A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Legal concept of guarantee insurance (surety bond) as form of transfer of risk of default by contractors in construction services contracts
Surety Bond is one of the products implemented by state-owned insurance, which belongs to the type of loss insurance implemented by general insurance, Why this becomes an insurance product when the insurance guarantee (surety bond) has a different character than insurance in general. What legalizes insurance guarantee (surety bond) can be implemented by insurance companies. The problems arising from the disbursement of claims that are conditional in Surety bond is not in accordance with the arrangement of the disbursement of claims from the implementation of procurement of government goods and services, Article 1 paragraph 35 of Presidential Decree No. 4 of 2015 which states that: The guarantee letter hereinafter referred to as guarantee is a written guarantee that is easily disbursed and without wing (unconditional), issued by a commercial bank / guarantee company / insurance company submitted by the Provider of Goods / services. But because it is carried out by insurance companies certainly refers to the principle of insurance principles, although not in line with the Presidential Regulation. Indemnities principle is the principle that applies to general insurance which is loss insurance, guarantee insurance (surety bond) is included in this loss insurance. From this it is proven that surety bond insurance has its own character, therefore it needs special arrangements
Legal concept of guarantee insurance (surety bond) as form of transfer of risk of default by contractors in construction services contracts
Surety Bond is one of the products implemented by state-owned insurance, which belongs to the type of loss insurance implemented by general insurance, Why this becomes an insurance product when the insurance guarantee (surety bond) has a different character than insurance in general. What legalizes insurance guarantee (surety bond) can be implemented by insurance companies. The problems arising from the disbursement of claims that are conditional in Surety bond is not in accordance with the arrangement of the disbursement of claims from the implementation of procurement of government goods and services, Article 1 paragraph 35 of Presidential Decree No. 4 of 2015 which states that: The guarantee letter hereinafter referred to as guarantee is a written guarantee that is easily disbursed and without wing (unconditional), issued by a commercial bank / guarantee company / insurance company submitted by the Provider of Goods / services. But because it is carried out by insurance companies certainly refers to the principle of insurance principles, although not in line with the Presidential Regulation. Indemnities principle is the principle that applies to general insurance which is loss insurance, guarantee insurance (surety bond) is included in this loss insurance. From this it is proven that surety bond insurance has its own character, therefore it needs special arrangements
Legal concept of guarantee insurance (surety bond) as form of transfer of risk of default by contractors in construction services contracts
Fauzi, Wetria (author) / Hidayat, Benny (editor) / Masrilayanti (editor) / Hayat, Ezri (editor) / Anshari, Buan (editor) / Awuzie, Bankole Osita (editor) / Arshad, Mohd. Fadzil (editor) / Qysmah, Ansam Mustafa (editor)
1ST INTERNATIONAL CONFERENCE & SYMPHOSIUM ON CONSTRUCTION INDUSTRY DEVELOPMENT: Value Added Construction ; 2021 ; Padang, Indonesia
AIP Conference Proceedings ; 2599
2023-06-15
8 pages
Conference paper
Electronic Resource
English
Contractor default prediction model for surety bonding
| British Library Conference Proceedings | 2012
Contractor default prediction model for surety bonding
| British Library Online Contents | 2012