Surety insurance is a type of lease guarantee that replaces the need for a guarantor or traditional security deposit. In this model, an insurance company takes on the responsibility of covering any amounts owed by the tenant in case of default — including rent, common area fees, and property tax (IPTU).

The policy is quick to issue, subject to a credit check, and can be paid in up to 60 installments. It ensures income for landlords — even offering advanced payments during eviction proceedings — and includes legal support, as well as customizable coverage depending on the type of property, whether it’s a shopping mall, industrial properties, or built-to-suit facility.

Caldeira notes that the corporate sector still has doubts about surety insurance. She sees growth potential through greater awareness and education.

“We need to educate the market. Many companies tried surety insurance in the past and didn’t like it. But the product has evolved and can now be a powerful ally.”

According to her, Unioncorp’s role is to simplify the process through straightforward communication, quick analysis, and tailored solutions. Its expertise in commercial real estate — from office spaces to warehouses — allowed the company to develop its own risk analysis tools, a crucial step in getting policies approved.

“The tenant is the risk, and the insurer needs to understand who that tenant is. It’s not just about having money — you need to have credit,” Cristina emphasizes.

In many cases, when a company is newly established or lacks a track record, Unioncorp looks for alternatives such as evaluating the individual behind the business as a counter-guarantor or using capitalization bonds.

For real estate agencies, surety insurance means reduced operational costs and more legal certainty. For tenants, the biggest benefit is avoiding impacts on credit lines or balance sheets — which makes surety insurance an appealing option even compared to traditional guarantees.

Unioncorp also acts as a partner in more complex operations, including built-to-suit agreements and long-term leases ranging from 10 to 30 years. According to Caldeira, the insurance market is not always equipped to handle such deals, creating space for companies with technical expertise and specialized focus.

“Insuring large, established companies is easy. But that’s not Brazil’s reality. The reality is dealing with smaller structures and finding viable solutions for them.”

Cristina believes surety insurance is becoming an increasingly strategic tool in uncertain times, as past crises have shown.

“Some companies stopped generating revenue but kept paying rent — because there was a guarantee in place. In Brazil, anything can happen. Surety insurance protects both tenant and landlord.”