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Consumer Protection Tips

Q: What should consumer consider in choosing and using a product or service from a
Financial Service Institution?
A: Examine the Financial Service Institution which offers its product or service whether it has
been registered in OJK (Indonesian Financial Services Authority). Examine whether the offered product or service has been registered in OJK (Indonesian Financial Services Authority). Carefully read every information or contract that is related with the product or service offered by the Financial Service Institution and request for further explanation if necessary to understand everything clearly before purchasing or signing a contract/agreement. The Financial Service Institution is obliged to provide a duplicate of the contract/agreement to the consumer. Beware of any tempting offer or advertisement which promise peculiar benefits and immediately report to the Financial Service Institution if the product or service has been used by the consumer.

Liability Insurance

Q: What is Liability Insurance?
A: Liability Insuranceis an insurance which covers material damage due to legal liability to
compensate body injury or property damage of and to another party or due to the negligence
of the Insured/Insured’s employee, including the cost expensed for pleading, subject to
exclusions.

Q: What are the exclusions?
A: - Risks that are caused by intention –War, terrorism and riots – Things related with lawsuit
of penalty and punishment –Product liability including product recall – Completed operation
work – Radioactive - Workmen's compensation and employers liability - Asbestos Automobile
liability - Aircraft and watercraft liability - Professional liability – Property under the Insured’s supervision or ownership.

Q: Can Liability Insurance be extended?
A: This insurance can be extended with additional premiums, such as for the insurance of: Riot, Strike, Riot and Evil Deeds – Car Park - Casual Contractors - Cross Liability Defective Sanitation - Employers Sport and Social Club

People’s Business Credit Bond

Q: What is People’s Business Credit Bond?
A: It is a Working Capital loan/funding and investment for productive and feasible MSMEs, yet not bankable, with loan/funding ceiling up to Rp.500 million that is guaranteed by insurance company. The distribution of People’s Business Credit is expected to help entrepreneurs to become more productive.


Q: Who can obtain the People’s Business Credit?
A: The People’s Business Credit is granted by Bank to Small or Medium entrepreneurs who
do not have sufficient capital to grow their business.


Q: Which banks distribute the People’s Business Bond?
A: Not all Bank may distribute the People’s Business Bond, unless those appointed by the Government: Bank BRI, Bank BNI, Bank Mandiri, Bank Bukopin, Bank Syariah Mandiri and 26 (twenty six) Bank Pembangunan Daerah (Local Banks).

Personal Accident Insurance

Q: What is Personal Accident Insurance?
A:

Fire Insurance

Q: What is Fire Insurance?
A: Fire Insurance is an insurance which covers the loss or damage on property and/or the
insured interest that is directly caused by:

  • Fire
  • Lightning
  • Explosion
  • Aircraft impact
  • Smoke

The insurable property or interests are such as house, office building, warehouse, factory, content/house content, office equipment, and etc.


Q: Can Fire Insurance be extended?
A: Fire Insurance can be extended with additional premiums, can be added to complete the
standard fire insurance such as: - Riot, Strike and Evil Deeds- Earthquake, Fire or explosion
due to Earthquake, Volcano Eruption, Tsunami - Typhoon, Storm, Flood and Water Damage Removal of Debris- Landslide

Contractor Insurance

Q: What is Contractor Insurance?
A: Contractor Insurance is an insurance which cover the loss or damage on the insured object during the construction/installation and maintenance period.


Q: What are the benefits of Contractor Insurance?
A: Contractor Insurance insures civil engineering works to be in compliance with the working contract between the building owner and the main contractor. This insurance compensates:
(Part I)Damage, loss, breakage or physical damage on the insured object materials, that is
unexpected, sudden and accidental due to any cause, aside from the exclusions, related with
the main work, temporary work, preparation work, used materials, removal of debris, heavy
equipment, and work-supporting tools. The exclusions are: Damage due to design defect or
error, planning error - Wear and tear, corrosion, oxidation, quality decrease due to lack of
utilization and normal atmospheric condition -Further losses in any form, including penalty,
construction sanctions, loss due to construction delay, poor performance, loss of contract, and
loss of expected profit – Loss or damage on licensed vehicles for use on public road or watercraft or aircraft – by intention or intentional negligence.
(Part II)Legal Liability to the Third Party. Providing compensation due to: Body injury or property damage of a third party as the consequences of accidents that occurred and directly related with the object’s construction/installation that is insured  in Part 1 and occurred at or around the location during the insurance period.

