Usually talking, shopping for insurance coverage is a private determination. Having stated that, 4 sorts of insurance coverage are necessary based on the legal guidelines in Hong Kong. They’re boat legal responsibility insurance coverage, third-party motor insurance coverage, third-party legal responsibility insurance coverage for constructing administration, and staff’ compensation insurance coverage. At the moment at INO, we’ll speak briefly about what these 4 sorts of insurance coverage cowl.
1. Boat insurance coverage
Primarily based on Articles 23C and 23D of the “Service provider Transport (Native Vessels) Ordinance”, native service provider boats carrying greater than 12 passengers are legally required to buy third-party dangers boat insurance coverage. As much as HKD $10,000 nice and imprisonment for two years is the best penalty for these with out.
Should you, the boat proprietor, should pay a compensation larger than what the coverage covers (e.g. HKD $5 million), then the sufferer could ask for the distinction straight from you. Provided that, you refusing to pay the distinction means the passenger gained’t obtain the entire indemnity charges.
2. Third-party legal responsibility automobile insurance coverage
In keeping with Article 4 of the “Motor Autos Insurance coverage (Third Social gathering Dangers) Ordinance”, anybody who drives a automobile on the roads of Hong Kong should buy third-party automobile insurance coverage for that automobile to adjust to the laws. The regulation stipulates that the insured quantity is HKD $100 million, which covers the policyholder’s authorized legal responsibility for third-party casualties on the highway.
With out automobile insurance coverage in your automobile, you’re breaking the regulation and may be fined HKD $10,000 and imprisoned for 12 months. What’s extra, the court docket may even cancel your driving license for one to a few years. Should you’ve crashed into a 3rd get together however don’t have already got third-party insurance coverage, the sufferer can search assist from the Motor Insurers’ Bureau of Hong Kong and obtain compensation this fashion.
To study extra about automobile insurance coverage, try our automobile insurance coverage web page or get a free quote now with our on-line citation instrument!
3. Constructing administration (third-party dangers insurance coverage)
The “Constructing Administration Ordinance” stipulates that the proprietor’s company should safe third-party dangers insurance coverage for the shared elements of the constructing in addition to their very own property. For a single third-party accident, the protection quantity shouldn’t be lower than HKD $10 million per coverage. Within the case of rule violation, the company may be fined HKD $50,000.
Word that though this can be a statutory insurance coverage, it doesn’t cowl authorized liabilities arising from unlawful buildings or building works in buildings.
4. Staff’ compensation insurance coverage
Primarily based on Article 40 of the “Staff’ Compensation Ordinance”, employers should buy at least the legally required quantity of insurance coverage to cowl the workers’ unintended accidents and customary regulation liabilities throughout their staff’ employment.
If the variety of your staff is 200 or much less, the protection quantity per accident is HKD $100 million; if the variety of staff is greater than 200, the insured quantity is no less than HKD $200 million per accident. Violating these laws is a severe crime – you may be fined HKD $100,000 and be imprisoned for 2 years.
Within the case that your employee bought injured whereas working, however you didn’t safe staff’ compensation insurance coverage, they’ll ask the Staff Compensation Help Fund Board for assist receiving their compensation.
On that notice, have you ever employed a home helper? Shopping for primary home helper insurance coverage (i.e. staff’ compensation insurance coverage) meets the naked minimal authorized necessities. Nevertheless, the Labor Division legal guidelines require all employers to offer free medical care for his or her helpers. Since staff’ compensation insurance coverage doesn’t cowl healthcare bills, nor provide sufficient safety for any authorized liabilities, we advocate securing home helper insurance coverage.
Unmanned plane system insurance coverage is likely to be the fifth kind of necessary insurance coverage in Hong Kong
Drone-related accidents have turn out to be more and more widespread in recent times. he Civil Aviation Division plans to enact new subsidiary laws below the “Civil Aviation Ordinance” to control drones. On prime of utilizing real-name registration, plane of assorted weights should even be coated by third-party legal responsibility insurance coverage. The minimal protection quantity must be HKD $5 million.
In 2019, the Civil Aviation Division submitted legislative proposals to the Legislative Council that mentioned using “small drones” weighing lower than 25 kilograms.
The Civil Aviation Division intends to divide drones based mostly on their weight into the next three classes:
- Low-risk drones weighing not more than 250 grams. Shopping for insurance coverage isn’t obligatory for unmanned plane on this class.
- Drones weighing 250 grams or 7 kilograms are required to safe third-party legal responsibility insurance coverage with the minimal protection quantity of HKD $5 million.
- “Regulated and low-risk” drones weighing 7 to 25 kilograms’ minimal insurance coverage protection must be HKD $10 million or larger as specified by the Civil Aviation Division.
Additionally, you’ll have to adjust to the usual working circumstances when flying drones of 250 grams or much less. These embody a most flying altitude of 30 meters and a most velocity of 20 kilometers per hour. House owners and operators of drones over 250 grams must be registered. Unmanned plane techniques weighing greater than 7 kilograms should additionally present further safety measures.
Trade insiders estimated that for people working small drones, the annual insurance coverage premium will price greater than HKD $1,000. The enterprise group will possible confer with Taiwan’s observe of “purchase a drone and get free insurance coverage”. In consequence, it is likely to be troublesome for gamers who wish to buy insurance coverage individually.
Contact INO for extra insurance coverage options
INO has greater than 20 years of expertise within the automobile insurance coverage trade. Along with automobile insurance coverage (third-party and complete), we additionally present residence insurance coverage, bike insurance coverage, Voluntary Well being Insurance coverage Scheme (VHIS), Hong Kong-Zhuhai-Macao Bridge insurance coverage (HZMB), and plenty of extra.
Get a free quote now for automobile insurance coverage with our on-line citation instrument, or contact our workforce of knowledgeable insurance coverage advisors for customized recommendation!
