SGI Seoul Guarantee, Reduction of Performance Bond Insurance for Defense SMEs Support
[Asia Economy Reporter Oh Hyung-gil] Seoul Guarantee Insurance announced on the 16th that it will reduce the premium rates for performance guarantee insurance to support small and medium-sized enterprises (SMEs) in the defense industry sector.
Seoul Guarantee signed a business agreement with the Defense Acquisition Program Administration in January to support guarantees for SMEs in the defense industry, previously lowering the premiums for performance guarantee insurance required when defense industry SMEs receive initial and interim payments.
As a follow-up measure, the company decided to expand the support products under the agreement to include performance contracts and performance defect guarantee insurance, reducing the premium rates by 32.7% and 34.2%, respectively.
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A Seoul Guarantee official stated, "With this premium rate reduction, about 3,800 SMEs and partner companies in the defense industry sector will benefit from reduced guarantee insurance fees, and approximately 500 billion KRW worth of guarantee services will be additionally supplied annually."
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