Travel
Whether you are traveling, arranging short-term study trips for your children or business trips, travel insurance can provide you with comprehensive protection. You can also choose a suitable insurance plan according to your travel needs, so that you and your family can enjoy a relaxing and enjoyable vacation to your heart's content. There is also an annual travel plan with unlimited number of trips per year (but there will be a limit on the length of a single trip), which is suitable for those who love to travel.
Travel insurance generally covers the following basic benefits:
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medical and related expenses
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personal accident
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personal money
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personal liability
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delay, loss or damage to baggage
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loss of travel documents or air tickets
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Travel Delay
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Trip Cancellation
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Trip Curtailment
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24-hour Worldwide Emergency Assistance
Motor
According to the laws in Hong Kong, all vehicle owners are required to take out third party insurance for their vehicles. The basic motor insurance policy protects the owner of the vehicle against legal liability for accidental bodily injury, death or property damage to a third party. To encourage drivers to drive carefully, insurance companies offer a “No Claims Bonus”, whereby policyholders who have no claims in the previous policy year will receive a discount on the premium when renewing their policy. General motor insurance does not cover injuries or death of the driver.
Motor insurance offers a wide range of options to provide comprehensive coverage:
Comprehensive
Coverage includes Third Party insurance as well as coverage for the loss of the insured vehicle itself.
Third Party
Covers the legal liability of third party for bodily injury or death and property damage caused by negligence or fault in the use of the vehicle.
“No Claim Discount / Bonus” (NCD or NCB)
If no claim is made or incurred during the period of insurance of the private car policy, the premium will be discounted as follows upon renewal of the policy:
Period of Insurance of Private Car Policy (No Claim Discount)
For 1 year (20%)
For 2 consecutive years (30%)
For 3 consecutive years (40%)
For 4 consecutive years (50%)
For 5 consecutive years or above (60%)
Northbound Travel for Hong Kong Vehicles
The ‘Northbound Travel for Hong Kong Vehicles’ Scheme allows eligible Hong Kong private cars to drive between Hong Kong and Guangdong Province via the Hong Kong-Zhuhai-Macao Bridge (HZMB) for short-term business, visiting relatives or sightseeing without the need to obtain a regular quota, which has attracted a lot of Hong Kong people to visit the Mainland in their own cars since its launch. Applicants can stay in Guangdong for a maximum of 30 consecutive days per entry and 180 days per year within the validity period of their licenses.
Eligibility
- The vehicle must be held in the name of an individual, not company-registered
- The vehicle must have 8 seats or less (including the driver).
- The length of the vehicle must not exceed 6 meters
- Be a holder of a Hong Kong Vehicle Registration Document
Pet
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protects your pet in the unfortunate event of illness or injury by providing a full range of medical cover including veterinary consultation, prescription medication, hospitalization and surgical expenses, death as a result of injury and trusteeship expenses. Pet insurance also provides you and your pet with the necessary protection when traveling and reduces the financial loss incurred by the pet owner if he/she is held liable.
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Main Coverage
- Medical coverage: including outpatient, hospitalization, surgery, medication, examination (e.g. X-ray, blood test, etc.)
- Major Disease Cover: e.g. cancer, chronic kidney disease, diabetes, etc.
- Third Party Liability: If your pet accidentally injures someone or damages someone else's property, the insurance can help to pay for the damages.
- Accidental Death
Premiums and Claims
- Premiums depend on the age, breed and health of the pet.
- The percentage of compensation is generally 70% to 90%, some plans have co-insurance (i.e. the owner has to pay part of the cost out of pocket).
*Some plans do not have a limit on different categories of benefits payable so that owners have more flexibility in utilizing the coverage.
Home
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Home Insurance provides you and your family members with a range of simple and comprehensive protection, including full coverage of your home and liability insurance for accidents, whether you are a homeowner or a tenant, to minimize the damage caused by accidents.
Main Coverage
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Loss of Home Contents: Damage or loss of furniture, electrical appliances, clothing, etc. due to fire, theft, flood, explosion, typhoon, etc.
