What you need to know about business interruption insurance in Hong Kong

Last month, a yacht moored at Kwun Tong Typhoon Shelter caught fire and subsequently spread to the two adjacent boats. The smoke billowing out of the fire was so dense, that it could be seen from across the harbour. Witnesses said they heard multiple explosions. Two boats subsequently sunk into the sea, with the remaining one sunk halfway. In Hong Kong, not many people can afford luxury yachts, so boat insurance is not always talked about. However, every luxury boat costs at least millions of dollars so it pays for boat owners to secure boat insurance to safeguard themselves against potential accidents. In today’s Kwiksure article, we will take a look at the main types and benefits of boat insurance.

Not sure where to start when it comes to choosing the right medical insurance in Hong Kong? You’ve come to the right place. In this quick guide, we’ll be comparing the Voluntary Health Insurance Scheme (VHIS) with regular health insurance. In April 2019, the Hong Kong government rolled out the VHIS with an application cut-off date of July 8th, 2020. Already, there are 29 options for the Standard Plan and over 211 options for the Flexi Plan. The choices can be staggering. So, what’s the difference between VHIS and traditional health insurance? How do you apply for tax deduction? Today at Kwiksure , we’ll give you a quick rundown to all your common VHIS questions.

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.

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. ----------------------------------------------------

Generally speaking, buying insurance is a personal decision. Having said that, four types of insurance are mandatory according to the laws in Hong Kong. They are boat liability insurance, third-party motor insurance, third-party liability insurance for building management, and employees’ compensation insurance. Today at Kwiksure, we’ll talk briefly about what these four types of insurance cover.

As one of the top car insurance brokers in Hong Kong, Kwiksure always works to simplify different types of car insurance and coverage. Today, we'll give you a short 5-minute rundown of your insurance options as a car owner.