Maritime Port Authority (MPA) Bond / PSA Bond / Jurong Port Bond

What is PSA Bond/Jurong Port Bond?

PSA bond or Jurong Port Bond is a security deposit in the form of a Banker’s Guarantee or an insurance Bond required for customers transacting with PSA or Jurong Port when opening a credit account for credit terms.

What is MPA Bond?

MPA (Maritime Port Authority) bond is a security deposit in the form of a Banker’s Guarantee or an insurance Bond for customers transacting with MPA to be extended credit term.

Bond Amount

The Banker’s Guarantee/Insurance Bond amount required is S$5,000. It is required for all new MPA account applications (except for exempted entities) and shall be valid for one year from the date of application of account. The Banker’s Guarantee/Insurance Bond requirement of each applicant is subject to regular review by MPA.
The following entities are exempted from the security deposit requirements:
  • 1. Singapore Government agencies
  • 2. Charities and Institutions of a Public Character
  • 3. Industry organisations and associations as classified in the SMF Singapore Maritime Services Guide
  • 4. MPA public licensees
  • 5. Local individuals who own pleasure craft owners
  • 6. Corporate customers with an annual turnover of less than $5,000 with MPA

Why Insurance Bond?

Banker’s guarantee will often impose full cash collateral to secure the guarantee on top of bank fees. Insurance bond, on the other hand, offers a smarter alternative. It allows greater financial flexibility, freeing up capital requirement for business expenses and to take advantage of commercial opportunities.
Documents required:
The following are required for evaluation:
  • Offer Letter/Expiry Notice
  • ACRA business profile
  • Latest Financial Statements
  • Latest income tax notice of assessment of all directors/partners/sole-proprietor

Why choose Us !?

Experienced

All of our staffs have up to 15 years of experience in the industry, offering competitive quotes and professional advices that best fit your personal and business needs.

Reliable

We have built good relationship with reputable and reliable insurers to provide you with the best quotation for you and your business needs.

Unique

Other than offering insurance products, we also provide services in re-financing and financing your newly purchased personal and commercial vehicle.