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It is a security deposit (in the form of Banker’s Guarantee) or cash deposit of S$5,000 required by Ministry of Manpower (MOM) for every foreign worker (non-Malaysian) to work in Singapore.
Here is an overview of your coverage:
Upon successful application or renewal of the work permit for foreign workers, the employer is 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 (FWBs).
By purchasing a FWB, the employer do not need to place the security deposit of S$5,000 upfront.
Guarantee
Accepts responsibility if a foreign worker fails to fulfil the performance he is obliged to deliver for you.
Here are some common exclusions under this policy
The following list is non-exhaustive. Please refer to the policy contract for the full list of exclusions under this policy.
✖ War, Civil War and any act of Terrorism.
✖ Radioactive and nuclear energy risks.
✖ Loss or damage caused by pollution or contamination.
Your premium may vary, depending on:
This insurance is underwritten by Tokio Marine Insurance Singapore Ltd. All benefits and features mentioned here are subject to the terms and conditions of the policy. Please refer to the policy contract for the precise terms and conditions of this insurance plan. The information shown here is for reference only.
If you require assistance from us regarding any matter, please speak to your agent or contact our office
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