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What is Foreign Workers Bond insurance?

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.

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.

Key coverage

Here is an overview of your coverage

Guarantee

Guarantee

Accepts responsibility if a foreign worker fails to fulfil the performance he is obliged to deliver for you.

How much is my premium?

Your premium vary depending on

  • Financials of the company
  • Guarantors
  • Underwriting requirements

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What we don’t cover

  • War, civil war and any acts of terrorism
  • Radioactive and nuclear energy risks
  • Loss or damage caused by pollution or contamination
Important information

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.

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