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?
From receipt of the original application form, it generally takes 3 to 4 working days to issue a bond within Ireland.
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).
For further details on Section 137 Bonds, please contact:
Brian – 021 453 6860 email@example.com
Paul – 021 453 6824 firstname.lastname@example.org
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