Non-encashment of guarantee, security: NHA delists EFU Insurance from its approved panel

ISLAMABAD: The National Highways Authority (NHA) has delisted M/s EFU General Insurance Limited from its approved panel of insurance company due to non-encashment of mobilisation advance guarantee and performance security.

This has been revealed in a letter written to the chairman M/s EFU General Insurance Limited.

The letter, a copy of which is available, stated; it is to inform that M/s EFU General Insurance Limited has been delisted from NHA’s approved panel of insurance company due to non-encashment of mobilization advance guarantee and performance security which was issued in favour of National Highway Authority on behalf of A.K & Sons for the construction of Baba Farid Bridge over Sutlej River connecting Minchinabad Pakpattan.

The letter further stated that, however on ongoing project where M/s EFU General Insurance Limited has provided insurance/guarantees/bonds will remain valid till the defect liability period of the projects (s) and M/s EFU General Insurance Limited will be bound to revalidate, according to terms and conditions of the bonds if required.

Copyright Business Recorder, 2022