Insatsgarantiförsäkring

English translation: deposit guarantee insurance

09:14 Oct 14, 2013
Swedish to English translations [PRO]
Bus/Financial - Insurance
Swedish term or phrase: Insatsgarantiförsäkring
Housing insurance documents for the construction industry.
Target - building contractors.
Mark Du Bois
Sweden
Local time: 02:23
English translation:deposit guarantee insurance
Explanation:
insuring against losing the guarantee for the benefits that the deposit is intended to safeguard
Selected response from:

Mats Wiman
Sweden
Local time: 02:23
Grading comment
Thank you!
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +1housing cooperative payment bond
Charles Ek
4deposit guarantee insurance
Mats Wiman
3Condominium deposit insurance
Deane Goltermann
3 -1housing cooperative investment guarantee
tihomir
Summary of reference entries provided
Insatsgarantiförsäkring definition
Charlesp

Discussion entries: 2





  

Answers


12 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
housing cooperative investment guarantee


Explanation:
Insatsgaranti är en säkerhet för bostadsrättshavarna gällande insatser och upplåtelseavgifter som de betalat till bostadsrättsföreningen.

Instead of "housing cooperative" you can use whatever translation you prefer for bostadsrättsförening.


    Reference: http://www.brim.se/sv/printpdf/produkter/insatsgarantiforsak...
tihomir
Iceland
Works in field
Native speaker of: Bulgarian

Peer comments on this answer (and responses from the answerer)
disagree  Charlesp: agree with the definition, but not that it relates to an investment.
7 hrs
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
housing cooperative payment bond


Explanation:
This is a surety bond, not insurance:

"Insatsgarantiförsäkringen ombesörjd av Brim garanterar att bostadsrättsföreningen har fullgjort sin skyldighet att återbetala insatser eller upplåtelseavgifter enligt kap. 4 § 2 bostadsrättslagen."

If you look at the act in question, it bars making a cooperative's units available for occupancy until payment to the contractor(s) has been secured, among other things:

"Innan den slutliga kostnaden för föreningens hus har redovisats i en registrerad ekonomisk plan eller på en föreningsstämma, är det inte tillåtet att upplåta bostadslägenheter med bostadsrätt utan tillstånd av Bolagsverket.

Bolagsverket skall lämna tillstånd om
1. en ekonomisk plan har registrerats och
2. föreningen ställt betryggande säkerhet hos Bolagsverket för återbetalning av insatsen till bostadsrättshavarna jämte, i förekommande fall, upplåtelseavgift."

Ordinarily, a contractor would secure payment for itself by placing a lien on the property against the interest of the property owner. However, since the contractor's claim can pass through the cooperative structure and reach individual unit owners, a bond is necessary to protect the latter.

See the second link for an explanation of payment bonds.


    Reference: http://www.brim.se/sv/printpdf/produkter/insatsgarantiforsak...
    Reference: http://www.attny.com/gci32djd.html
Charles Ek
United States
Local time: 19:23
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 24

Peer comments on this answer (and responses from the answerer)
agree  Charlesp: http://smhnyproduktion.se/projects/ordlista
6 hrs
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3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
deposit guarantee insurance


Explanation:
insuring against losing the guarantee for the benefits that the deposit is intended to safeguard

Mats Wiman
Sweden
Local time: 02:23
Native speaker of: Native in SwedishSwedish
PRO pts in category: 8
Grading comment
Thank you!
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7 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Condominium deposit insurance


Explanation:
After a lot of searching, and not finding much comparable, I'll throw in this version from Canada, which seems to have a similar law to the Swedish Tenant-Ownership Act. The point is the 'insats' is a deposit by the individual purchase and the guarantee is so they get the deposit back. I'd also say 'condominium' is closer to the legal form of 'bostadsrätt'. Anyway, the Canadian reference below describes several insurance forms for condos including what looks like your term. And it differentiates from the developers bond that Charles suggests, tho he isn't far off either.

http://www.theguarantee.com/en/products/details/developer-su...

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Note added at 7 hrs (2013-10-14 16:55:36 GMT)
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Here is some interesting reading from Sweden re: condominium -- http://www.bildabostad.se/Global/Broschyr.efter_EN.pdf

Deane Goltermann
Sweden
Local time: 02:23
Native speaker of: Native in EnglishEnglish, Native in SwedishSwedish
PRO pts in category: 48

Peer comments on this answer (and responses from the answerer)
neutral  Charlesp: agree but not with "Condominium" - 'bostadsrätt' is more a co-op (and not the common definition of a condominium.
19 mins
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Reference comments


7 hrs
Reference: Insatsgarantiförsäkring definition

Reference information:
Insatsgarantiförsäkring garanterar att bostadsrättsföreningen har fullgjort sin skyldighet att återbetala insatser eller upplåtelseavgifter enligt bostadsrättslagen

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Note added at 7 hrs (2013-10-14 17:09:25 GMT)
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http://www.forsakring.gar-bo.se/index.php/bostadsratter/insa...


    Reference: http://smhnyproduktion.se/projects/ordlista
Charlesp
Sweden
Native speaker of: English
PRO pts in category: 23
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