SCHEDULE 1CONTRACTS OF INSURANCE
PART ICONTRACTS OF GENERAL INSURANCE
Suretyship15
1
Contracts of insurance against the risks of loss to the persons insured arising from their having to perform contracts of guarantee entered into by them.
2
Fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee, where these are—
a
effected or carried out by a person not carrying on a banking business;
b
not effected merely incidentally to some other business carried on by the person effecting them; and
c
effected in return for the payment of one or more premiums.