MSIG Insurance (Hong Kong) Limited is owned by Mitsui Sumitomo Insurance Company and an ultimate holding company MS&AD Insurance Group, with over 4000 employees worldwide and an A+ Standard and Poors rating.
MSIG is now one of the few foreign-based general insurers to have representation in every ASEAN country with over 4000 people worldwide.
MSIG's goal is to become the No. 1 General Insurer in the ASEAN Region in terms of premium, profits and service quality.
One of the things we as brokers really appreciate about MSIG, is its business philosophy regarding client debt.
IF a client does not pay within an allowed period, MSIG gives notice and cancels the policy and does not pursue the debtor. In contrast, other insurers will typically leave the policy to run and will eventually take legal action.
Tenant / Owner
MSIG's Home Protector is a flexible and comprehensive insurance plan with three key features:
- Home contents Up to HK$1,250,000 sum insured. (Your home Contents are covered for accidental loss or damage) For the Platinum plan there is cover of up to HK$150,000 included for loss of damage to contents caused by renovation of your home. An additional HK$50,000 cover is provided during temporary storage during the first 30 days in a depository.
- Personal belongings and money are safeguarded anywhere in the world
- Personal Accident Coverage (optional cover) ... cover against unexpected injuries wherever you are
The MSIG Home Protector offers different plans based on gross floor area and provides a range of optional coverage, such as personal accident, domestic helper etc.
MSIG offers a policy to cover a property you own and lease out
MSIG 's landlord policy covers:
- Property owner’s liability protection up to HK$8,000,000
- Up to HK$80,000 or 3-month rental income
- Rental property protection including fixtures and fittings, furniture and household appliances up to HK$400,000
- Household improvement cover for improvements and betterments on walls, windows, ceiling, floors and doors up to HK$50,000
- Competitively priced Buildings cover is optional
This plan acts as a top up plan for those with existing insurance..
Renewal is guaranteed for life and there are 3 options.
Each year, free preventative services are provided.
|MSIG Medisure Plus||Excel||Super||Executive|
|Max / disability||HKD500,000||HKD2,500,000||HKD10,000,000|
|Max Outpatient pa||N/A||N/A||HKD23,000|
2015 Premiums For Executive Hospital and Outpatient cover
|Core Cover + Optional Outpatient Services Benefit|
|For Executive Plan Only (HK$)|
|Age Groups (Years old)||Annual||Monthly|
|15 days - 6||21,924||2,030|
|7 - 17||20,358||1,885|
|18 - 29||22,896||2,120|
|30 - 39||27,054||2,505|
|40 - 49||31,320||2,900|
|50 - 59||42,066||3,895|
|60 - 69||62,262||5,765|
|70 or above (Renewal only)||78,948||7,310|
Key Features: HelperSurance 4.0
- Covers clinical expenses including Chinese medical practitioner and physiotherapist
- Covers surgical and hospitalisation expenses
- Covers service interruption
- Employees' compensation
- Repatriation expenses
- Replacement helper expenses
- Fidelity guarantee
- Medical protection for abuse of your family (Child/Elderly)
- New optional cover to cancer and heart disease
- Available convenient 2-year policy with premium discount
- No excess
MSIG offers :
- Annual TravelSurance 4.0
- Short Period TravelSurance 7.0
NOTE: MSIG's travel insurance extends to cover airport closures, the loss of, or damage to, mobile phones (Plan A only - HKD2000).
Annual TravelSurance 4.0
- Available up to age 75
- UP to 25% Discount for family cover (Children under 12 must accompany parents, note)
- Natural disaster cover
- HKD5,000 rental car cover
- Terrorism cover up to HK$3,000,000 per person for accidental death, bodily injury, medical expenses and
- Worldwide Travel Assistance Services Extra benefits provided for Black Alert under the Outbound Travel Alert System up to HK$50,000
- Flexible Personal Accident cover of up to HK$5,000,000 ..
- No extra cost for Dangerous Sports Coverage- as below
Short Period TravelSurance 7.0
TravelSurance 7.0 is especially designed to offer 17 comprehensive benefits including:
1. Extensive Personal Accident Cover - up to HK$1,000,000 • Advance payment of HK$50,000 cash relief for Accidental Death • Major Burns Benefit - up to HK$500,000 2. Double Indemnity for Personal Accident - up to HK$2,000,000
3. Attractive Medical Benefits - up to HK$1,000,000 • Follow-up expenses of up to HK$50,000 within 90 days, which provide Chinese medicine practitioners’ fees of up to HK$150 per visit per day and up to HK$1,500 in total • Overseas Hospital Cash Benefits –up to HK$2,000 in total and up to HK$500 per day
4. Terrorism Cover* - up to HK$3,000,000
5. Trip Cancellation & Curtailment Cover - up to HK$50,000
6. Travel Delay Cover - up to HK$2,000
7. Trip Rearrangement Cover –Up to HK$7,500 and up to HK$1,000 per day for accommodation expenses
8. Loss of Passport Cover - up to HK$2,000
9. Loss of Baggage Cover - up to HK$20,000 • Newly added loss of or damage to mobile phone^ cover up to HK$2,000
10. Delayed Baggage Cover - up to HK$1,500
11. Personal Money and Documents Cover - up to HK$3,000
12. Personal Liability - up to HK$2,500,000
13. Rental Vehicle Excess Cover - up to HK$5,000
14. Golfers‘ Hole-in-One Cover - up to HK$5,000
15. Dangerous Sports and Activities Coverage
16. Comprehensive 24-hour Worldwide Travel Assistance Services
17. Automatic Cover Extension for Period of Journey
^ No mobile phone benefit is payable for Plan B or Child Plan.