Bank Counter Guarantee

Q: What is Kontra Bank Garansi?
A: Kontra Bank Garansi (Construction/Non-Construction) is a guarantee given by Askrindo to
the Bank that issues the Bank Guarantee for the benefit of the customer (debtor/principal), if the
customer experiences a default.

Q: What types of Kontra Bank Garansi  can Askrindo guarantee?
A:

  • Bid Bond
  • Performance Bond
  • Advance Payment Guarantee
  • Maintenance Bond
  • Payment Guarantee
  • Guarantees for Other Purposes

Q: What are the benefits of Bank Counter Guarantee product?
A: Benefit for the Principal: Bank Guarantee issuance is the direct or indirect selection to
help bona fide principal in the competition to obtain a project’s contract from the Obligee.
Bank Counter Guarantee is an insurance intended for Principal towards the Bank (Bank
Guarantee issuer). Benefit for the bank: Better assurance and in compliance with the Law of
Fee Based Income, the loan risk is relatively low because there is a surety. Benefits for
Obligee: Easy disbursement if the Principal is default.

Q: Which banks collaborate with Askrindo?
A: Bank Mandiri, Bank BTN, Bank BRI, BPD Aceh, BPD Lampung, BPD Bengkulu, BPD Sumsel Babel, BPD Sumut, Bank Sumbar, Bank Riau, Bank Jambi, Bank DKI, Bank Jabar Banten, bank Jatim, Bank Jateng, BPD DIY, Bank Kalbar, Bank Kaltim, Bank Kalteng, Bank Kalsel, Bank Sultra, Bank Sulselbar, Bank Sulteng, Bank Sulut, Bank Maluku, BPD Bali, BPD NTT, BPD NTB, Bank Papua, Bank BRI Agroniaga, BII, Bank Saudara, Bank Bukopin, Bank Mayapada, Bank CIMB Niaga.

Surety Bond

Q: What is Surety Bond ?
A: This product insures the Project Owner/obligee/bouwheer from the loss due to the failure of the Contractor/Principal in fulfilling its liability on a project in the agreed period.


Q: What are the administrative requirements for Surety Bond?
A:

  • Principal’s Company Profile
  • Copy of Company Establishment Deed, and its changes
  • Copy of the Company Registry Insignia
  • Copy of Trading Business License
  • Copy of Construction Business License
  • Copy of Taxpayer Identification Number
  • Copy of Registration in the Outsource List
  • Copy of Business Domicile Certificate
  • Copy of Membership Card in the related profession’s association of the Principal’s business (if any)
  • Copy of the Principal’s Financial Statement in the last 2 (two) years
  • Indemnity Agreement


Q: How long does it take to process Surety Bond?
A: For the limit of the Board’s decision, 9 working days at maximum.


Q: Please explain about the Circular Letter of OJK (Indonesian Financial Services Authority)No.4 about Suretyship.
A: On September 18, 2013, OJK (Indonesian Financial Services Authority) circulated a letter on the inclusion of clauses in suretyship policy to not to insure any loss due to Corruption, Collusion, and Nepotism practices.

Trade Credit Insurance

Q: What is Trade Credit Insurance?
A: Trade Credit Insurance (Askredag) is Askrindo’s product which provides compensation to
the Insured (seller) upon the risk of loss from the non-payment of half or all of its account
receivable from the buyer due to the buyer’s failure to pay in the agreed period and/or the
buyer’s insolvency (bankrupt).


