In Hong Kong, removal insurance refers both to insuring your local home and office moves and as well, an overseas move.
Some home policies include cover for this move as integral to the policy.
For example the HomeProtector from MSIG covers HKD100,000 in total and HKD10,000.00 per item in a local home move.
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Apart from the home move being covered in your home insurance, there is the option of using such products as :
- AXA’s Removal Insurance policy covers both local and international moves at competitive rates.
AXA General Removal Insurance Brochure - Chinese
AXA General Removal Insurance Brochure - English
AXA General Removal Insurance Proposal Form - Fillable
- MSIG's removal policy (refer to above Home Protector Insurance document )
Documents to come
- Tokio Marine's removal policy
Tokio Marine Home Insurance Application Form
Tokio Marine Home Insurance Brochure
Tokio Marine Home Package Policy Wording
The one KEY area where AXA’s and most other insurers fall down, is that they do not cover in any way:
- Electrical and Mechanical Derangement.. This means that if your TV worked before you packed, but for no obvious reason does not work in the new location, you can claim.
- Pairs and Sets.. So if you have two matching standard lamps and one is destroyed you cannot claim for two.
- Mould and Mildew
In contrast the cover offered by removal companies at perhaps two to three times the cost, will cover all of the above on some measure.
For your electrical appliances though you will have to prove to the removalist that the item is in good working order BEFORE it is packed.
Furthermore, for the cover for mould and mildew, you will generally find there is a ceiling of around USD20,000-25,000 in total.
Pacific Casualty & General Ins. Ltd. is a specialty underwriter for Household Goods/Personal effects with whom we have arranged coverage for the freight forwarding industry in 15-20 locations throughout Asia, North America, and Europe.
The initial open cover was placed with them in 1992 with the first of the Asian Tiger Group in Bangkok, after Blue Cross HK pulled out of the business when they were taken over by the AETNA and Bank of East Asia.
We had tried to place these risks locally, but other there was little or no interest or local companies were restricted by geographical constraints.
By our count, “PacGen” has issued as many as 2000 certificates in a single year for such coverage. “PacGen” also does some modest commercial cargo coverage, but do not accept dangerous cargos and are restricted by Lloyds restricted destinations with whom their reinsurance is placed.
PacGen policy covers 60 days free storage coverage at origin place from the packing date and another 60 days at destination place after the goods discharge from vessel up to delivery whichever is earlier. In total 120 days free storage coverage. If insured needs storage beyond the free period, the additional storage extension premium 0.35%/month to extend the cover.
The deductible is USD 100 and premium rate is 2.2% including the free extension coverage for:
- Mold/Mildew (MM)
- Electrical/Electronic/Mechanical Derangement (EEMD) [The interest insured must be less than six years old]
- Pairs and Sets (P&S)
There are types of valuation:
1) Itemised declaration [Provide replacement value for all household goods & Personal effects]
2) Volumetric / Lump Sum [ Provide the volume in CBM of full shipment]
Any items valued at more than US$ 1,500 must be seperatly declared in the proposal form.
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Email: crew@navigator-insurance.com
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Navigator Insurance Brokers Ltd
Unit E, 8/F Golden Sun Centre
No. 59-67 Bonham Strand West
Sheung Wan, Hong Kong