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Insurance Bond - where i can purchase insurance bond for 20K

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ArevA
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Insurance Bond - where i can purchase insurance bond for 20K

Postby ArevA » Mon, 06 Apr 2009 11:32 am

does any1 know who sells insurance bonds? I rang a few insurance companies & enquired about insurance bond... they all went "blank" like never heard of it.

Please help
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sundaymorningstaple
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Postby sundaymorningstaple » Mon, 06 Apr 2009 12:13 pm

Malayan Banking Berhad

ArevA
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Postby ArevA » Mon, 06 Apr 2009 12:42 pm

thanks for info, same story... spent 30 minutes... explaining that i would like to speak to somebody about insurance bond. is there another name for insurance bond that used in singapore?
Thx
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Postby angel_babe » Tue, 07 Apr 2009 6:03 pm

Perhaps you should explain what's your purposes and objective of the insurance you wanted. Different company call it differently. There might be one that meet your needs.

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Postby peppercalamari » Fri, 24 Apr 2009 9:53 pm

it's called a single premium policy in singapore...

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Postby carteki » Mon, 27 Apr 2009 11:18 am

A single premium insurance policy is typically an single lump-sum payment to the insurance company that is invested on your behalf for a fixed term at the end of which they pay out the market value of the investment. Usually the policies will have death or disability benefits and they will pay out the max of the initial amount or the market value of the policy if you die during the term.
Is this what you are looking for?
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sundaymorningstaple
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Postby sundaymorningstaple » Fri, 24 Jul 2009 12:21 pm

I believe what the OP is looking for is an Insurance Bond. What this is, is an insurance policy (term) single payment, to replace the bond that is required by certain agencies when being granted an license to operate. For instance, the recruitment industry requires a $20K bond which can be covered by using an insurance vehicle instead of you actually placing $20K in a certificate of deposit with the MOM as the payee in the event of default. I know that MBB has them as I've used them for that very purpose. Also, most insurance brokers can also set you up with one if you tell them what it's for.

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Postby mitlan » Sun, 26 Jul 2009 8:10 pm

is it true that there is an insurance bond that can be used for the recruitment agency bond with the government? I tried asking a few and they said they don't do such things. Seems like i have to put 20k in the bank as fixed deposit and then the bank will issue a bankers guarantee.

Please advise me if there is such an insurance bond as i would very much like to buy 1.

Thanks!!

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Postby mitlan » Thu, 20 Aug 2009 11:59 am

Hi, thanks for the reply, this is the link

http://www.mom.gov.sg/publish/momportal ... cants.html

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 20 Aug 2009 12:51 pm

mitlan wrote:Hi, thanks for the reply, this is the link

http://www.mom.gov.sg/publish/momportal ... cants.html

# Furnish a Security Deposit of $20,000 in the form of Banker's Guarantee during the In-Principle Approval (IPA) stage;


The Banker's Guarantee is what is covered by the insurance bond. The bank is the recipient in the case of default and the insurance has to pay the bank. The Bank guarantees the MOM.

This I know as fact. I've never put 20K in a fixed deposit yet in the last 5 years. :wink:

Please tell me you aren't about to open ANOTHER recruitment company! With 1100 licenses already out there, all we need is one more unprofessional shoestring operator who is operating out of the back seat of his 6 year old Honda Accord and has his business address in the back of some ma-ma shop.

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Postby mitlan » Thu, 20 Aug 2009 2:19 pm

guess you are mistaken, i am not intending to be a rouge kind of employment agency, i need the licence for my own recruitment purpose. i do not want to go through an employment agency and let them earn my workers' money before they even start work. thats all. anyway, in business, there are bound to be competition right

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sundaymorningstaple
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Postby sundaymorningstaple » Thu, 20 Aug 2009 3:24 pm

Yeah, right. :roll:

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Postby mitlan » Thu, 20 Aug 2009 4:11 pm

thanks!!! i found it!!! looks like i am going to be in business soon... although i have been doing this the past 2 years. now i am operating a different way only. services provided are the same, just more than before.
:D

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Re: Insurance Bond - where i can purchase insurance bond for

Postby mitlan » Thu, 20 Aug 2009 4:12 pm

ArevA wrote:does any1 know who sells insurance bonds? I rang a few insurance companies & enquired about insurance bond... they all went "blank" like never heard of it.

Please help


you need any help ?

i can pass you the insurance broker's contacts. pm me if you need

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Re: Insurance Bond - where i can purchase insurance bond for

Postby m_d_tan » Fri, 02 Oct 2009 3:48 am

Dear mitlan,

Can you send the insurance broker's contacts? I may need to purchase one too. How much did you pay for it? And for a year only? m_d_tan@yahoo.com.sg

Thank you.


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