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General Insurance

Surety Bond

Guarantee for risks due to failure of the work recipient to carry out its obligations in accordance with the contract and/or applicable regulations.

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Start from

IDR 100.000/year

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Why Choose Us

The Advantages of Intra Asia

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Financial Coverage
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Strengthening Credibility
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Investment Risk Reduction

Workmen's Compensation

Provide protection to company employees in the event of a work accident related to the employee's work.

Public Liability/ Comprehensive General Liability

Providing financial compensation suffered by other parties as a result of the negligence/mistakes of the insured and/or people under the supervision of the insured for medical expenses at the hospital.

Product Liability

Provide compensation as a result of goods/services produced/offered by the Insured experiencing failure/damage which causes the other party to suffer both financially and medical expenses at the Hospital.

Directors and Officers Liability

Provide protection to Commissioners, Directors and Company Officials for risks that occur due to wrongful actions committed when acting in their capacity in that position.

Terms & Condition

What are the conditions?
  • Terms #
  • Terms #

Other Information

Details you need to know

Guarantee of a risk in the form of an additional agreement to the main agreement / contract given by the "Guarantor" (Surety), namely PT Intra Asia Insurance, to the "Contractor" (Principal) for its ability to carry out its obligations in accordance with the provisions in the main agreement (Contract) made between the project owner (Obligee) and the Principal, and if the Principal does not carry out its obligations in accordance with the provisions in the contract, the Surety will pay compensation to the Obligee in the maximum amount of the Guarantee Value.

An alternative guarantee from a Bank Guarantee which is one of the conditions specified by the Project Owner or employer for Tender participants, Development Project Executors, Advance Payment Guarantees, guarantees during the Maintenance Period of Construction Projects that are being or have been completed. It can also be used as a contract for the procurement of goods.

Surety Bond includes: Bid Bond / Bid Guarantee

  1. Simas Bid Bond / Bid Guarantee, namely: guarantees the Obligee if the Principal who has been declared the winner of the tender is not willing to sign the contract or cannot submit the implementation guarantee within the period specified by the Obligee. Bid Bond Value: 1% - 3% of Tender Value
  2. Performance Bond / Implementation Guarantee, namely: guaranteeing the Obligee if the Principal who has signed the work implementation contract, resigns or terminates the contract unilaterally or jointly from both parties, namely between the Obligee and the principal. Performance Bond Value: 5% - 10% of the contract value
  3. Advance Payment Bond : guarantees the Obligee if the Principal is unable to return or account for the advance payment received at the beginning of the contract to the Obligee until the project is completed. Advance payment bond value: maximum 30% of the project value.
  4. Maintenance Bond : guarantees the Obligee if the Principal does not carry out its obligation to repair damage that occurs after the implementation of the work is completed in accordance with the provisions in the contract. Maintenance Bond Value: maximum 5% of the Project Value

Provide several documents, among others :

  • Fill out the Guarantee Issuance Application Letter
  • Company Deed & Deed of Amendment -Company Profile along with Business Permits
  • Audited Financial Statements for the last 3 (three) years
  • Active Statement of Account (Current account used for project transactions) for the last 3 (three) months
  • Copy of Tender Invitation (for tender guarantee applicants)
  • Copy of Letter of Appointment of Tender Winner and Work Order or Contract Letter (for applicants for Performance Guarantee)
  • Copy of contractor or Contract Agreement (for Advance Payment Guarantee applicants)
  • Copy of Job Handover News 1 (for maintenance guarantee applicants)
  • Compensation Agreement letter that has been signed and legalized before a Notary