Answer
Bank guarantee: It is a financial security / guarantee on behalf of his customer in case the latter refuses to pay his legal dues.
It is a part of the GA security (from the cargo owner to the shipowner) that is submitted along with G.A Bond
Bank Guarantee- This is required when the cargo is uninsured or when cargo Insurance company is doubtful to pay their due contribution.
Types of Insurance- Liability cover demand e.g- CLC, Bunker etc.