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CONTRACT OF INSURANCE An agreement whereby one undertakes for a consideration to
indemnify another against loss, damage or liability arising from an unknown or contingent
event.
CONTRACT OF SURETYSHIP An agreement whereby a party called the surety guarantees the
performance by another called the principal or obligor of an obligation or undertaking in favor of
a third party called the oblige. It shall be deemed to be an insurance contract if made by a surety
who or which, as such, is doing an insurance business.
indemnify another against loss, damage or liability arising from an unknown or contingent
event.
CONTRACT OF SURETYSHIP An agreement whereby a party called the surety guarantees the
performance by another called the principal or obligor of an obligation or undertaking in favor of
a third party called the oblige. It shall be deemed to be an insurance contract if made by a surety
who or which, as such, is doing an insurance business.
