Foreign worker bond and medical insurance

Get peace of mind with Marsh’s Foreign Worker Security Bond and Medical Insurance coverage

To safeguard your workforce, employers of foreign workers in Singapore can now rely on Marsh’s Foreign Worker Bond and Medical Insurance policy. Offered in collaboration with Standard & Poor (S&P) A+ rated insurers, this policy allows employers of foreign talent to meet their obligations with affordable coverage. 

Giving employers financial security and peace of mind, our solutions are in strict compliance with Singapore’s Ministry of Manpower (MOM) regulations. The foreign worker bond carries limits for all Non-Malaysian work permit holders (S$5,000) and the medical insurance carries limits (S$60,000) for all S-Pass and work permit holders. With this simple and cost-effective insurance solution, employers can rest assured that their hiring process follows all necessary guidelines.

Foreign Worker Medical Insurance and Security Bond: Key Benefits

Foreign Worker Security Bond

Employers in Singapore are required to pay a foreign worker security deposit of S$5,000 for all non-Malaysian work permit holders. This is a legal requirement. 

What Marsh offers: 

• Employers may purchase a Foreign Workers Bond (FWB) to replace a bank guarantee as the security deposit.
• Fast inception of Bond document by the next business day.
• Competitive rates per worker, with the option of 12+2 months or 24+2 months.
• Easy administration.
• Employers may opt to include a Bond Protector, thereby reducing the employer’s financial exposure — subject to review and an additional premium.

Foreign Worker Medical Insurance

All foreign workers (S-Pass and Work Permit holders) must be covered by Foreign Worker Medical Insurance with a minimum coverage of S$60,000 per year for policies with start date effective on or after 1 July 2023.

What Marsh offers:

• Easy policy administration on the declaration of head count at the start and expiry of the policy.
• Higher limit of S$60,000 per disability per person, with the option to increase to S$65,000
• Hospitalisation expenses may be claimed on an “as charged” basis.
• Repatriation benefit of S$5,000 and accidental permanent total disability benefit of S$10,000.
• Emergency accidental outpatient benefit of S$500.
• Emergency accidental dental benefit of S$200.

As the world’s leading risk advisor and insurance broker, we understand the risks your business faces.

Marsh’s scale, industry experience, and networks across Asia and globally ensure your business has access to robust, customisable insurance solutions, providing you with comprehensive protection at an affordable price.

• We plan and implement strategies to reduce your risk exposures.
• We provide personalised support and respond quickly to your evolving business needs.
• We work on your behalf to build exclusive solutions with our network of insurers, helping you optimise your business insurance coverage.
• We work towards minimising your insurance premium outlay while maximising policy value.
• Our dedicated claims team can offer timely advice on claims management.