Surety Bond Awaits Government Project http//:members.bumn-ri.co, 2005-10-12
The development of the insurance business, especially in the surety bond sector, might be impeded by the stagnant condition of many government infrastructure projects. A surety bond is a warranty issued by a surety company to an obligee for a possibility of loss risks caused by contractor’s ability to settle its obligations in the contract agreement. Among the 38 insurance companies in Indonesia which were permitted to sell surety bond is PT Asuransi Jasaraharja Putera.
Jasaraharja Putera (JP Insurance) is the pioneer of the surety bond business in Indonesia. In 2004, the Jasa Raharja subsidiary company acquired a premium of Rp.25.5 billion.
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