PLN's subsidiary insured for US$3.6 billion
Saturday, February 5 2000 - 04:00 AM WIB
Eleven local insurance companies won contract on Friday to provide all risk insurance coverage to PT PLN-PJB I, the power generation arm of state electricity company PT PLN, for US$3.6 billion.
PJB-1's president Firdaus Akmal said the 11 insurance companies would insure all the company's assets and third party liabilities.
He said the 11 insurance companies were appointed through a tender arranged by insurance broker company PT Marsh Indonesia, which was also appointed through an open bidding.
The eleven companies are PT Asuransi Wahana Tata, PT Asuransi Tugu Kresna Pratama, PT Asuransi Astra Buana, PT Asuransi Central Asia, PT Asuransi Dayin Mitra, PT Asuransi Ramayana, PT Asuransi Sinar Mas, PT Asuransi Bina Daya Arta , PT Asuransi Rama Satria and PT Asuransi Tripakarta.
PJB I's assets include eight power plants in Java and Bali.
Asuransi Tugu Pratama, a subsidiary of state oil and gas company Pertamina, provided the insurance coverage to the company from 1998 to1999.
Firdaus said PJB I paid lower premium this year to the 11 companies than it paid to Tugu Pratama over the past two years. (*)