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Valuables: e.g. jewelry, watches, works of art, etc. (usually subject to a limit of indemnity)
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Third Party Liability: Injury to others or loss of property due to domestic accidents (e.g. water leakage causing loss to occupants downstairs)
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Temporary Accommodation Expenses: compensation for accommodation in the event that the dwelling becomes uninhabitable as a result of an accident
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Cover during renovation: some policies cover damage to contents during renovation
Premiums and Claims
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Premiums usually depend on the size of the property, the age of the building, the area of residence and the scope of coverage.
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Some policies do not have excess, making it more convenient to make a claim
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Claims are usually based on “replacement cost”, i.e. the current market value of the property
Fire
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Fire insurance is an insurance policy that protects the structure of a residential building against damage caused by fire, natural disaster or other accidental damage. It is a type of property insurance, especially when applying for a mortgage, banks usually require homeowners to take out fire insurance to protect the collateral.
Fire Insurance can provide covers a wide range of damage to the building caused by the following accidents:
- Fire and lightning
- Aircraft Crash
- Earthquake (fire, earthquake and flood)
- Explosion
- Vehicle Collision (any vehicle)
- Vandalism
- Typhoons, storms and floods
- Burst or overflow of water tanks, water conveyances and water pipes
- Landslips and subsidence
Domestic helper
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In Hong Kong, employers are required under the Employees' Compensation Ordinance to take out domestic helper insurance for their foreign domestic helpers (e.g. Filipino or Indonesian). Different insurance companies provide different types of coverage and the scope of coverage varies, but Employees' Compensation Insurance is an indispensable part of it. Employers are responsible for the medical expenses incurred by their domestic helpers due to accidents and illnesses during the employment period. Domestic helper insurance coverage is the basic legal responsibility of employers and protects the interests of both employers and domestic helpers.
Main Scope of Coverage
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Employees’ Compensation: Covers the medical expenses and compensation for the domestic helper's work-related injury, disability or death.
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Medical coverage: covering outpatient, hospitalization, surgery and dental expenses (some plans provide medical cards)
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Third Party Liability: compensation for injuries or property damage caused by the domestic helper in the course of work.
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Fidelity Guarantee: compensation for employer's loss due to dishonest behavior of the domestic helper (e.g. theft)
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Repatriation Expenses: Transportation and handling expenses for the domestic helper's repatriation to his/her place of origin due to illness or death.
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Temporary Allowance: Expenses for hiring a replacement helper during the domestic helper's hospitalization.
Office / Shop Insurance
Office insurance provides a comprehensive coverage for businesses with physical offices, which is particularly suitable for SMEs, professional services companies (e.g. accounting, legal, IT consultants), and so on. It is a convenient and cost-effective way to consolidate multiple risks into one policy.
Shop Insurance covers not only the contents of the store, but also the decoration, fixtures, fittings, equipment and stock of the store.
Main Coverage
- Loss of Property: Accidental damage to furniture, computers, equipment, fixtures, fittings and stock in the office or store due to fire, theft, flooding, etc.
- Business interruption: compensation for additional expenses (e.g. temporary relocation, overtime) due to accidental disruption of business operations.
- Loss of money: theft or loss of cash or checks in the office or in transit.
- Public Liability: Liability for third party injuries or property damage in the office.
- Employees' Compensation: Protection of employees against work-related injuries or illnesses under the Employees' Compensation Ordinance.
- Fidelity Guarantee: direct pecuniary loss caused by misappropriation of public funds, fraud, etc. due to dishonesty of employees.
Contractors All Risk
Contractors All Risk is a specialized insurance plan for construction, decoration and installation projects, covering property damage and legal liabilities that may occur during the construction period, giving contractors, owners or principals peace of mind against unexpected risks.
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Main Coverage
Material damage
- Damage to materials, equipment and semi-completed works caused by fire, flood, explosion, theft, natural disaster, etc. during the construction period.
- Including building materials, machinery and tools on site
Third Party Liability
- Liability for third party injury, death or property damage caused by construction negligence
- Commonly found in external wall construction, collapse of scaffolding, damage to neighboring houses, etc.
