We use cookies to improve your experience on this website. Read More Allow Cookies

Section 137 Bonds – Non Resident Bonds

Who needs a Section 137 Bond?

A company registered in the Republic of Ireland is required to have at least one Director who is resident in the European Economic Area (EEA). Alternatively they can arrange a Section 137 bond to the value of €25,000.

How much do Section 137 Bonds cost?

O’Leary Insurance have arranged several such bonds. We can assist with processing your application and issue the original bond document and a certified copy from €1,575 for a two year period (€787.50 per annum).

To discuss further or to obtain a proposal form please contact Brian O’Mara or Maura Browne, whose details are below.

How quickly can a bond be processed?

Within Ireland

From receipt of the original application form, it generally takes 3 to 4 working days to issue a bond within Ireland.

Overseas

If the bond is being sent overseas, this process naturally takes longer. We have issued bonds across the Atlantic within 5 working days.

What is a bond?

A bond is a guarantee that you will pay a specified amount of money if called upon. The company that underwrites the bond (the guarantor) will honour the obligation to pay an agreed amount if called upon – refer to the table at the end of this page. The guarantor would then recoup the bond amount from the bond holder.

A bond is different to an insurance policy. Insurance is a method of risk transfer; a premium is paid and the insurer takes on the risk.

How is a Section 137 Bond called upon?

These particular bonds are called upon if the company fails to pay a fine or penalty, refer to the link below for more information (Third Party website).

[1] Source: http://www.irishstatutebook.ie/eli/2014/act/38/section/137/enacted/en/html

For further details on Section 137 Bonds, please contact:

Paul – 021 453 6824 pkinahan@oli.ie

 

Other types of insurance for business

Request a Call Back

Contact one of our nationwide offices for more information and a quote.

Request a call backor contact your nearest branch:

Lough Mahon House,
Blackrock,
Cork,
T12 C43C

(021) 453 6800
info@oli.ie

16 Pembroke Rd,
Ballsbridge,
Dublin,
D04 DX66

(01) 660 8211
info@olid.ie

13 Liosban Business Park,
Tuam Rd,
Galway,
H91 DW01

(091) 77 86 77
info@olg.ie

96 Meagher's Quay,
Waterford,
X91 E094

(051) 309 130
info@oliw.ie