Foreign Worker Bonds
Ease of employers’ financial burden.
About Foreign Worker Bonds
For every non-Malaysia foreign worker to work in Singapore, you need to have a security deposit or cash deposit of S$5,000 – as regulated by Ministry of Manpower (MOM). Upon successful application or renewal of the work permit for foreign workers, you are then required to submit the security deposit or cash deposit to MOM. Security deposit or cash deposit can be replaced in the form of Foreign Worker Bonds. With our Foreign Worker Bonds, you do not need to place the security deposit of S$5,000 upfront.
Riots and strikes
Exclusively for our policyholders – Enjoy free NCD Protection benefit with 10% NCD and above.
Malicious damage
Enjoy waiver of excess for own damage claims at any authorized workshops.
Standard explosion
Renew your motor insurance with us and receive up to 10% discount.
Vehicle impact damage
Renew your motor insurance with us and receive up to 10% discount.
Aircraft damage
Choose to enhance your coverage with our Loss of Use or Protection Package Benefit.
Bursting or overflowing of water tanks, apparatus or pipes
Choose to enhance your coverage with our Loss of Use or Protection Package Benefit.
Earthquakes, volcanic eruptions, typhoons, windstorms and floods
Choose to enhance your coverage with our Loss of Use or Protection Package Benefit.
Protected up to specified limits by SDIC.
Related Articles
Small Business, Big Protection: A Business Insurance Guide
Useful Tips
It is regulated by Ministry of Manpower, upon successful application of new or renewal of every foreign worker (excludes Malaysian) who works in Singapore, the employer/insured needs to purchase a security bond from insurance company in favour of Ministry of Manpower. The security bond is $5,000 per worker.