Employees' Compensation (Optional)
- Under the Employees' Compensation Ordinance, protects workers' liability for work-related injuries or deaths.
Event
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Event Insurance is a tailor-made protection plan for event organizers and participants, covering accidents, legal liabilities and property damage that may occur during the event. Whether it is a concert, competition, exhibition, wedding or corporate event, the insurance plan can be customized according to the risk.
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Main Coverage
Public Liability Insurance
- Covers bodily injury or property damage to a third party during the event.
- Including medical expenses, property repair or replacement costs, etc.
Accident Insurance for event participants
- Covers participants against death, disability or medical expenses caused by accidents.
- Coverage for transportation, on-site activities or specific high-risk activities (e.g. water sports, rock climbing, etc.)
Employees' Compensation Insurance
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Employees' Compensation Insurance (ECI) Under Section 40 of the Employees' Compensation Ordinance, all employers (including sub-contractors, subcontractors, etc.) are required to take out Employees' Compensation Insurance (ECI) in order to cover the employer's liabilities in respect of the Employees' Compensation Ordinance and at common law. All employers, irrespective of whether they employ full-time, part-time or temporary staff, are required to take out such insurance to protect their employees against liability for compensation in the event of injury at work or occupational disease in the course of employment.
Employers should note that the minimum sum insured (i.e. the amount covered by the policy) for employees' compensation insurance is stipulated in the law as follows:
Minimum Insurance Cover
-Where the number of employees in relation to whom the policy is in force
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does not exceed 200 : $100 million per event
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exceeds 200 : $200 million per event
Cargo
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In the course of transportation, cargo owners often suffer losses due to natural disasters or various accidents. Taking out a cargo insurance policy protects the shipper from the financial burden caused by such losses and ensures the normal operation of the company. Whether the transportation is by sea, air, road or rail, cargo owners can minimize their risks by taking out cargo insurance.
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Risks include:
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Fire or explosion
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Stranding, grounding, sinking or capsizing of ship or barge
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Capsize or derailment of a land transportation vehicle.
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Collision of the ship, barge or conveyance with any external object other than water
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unloading of cargo at a port of refuge while in transit
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Earthquake, volcanic eruption or lightning
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Sacrifice and salvage expenses for common sea loss
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Dumping of cargo
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Wave attack overboard
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Entry of sea, lake or river water into a ship, barge, conveyance, container, large sea container or store
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total loss of any whole cargo if it falls while being loaded or unloaded from a ship or barge
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Theft short delivery insurance
Commercial Vehicle
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According to the laws of Hong Kong, all vehicle owners are required to take out third party insurance for their vehicles. The basic motor insurance policy protects the owner of the vehicle against legal liability for accidental bodily injury, death or property damage to a third party. To encourage drivers to drive carefully, insurance companies offer a “No Claims Bonus”, whereby policyholders who have no claims in the previous policy year will receive a discount on the premium when renewing their policy. General motor insurance does not cover injuries or death of the driver.
Motor insurance offers a wide range of options to provide comprehensive coverage:
Comprehensive
Coverage includes Third Party insurance as well as coverage for the loss of the insured vehicle itself.
Third Party
Covers the legal liability of third party for bodily injury or death and property damage caused by negligence or fault in the use of the vehicle.
"No Claim Discount / Bonus (NCD or NCB)
If no claim is made or incurred during the period of insurance of the Commercial Vehicle Policy, the premium will be discounted upon renewal as follows:
Period of Insurance of the Commercial Vehicle Policy (No Claim Discount)
For 1 year (10%)
For 2 consecutive years (20%)
For 3 consecutive years or more (30%)
Critical illness
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Critical Illness Insurance is different from general medical insurance in that it provides a wider range of coverage. If an insured person suffers from an illness that is covered by the plan, the insurance company will pay the insured person's outpatient, therapeutic, or hospitalization expenses to offset the medical expenses. The compensation is unlimited and can be used for medical expenses, living expenses, debt repayment or other personal needs.
