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Resolved
China Taiping Insurance (Singapore)Dishonoring their nature of business

Two years ago, i employed 3 foreign workers and an agent of mine went to China Taiping Insurance to purchase the workers bond for the workers. This is required by the Ministry of Manpower for anybody who employs foreign workers of all sorts. The deal is simple.

I pay China Taiping Insurance an annual premium, they will insure my workers and pay the Government a bond of $5000 SGD per head in case the workers' permits are canceled and the workers decides to disappear inside of Singapore. In an event the whole cycle is completed without such cases, they have earned the premium which is in layman term "economy of scale / law of large numbers" kind of deal.

100 in 100000 defaults, you still make more than enough premium to cover the loss of that 100.

To cut the whole story short, they ended up paying $10000 because 2 of my 3 workers decided to stay on after their permit was canceled (and they have all left Singapore since) and now China Taiping Insurance wants to claim $10, 000 from me even though the premium for the bonds has already been paid to them long time back. And that in turn caused me to have a bad credit rating because the $10, 000 claim is reflecting on my credit rating even while this episode has long pass over for 2 years now.

If I had to pay every cent on my own, why pay the premium for the bond in the first place?? I might as well place the bond on my own if i had the money to. Why did i bother to go to insurance companies only to have to bear additional cost and time loss??

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Responses

  • Mx
    mxw70 Jul 22, 2013

    Dear Sir i can understand how frustrated you have been. May i asked did you read the actual Term & Conditions of the Security bond polices. These applies to most insurance companies here. It is very important to know it yourselves caused you are the employer. Anyway hope you ask yourselves this question? What did you learned from this experience?
    you may contact me at my email: [email protected] Thank you for bring this to others attention.

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