Foreign Worker Bond
A compulsory security bond for each non-Malaysian foreign worker you hire. It is a pledge to pay the government if you or your worker breaks the law, work permit conditions or security bond terms.
Features & benefits
Hassle free application* and processing of bond documents.
Competitive rates per worker, with options for 14 months or 26 months.
Can be purchased for up to 30 workers per registered company/ group of related companies.
* Financial assessment & guarantors underwriting are waived; each application will be subjected to a counter-indemnity clause.
| Benefits | Coverage |
|---|---|
Guarantee Sum Per Foreign worker |
Per worker Max limit per registered company/ group of related companies $150,000 |
Bond Period |
14 or 26 months depending on the In-Principal Approval issued |
Information required for submission |
- UEN number of Company |
Premium (GST is exempted) |
14 months - $80 |
Cancellation and Refund Premium |
No refund or cancellation midway during the bond period. |
| No. | Questions & Answers | |
|---|---|---|
1 |
What is a Foreign Worker Bond? A compulsory security bond for each non-Malaysian foreign worker you employ. A security bond is a binding pledge to pay the government if you or your worker breaks the law, work permit conditions or security bond conditions. |
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2 |
What is the coverage and period? Guarantee Sum: $5,000 Per Foreign worker |
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3 |
When to buy the Bond? Before your worker arrives in Singapore. Kindly take note on the earliest effective date allowed. |
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4 |
What is the earliest effective date? The online submission must be at least three days before the Bond period commencement date (T+3). This is to allow MSIG Insurance Singapore to transmit the information to Ministry of Manpower. Example: |
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5 |
What type of information is required for submission? - UEN number of Company |
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6 |
When will the Bond be forfeited? Your security bond may be forfeited if any of these happens:
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7 |
Is there a refund premium for cancellation? No refunds or cancellations are allowed during the bond period. |
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This page is for general information only. Full details of the terms, conditions and exclusions of this insurance are provided in the policy and will be sent to you upon acceptance of your application by MSIG Insurance (Singapore) Pte. Ltd.
This policy is protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage of your policy is automatic, and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact MSIG or visit GIA/LIA or SDIC.