Q: What are the benefits of Trade Credit Insurance?
A:

  • To facilitate the implementation of the Company’s credit policy
  • To minimize the Insured/Seller from bad debt and to reduce the doubtful debt reserve due to bad credit
  • To help the Insured in increasing the selling volume
  • To help the Insured in obtaining funding access, optional
  • To help the buyer in obtaining concessional payment from the seller
  • To help buyer in obtaining credit limit upon its purchase transaction to the seller

 

Q: Who can use Trade Credit Insurance?
A:

  • Producer/supplier of industrial goods
  • Producer/supplier of short-life goods

Customs Bond

Q: What is Customs Bond ?
A: Customs Bond the product of Askrindo which insures customs and excise facilities, hold/release facility to goods’ import duty and any other import duty collections to Obligee (Directorate General of Customs and Excise) if the Principal (Importer/Exporting Producer)does  not fulfill its obligation.


Q: What are the product types of Customs Bond?
A:

  • Import Facilities for Export (KITE);
  • Temporary Import (OB 23);
  • Entrepot/Bonded Zone;
  • Vooruitslag;
  • BC 12;
  • Customs Clearance Service Company;
  •  Correction Note;
  • Excise Bond


Q: What are the benefits of Custom Bond product?
A: If the Principal (Importer/Export Company) does not fulfill its obligation to the Customs Office, such as Import Duty, Excise, Administrative Fine, and Imported Goods Tax based on Import Declaration/Certain Import Declaration/Refund of the Import Duty Decision Letter, then the Excise Office may propose a claim to Askrindo.

Credit Insurance

Q: What is Credit Insurance?

A: It is Askrindo's services to provide guarantees to banks and non-banks for loans given to MSMEs. Askrindo role's in this case is to provide guarantees/compensation for traffic jams distributed by banks and non-banking to MSMEs.

Izin Produk Surety Bond Konstruksi Dan Non Konstruksi

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Perasuransian

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Larangan Menerima Hadiah Cinderamata Terkait Hari Raya

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Money Insurance

Q: What are the types of Money Insurance?
A:Types of Money Insurance include: - Cash deposit. –Cash-in-transit.


Q: What things are excluded?
A: Excluded matters are:- Robbery, theft, fraud, deception or collusion by any employee or agent
of the Insured.- Damage that has been insured by the Policy/other policies except in connection
with the excess of the amount that should be borne by the Policy/other policies. - The matter arises due to administrative or accounting errors, neglect and depreciation.- The matter occurs in
another place, other than within the Geographical Area specified in the Policy.- Loss or damage
due to ionizing radiation or radioactivity contamination from any nuclear fuel or from nuclear
waste occurs elsewhere from within the Geographical Area specified in the Policy.


Q: Is Money Insurance can be expanded?
A: Expandable Money Insurance includes:- Fidelity guarantee. - Burglary / Kebongkaran.

Komitmen OJK tentang Larangan Pemberian dan Penerimaan Hadiah kepada Insan Otoritas Jasa Keuangan

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Larangan Penerimaan Hadiah Atau Imbalan Terkait Hari Raya

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Penerapan Tata Kelola Perusahaan Yang Baik (Good Corporate Governance) Pada Badan Usaha Milik Negara

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Exclusions in Insurance

Q: What should consumer consider in choosing and using a product or service from a
Financial Service Institution?
A: Examine the Financial Service Institution which offers its product or service whether it has
been registered in OJK (Indonesian Financial Services Authority). Examine whether the offered product or service has been registered in OJK (Indonesian Financial Services Authority). Carefully read every information or contract that is related with the product or service offered by the Financial Service Institution and request for further explanation if necessary to understand everything clearly before purchasing or signing a contract/agreement. The Financial Service Institution is obliged to provide a duplicate of the contract/agreement to the consumer. Beware of any tempting offer or advertisement which promise peculiar benefits and immediately report to the Financial Service Institution if the product or service has been used by the consumer.

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