After monetary crisis in 1997 construction business has awake from its “coma” for four to five years lately. Better economic sector has increase demand in infrastructure and property segment, both by government (APBN/APBD) and by public.
This construction awake also make contractor be “grateful” which they associate in “GABUNGAN PELAKSANA KONSTRUKSI NASIONAL INDONESIA” or GAPENSI.

GAPENSI is the oldest and the biggest Contractor Association in Indonesia, was established in 1959 and has branch offices in 33 provinces and 429 cities with member amount of 55.935 contractor companies. Since its establishment, GAPENSI has actively role in Indonesia infrastructure.

PT Asuransi ASEI is a state-owned enterprises in Insurance and Guarantee with its main products are Surety Bond and General Insurance, see it as a good potential business.

Surety Bond is a guarantee to the Obligee (Project Owner) of Principal achievement (GAPENSI member) in a construction project. Asuransi ASEI gives guarantee in form of product substitution from Bank Guarantee. Surety Bond and Bank Guarantee are proper guarantee in business transaction in Indonesia. The benefit of Surety Bond is more simple qualification without unconditional reduction in guarantee instrument. Generally, in proposing Bank Guarantee, Apllicant (GAPENSI member) oblige to serve back to back collateral, both in fixed assets or cash deposit amount of guarantee limit which will be blocked by the Release Bank. Surety Bond in construction business are; Bid Bond (Tender Bond), Performance Bond, Advance Payment Bond, Maintenance Bond.

Other offered product is General Insurance, cover Contractor All Risks (CAR) and Erection All Risks (EAR) which will protect Contractor from project risks.

Today, 22 October 2008 in JW. Marriot – Mega Kuningan, Jakarta will signed Memorandum of Understanding between Asuransi ASEI and GAPENSI. GAPENSI represent by Mr. Ir. H. Agus G. Kartasasmita, MSc, MT as Chairman and Asuransi ASEI represent by Mr. Zaafril Razief Amir as President Director.

This MOU benefits GAPENSI in business activity of Contactor in required guarantee in contract between Obligee/Project Owner and Principal. Asuransi ASEI provide special treaty to GAPENSI member in provide all kinds of Surety Bond. So that, GAPENSI member will have their own authority in maximize the economy resources in its business development. At the Obligee’s side, default risk of the Principal will be protected by Asuransi ASEI Surety Bond.

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