The Story of Tom Who Thought Everything Was Safe<\/b><\/p>\n
Tom Walker, an Australian entrepreneur in the construction and logistics sector, decided to expand his business to Indonesia. He already had experience managing multi-million dollar projects in Perth and Darwin. When entering the Indonesian market, he thought\u2014<\/span><\/p>\n “I’m used to taking risks. As long as I have insurance, I’m safe.”<\/span><\/p>\n Like many Australian entrepreneurs, Tom purchased an insurance policy directly from a local insurance company without consulting a broker. The price was cheaper and the process quicker. But four months later, a major storm hit West Java, flooding Tom’s logistics warehouse.<\/span><\/p>\n Loss: Rp. 8.2 billion.<\/span><\/p>\n When Tom filed a claim, he received a reply letter:<\/span><\/p>\n \u201cClaim denied because flooding is not covered under your standard FLEXA policy.\u201d<\/span><\/p>\n Tom was surprised. He thought \u201cfire\u201d covered all the major risks.<\/span> With his big claim rejected, Tom realized one thing:<\/span><\/p>\n He entered the wrong market\u2014without the right partners.<\/span><\/p>\n Australian investment in Indonesia continues to increase in the following sectors:<\/span><\/p>\n However, Indonesia is one of the most complex risk countries in the Asia Pacific region. Without proper protection, small losses can turn into major ones.<\/span><\/p>\n Here are the main risks facing Australian entrepreneurs:<\/span><\/p>\n Indonesia has more than 130 active volcanoes, and several industrial zones are located in earthquake-prone areas.<\/span><\/p>\n Australian EPC projects in Indonesia are typically worth US$50\u2013300 million\u2014uninsured risks could lead to bankruptcy.<\/span><\/p>\n Australia\u2013Indonesia is one of the busiest logistics routes\u2014the risks are big.<\/span><\/p>\n Here are the most expensive risks that are often not realized:<\/span><\/p>\n A single lawsuit from a third party can reach tens of billions of rupiah.<\/span><\/p>\n Indonesia has more than 70 general insurance companies, all of which are supervised by the OJK.<\/span> Many Australian business owners fall into the trap of taking out the \u201ccheapest price\u201d policy\u2014which ultimately results in claims being rejected.<\/span><\/p>\n To protect foreign investors and maintain industrial stability, the Indonesian government has established the following important regulations:<\/span><\/p>\n Regulates the legal basis for the operations of insurance companies.<\/span><\/p>\n Require insurance companies to follow risk management standards.<\/span><\/p>\n Establish standard product terms & policy wording.<\/span><\/p>\n Including rules for insurance brokers.<\/span><\/p>\n All assets, projects, and liabilities in the territory of Indonesia must be covered by an Indonesian insurance company.<\/span><\/p>\n If Australian employers do not follow these regulations, their policies may be deemed invalid, and claims may not be paid.<\/span><\/p>\n Many Australian entrepreneurs ask:<\/span><\/p>\n \ud83d\udcac<\/span> \u201cAre Indonesian police safe?\u201d<\/span><\/i><\/p>\n The answer: VERY SAFE, because Indonesian insurance companies are supported by global reinsurance:<\/span><\/p>\n Nearly all large project policies\u2014smelters, mines, solar farms, hotels\u2014are structured with international reinsurance support.<\/span><\/p>\n Thus, Australian investors do not need to worry about the strength of the guarantee.<\/span><\/p>\n In OJK regulations, insurance brokers are:<\/span><\/p>\n \u201cRepresentative of the insured, not a representative of the insurance company.\u201d<\/span><\/p>\n This means that brokers work entirely in the interests of Australian entrepreneurs.<\/span><\/p>\n Duties of an Official Insurance Broker (Example: L&G Insurance Broker)<\/span><\/p>\n With decades of experience and multinational clients from:<\/span><\/p>\n \ud83c\uddf2\ud83c\uddfe<\/span>Malaysia<\/span> L&G has unique advantages:<\/span><\/p>\n T<\/b>AI Technology in Underwriting & Risk Analysis<\/b><\/p>\n Digital Client Dashboard<\/b><\/p>\n Clients can see:<\/span><\/p>\n <\/p>\n L&G Brokers fight for clients until claims are paid in full.<\/span><\/p>\n
\n<\/span>He only learned later that Indonesia has a much higher risk of flooding, earthquakes, volcanic eruptions and environmental risks than Australia.<\/span><\/p>\nWhy Australian Businesses Must Insure All Assets, Projects & Liabilities in Indonesia<\/span><\/h3>\n
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1. Asset Risk (Property Risk)<\/b><\/h4>\n
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2. Project Risk (Construction & Engineering Risk)<\/b><\/h4>\n
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3. Logistics & Transportation Risk (Marine Cargo & Transit Risk)<\/b><\/h4>\n
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4. Liability Risk (Third Party Law & Responsibility)<\/b><\/h4>\n
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The Big Challenge: Choosing 1 Insurance from 70 Insurance Companies in Indonesia<\/span><\/h3>\n
\n<\/span>But the difference is huge:<\/span><\/p>\n\n
Understanding OJK Regulations: Insurance Obligations in Indonesia<\/span><\/h3>\n
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Indonesian Insurance Quality Equals International Standards<\/span><\/h3>\n
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Why Australian Businesses MUST Use an Authorized Insurance Broker in Indonesia<\/span><\/h3>\n
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L&G Insurance Broker \u2013 Indonesia’s First AI-Based Broker<\/span><\/h3>\n
\n<\/span>\ud83c\uddf8\ud83c\uddec<\/span>Singapore<\/span>
\n<\/span>\ud83c\udde8\ud83c\uddf3<\/span> China<\/span>
\n<\/span>\ud83c\uddf0\ud83c\uddf7<\/span> Korea<\/span>
\n<\/span>\ud83c\udde6\ud83c\uddfa<\/span> Australia<\/span>
\n<\/span>\ud83c\uddee\ud83c\uddf3<\/span> India<\/span>
\n<\/span>\ud83c\uddfa\ud83c\uddf8<\/span>America<\/span><\/p>\n\n
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