Insurance Guide

Many different elements go into running a successful company. However, one of the most crucial elements that all business owners should consider in their strategy is property and casualty insurance. In fact, whether or not you have property and casualty insurance in place can affect whether or not your business survives the unexpected. But it’s not only business owners who can benefit from this type of insurance, as many home and car owners come to realize. This Kwiksure guide offers an overview of property and casualty insurance in Hong Kong to help you get a clearer understanding of your options.

The shortage of parking spaces in Hong Kong has drivers parking their vehicles illegally. According to a traffic report, Hong Kong police have issued 3.3 million parking tickets in one year (2021). In addition, the fees collected under the violation of parking rules added up to HKD $1 billion. Hong Kong police have invested in intelligent parking ticket robots to tackle the problem of illegal parking. The robots will be able to issue parking tickets efficiently and reduce the need for human resources. Read on to learn more about intelligent parking robots and their duties.

Hong Kong is not exactly a city with a ton of space, this is especially evident when you have a car in the city and are looking for parking. In many areas of the city there is a chronic shortage of parking, so much so that many people usually end up double parking on the street. In fact, walk around an area like Central during the week and it's common to see vans and cars lined up with drivers sitting in the vehicle waiting for their employer to finish work, shopping, or even meetings with clients. While this is perfectly fine, the fact that many of these vehicles are illegally parked makes many other drivers incensed. If you drive in Hong Kong regularly, there is a good chance that you have parked illegally before, likely because you had no other option. In recent months the police have been cracking down on this, but did you know that illegal parking might have an impact on your car insurance?

Leading taxi insurance provider scrapped all policies - Analysis and insurance options (Updated 7/1) The leading taxi insurance provider in Hong Kong announced without preceding warning that it would scrap all policies after seven days. In other words, approximately 75% of the current taxi insurance policies will be terminated. If drivers affected by this change fail to find a suitable insurance company to take over their policies within this time, they may be prohibited from driving. Many drivers are puzzled and worried about losing their livelihood with their insurance being suddenly scrapped. Relevant sources estimated that more than 550,000 passengers and 25,000 taxi drivers may be affected every day. These drivers will lose a total of $44 million in business each day. In today's Kwiksure feature, our experts will analyze the ins and outs of this incident, study the dilemma faced by the taxi insurance business and feasible solutions. ---------------------------------------------------- (Updated 7/1) This morning, the Insurance Authority (IA) announced that it will take over the business and assets of Target Insurance, and will hold a press conference in the afternoon to elaborate. - Through regulatory work and market intelligence, the IA found that Target Insurance’s investment activities and fund allocation may have violated the requirements of the Insurance Ordinance. With the company's internal governance also lacking, the Authority exercised its rights on the grounds of public interest to appoint Deloitte’s Touche Tohmatsu as the manager to maintain the normal operations of Target Insurance. - Deloitte will review and assess the current asset status of Target Insurance to obtain a full picture of the company's future direction. - The solvency of Target Insurance has been poor. The IA has previously imposed additional regulatory requirements on the company, including additional statutory deposits and restrictions on the use and deployment of its assets. - The situation is a special case as four insurers need to process 8,000 policies in a short period of time. If the insurers fail to complete the policy issuance process before the policy cancellation deadline, they can make a 30-day mortgage arrangement, or postpone the submission of some documents, so that they can provide insurance coverage without fully issuing new policies. This is to avoid hindrance to the taxi industry. - Since Tuesday, the IA has taken the lead in coordinating, so that taxi owners do not need to inquire about the premium by themselves, so as to facilitate the transfer to insurers that still have capacity. - As of this morning, policies for approximately 7,894 taxis have been diverted to the four insurance companies. ----------------------------------------------------

A car accident occurred a few years ago in Lan Kwai Fong, Central, in which a vehicle rolled down a slope and injured eight passers-by. The female driver was later confirmed to be a foreign maid. She was accused of causing an accident by failing to tighten the handbrake while parking on an incline, and is now charged with causing death by dangerous driving. The incident has also raised the question: are foreign domestic helpers allowed to serve as drivers? If so, how do they qualify for the role? Today, our experts at Kwiksure will go over the related requirements and application process.

A rare car accident occurred in Kowloon Bay last week. A potential buyer met up with the car owner for a test drive. At first, the driving was nothing out of the ordinary. Then, the driver (i.e. buyer) suddenly lost control of the car when turning and crashed into road signs, railings, and five motorcycles parked on the side of the road. The vehicle turned over completely at the end. Fortunately, both the driver and the owner climbed out of the car uninjured. However, the total compensation for the five damaged motorcycles exceeded HK$100,000.

Even though natural disasters are rare in Hong Kong, when a typhoon hits Hong Kong, it can still cause serious property damage. A No. 8 typhoon or above, for instance, could cause anything from broken window glass to a whole window frame falling to the street. In today's Kwiksure article, we’ll examine exactly what damage caused by a typhoon is covered by home insurance .

When a typhoon hits Hong Kong, naturally most people will stay at home. Still, there may be times when you need to drive in bad weather. Many believe that if a car accident happens or if your car gets damaged by shattered glass while parked on the roadside when the No. 8 typhoon signal is in effect, your car insurer will not compensate you for your loss, but is that true? In this article, Kwiksure will examine the factors that insurers will consider when deciding whether or not to compensate, as well as the claims procedures for third-party and comprehensive car insurance.

A number of families in Hong Kong hire their helper through a foreign domestic helper agency. That said, these intermediaries can charge a hefty fee of around HKD $10,000 and more. As the market for these employment agencies expands, and information becomes even more transparent, a new option opens up. Direct hire is a good way to save up on commission fees if you have the time to spare. Today at Kwiksure , we'll compare the procedures and costs of hiring a domestic helper directly and through an agency.

Finding a metered parking space in Hong Kong is not easy. After all, the scarcity of parking spots did not happen overnight. So, the Transport Department (TD) announced that 12,000 new parking meters have been installed in phases since January 2021 - 1,500 new parking meters will cover all 18 districts of Hong Kong in the first phase. As of July 2021, a total of 4,345 new parking meters are now in service. TD predicts that it will finish replacing all parking meters with new ones by the first half of 2022. TD will also push out a mobile application named ' HKeMeter ' to complement the new meters. With this, you'll be able to pay the parking meter at a distance. Today at Kwiksure , we'll teach you how to register and use the new HKeMeter app.

It's easy to believe that you won't get hurt from a contactless sport like golf. However, like a host of other sports, if you have an incorrect posture, you might injure yourself or others around you. The Consumer Council has evaluated 12 local golf insurance plans and their coverages in 2019. Today at Kwiksure , we will compare golf insurance in Hong Kong, their coverage areas, and claim limitations.

We purchase insurance plans for humans, so why not for our furkids? Nowadays, your veterinarian bill can be even pricier than your hospital one. Nearly every treatment comes with a steep price tag. Imagine if your pet swallowed the wrong food, has skin allergies, or even - touch wood - acquired chronic illness. That said, we haven't even touched on the potential compensation for if your pet accidentally harms someone while out for a walk. As a pet owner, it's a good idea to secure the best pet insurance in Hong Kong. How handy is it and what does it cover? Today at Kwiksure , we'll answer your FAQs and compare pet insurance to find the best pet insurance in Hong Kong.