “The Belt and Road Initiative” enables many Chinese enterprises to go abroad, investing in mining development, building factories and participating in local infrastructure development, etc.

 According to international practice, laws of different countries and tenderees, all tender competitors are required to provide complete insurance solutions, including the Bid/Performance Letters of Guarantee (LGs). Due to different legal and business environment, the insurance laws and regulations of different countries vary. There are considerable differences in many aspects including requirements of local law for employee security, statutory coverage and limits, environmental pollution insurance, public liability insurance, installation and engineering liability insurance, umbrella insurance. These requirements are very complex requiring specialized profession services. 

Two phases are classified for the above-mentioned work:

Phase I is bidding. Insurance requirements are raised by tenderees and will be confirmed by tenderers. Meanwhile, tenderees will require the tenderers to provide the Bid LG sometimes. Usually it will take months for both tenderees and tenderers to clarify and understand insurance requirements from each other.

Phase II is to place insurance policy in time by bid-winning competitor as per tenderee’s requirements after successful bidding. During this phase the time to issue insurance policy at tenderee’s request can be very tight. 

For Chinese companies that plan to bid abroad, lots of the tenderee’s insurance requirements cannot be found in China. Many Chinese domestic insurance companies are only familiar with local requirements so they are unable to provide insurance service abroad. Also few domestic insurance brokerage companies are familiar with the arrangement of overseas insured objects.

With an expertise in traditional overseas insurance, TecHonor Insurance Brokers Co., Ltd , as a supplementary services provider, is cooperating with Chinese enterprises with “world-oriented strategy”, and has already been actively participating in international bidding of Chinese enterprises with frequency since 2005.

TecHonor has years of experience as an insurance broker for the placement of insurance in large projects in Hong Kong, Singapore, USA, South America, East Europe and Africa on behalf of Chinese bid competitors.

TecHonor is already ranked among the top echelon of overseas insurance brokerage companies.

TecHonor, is one of the insurance solution providers on oversea investment/projects helping Chinese experienced enterprises go global with “The Belt and Road Initiative”