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Basic Concepts of Critical Illness Insurance
- Types of illnesses covered: Commonly include the three major critical illnesses such as cancer, heart disease, stroke, etc. Some plans cover as many as 80 to 100 illnesses.
- Compensation: Cash compensation, which is different from the “reimbursement” of medical insurance. Flexibility of use: Can be used for treatment expenses.
- Flexibility of use: Can be used for treatment, living expenses, mortgage repayment, children's education, etc. to reduce the financial pressure caused by illness.
Personal Accident
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Personal Accident Insurance Plan provides a full range of personal accident protection, including Personal Accident Insurance Benefit for death or permanent disablement due to traffic or personal accidents, Medical and Bone-setting Benefit due to accidents, Worldwide Personal Liability Benefit, etc. It is not like medical insurance which only covers sickness. Unlike medical insurance which only covers sickness, it is specialized for accidents not caused by sickness.
Additional benefits is optional to the plan, including a weekly compensation for temporary incapacity, medical expenses within 12 months of the accident, and bone-setting or acupuncture treatment, allowing you to customize a plan that best suits your needs.
Main Coverage of Accident Insurance
- Accidental death or permanent disablement: e.g. traffic accident, home accident, sports injury, etc.
- Accidental medical expenses: including outpatient, hospitalization, surgery, physiotherapy, bone-setting and acupuncture, etc.
- Hospitalization Cash Allowance: Daily or weekly flat rate subsidy.
- Traffic Accident Double Indemnity: Some plans provide double indemnity in case of accidents while traveling on public transportation.
- Overseas Accident Benefit: Compensation for accidents while traveling
Life
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Life insurance is a type of insurance product that pays the benefit to the beneficiaries upon the death of the insured person. The core purpose of life insurance is to provide financial support to the family and maintain stability in life during the most difficult times. At different stages of life, the family grows bigger and bigger, and when there is a family burden or financial commitment (e.g. mortgage loan), it is important to consider purchasing a life insurance policy for the main breadwinner of the family. Some life insurance policies combine the advantages of savings, inheritance and financial management, providing financial support in the unfortunate event of the insured's death, as well as helping to achieve savings goals, such as retirement, children's education or asset enhancement.
VHIS - Voluntary Health Insurance Scheme
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The Voluntary Health Insurance Scheme (VHIS - Voluntary Health Insurance Scheme) is an individual health insurance system launched by the Hong Kong Government to enhance the protection of the public in using private healthcare services and at the same time reduce the pressure on public hospitals. The scheme is regulated by the Food and Health Bureau and has recognized standards, allowing the public to enjoy more transparent and renewable healthcare coverage up to the age of 100.
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Key Features
- Extensive coverage:
o Includes hospitalization, surgery, cancer treatment, psychiatric treatment, day surgery, etc.
o Covers “unknown pre-existing conditions” and “congenital diseases” (with waiting period)
- Premiums are tax deductible:
o Up to HK$8,000 tax deduction per insured person per year
- Medical Choice:
o Participants can choose their preferred medical institutions, doctors and treatment modalities to have better control for their health choices.
- Two main types of product
o Standard Plan: standardized coverage with lower premium
o Flexible Plan: more comprehensive coverage with additional benefits (e.g. home care, outpatient dialysis, etc.)
Group Medical
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Group medical insurance is a type of medical coverage provided by a company to enhance employee benefits, attract talent and strengthen employee loyalty to the company. This type of insurance usually covers hospitalization, surgery, outpatient, dental, delivery, etc., and can be tailored according to the size of the company and its budget.
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Key features of group medical insurance
- Wide range of coverage: including hospitalization, surgery, outpatient, dental, delivery, etc.
- Extra family members: Some plans allow employees' family members to be insured together.
- No health declaration: Generally, there is no need for individual employees to submit their health status.
- 24-hour Worldwide Support: Some plans provide emergency medical support services.
- Customizable Benefit Levels: Different benefit packages can be designed according to ranks or departments.
The above conditions of insurance or coverage are for reference only. Each insurance company's insurance plan is different, please refer to the product brochure for details or ask us for more information.