* Any acts of terrorism involving the use of biological, chemical agents or nuclear devices are excluded.
- No extra cost for Dangerous Sports Coverage- as below
MSIG offers the standard Comprehensive and Third Party policies, prevalent in the HK market.
In terms of claim service we have found MSIG to be very good.
MSIG has the only wedding/marriage plan in the market of which we are aware.
- Protect against irrecoverable expenses up to $150,000 for the cancellation or postpone of the wedding or reception
- Covers any irrecoverable deposits up to $50,000 for wedding suppliers which fail to provide the goods or services due to their financial failure
- Compensation for the lost or damaged of wedding attire, rings and documents, even the bridesmaids’ dresses
- Compensation for expenses incurred to re-arrange the wedding photos or videos due to the failure of photo or video production
- Personal Liability is also covered for accidents directly arising out of the wedding
Also known as 'Property All Risk' insurance, an accidental damage policy pays claims arising when property is accidentally physically lost, destroyed or damaged other than by an excluded cause. Whereas with a traditional 'Fire' policy you must link the loss to a defined peril, with MSIG's accidental damage policy you only have to show loss or damage in order to claim successfully.
Below is a sample policy wording.
MSIG's Landlord Protector policy provides comprehensive coverage for landlords against loss of rent and property damage, and includes complimentary liability protection
- Loss of Rent Cover of up to HK$80,000 or 3-month rental income whichever is lower
- Property Owner’s Liability Protection up to HK$8,000,000
- Rental Property Protection including fixtures and fittings, furniture and household appliances up to HK$400,000
- Household improvements cover for improvements and betterments on walls, windows, ceiling, floors and doors up to HK$50,000
- Alterations and repairs – cover accidental loss of or damage to contents while the insured premises are under alteration or repair (contract period not exceeding two months and within maximum contract value of 100,000)
- Optional Building cover
Benefits as Below:
Key Features of MSIG's office cover:
- Digital cameras are covered,
- DV and other surveying equipment are protected against loss or damage when temporarily removed from premises
- Your fixed computers, systems and data are protected against any mechanical or electrical breakdown
- Office notebooks are optionally covered across borders
- The personal property of your employees is protected against any loss caused by theft with coverage up to HK$20,000 per year
- Public Liability up to HK$10,000,000 per event
- You are protected against any loss of gross profit incurred following insured damage to your office contents up to 24 months (Optional Cover)
- Trade samples in transit in Hong Kong are protected up to a limit of HK$50,000
MSIG offers stand alone Employees' Compensation insurance, though this will often be more economically purchased in a business package, along with contents and liability insurance.
In the wake of the Coronvirus pandemic, MSIG is offering to cover employees at home, albeit with some strict guidelines, namely:
- A formal guideline issued by the Insured is in place for working from home. By 'Formal Guidline' MSIG is looking to see such things as :
- The employer must have proper record for employees working from home
- End of day report : staff should submit a work status and progress report to their supervisor, highlighting what tasks have been executed during the day
- Telephone and messenger : through messenger services, such as WhatsApp, SMS or telephone it should be evident that the employer is in regular communication with staff to ensure that they are responding promptly to supervisor’s queries and request to ensure they are on duty
- This extension is applicable to employees performing non-manual work only within the working hours of 9:00am to 6:00pm from Monday to Friday (or as specified in the employment contract), and during overtime as requested. Coverage will not be operative during any kinds of holidays and leaves, including but not limited to public holidays, annual leave, no paid leave, except for duties carried on during such period as specifically requested by the employer.
Key highlights of benefits and coverages of MSIG Shop Insurance, with effect 5-5-2020:
Contents and Stock
• Equipment or machinery: HK$100,000 per item
• China, porcelain, work of art and curiosity: HK$10,000 per article; $100,000 in aggregate or 10% of
the Sum Insured on Contents whichever is the less
• Personal effects of employee: HK$5,000 per person; HK$20,000 in aggregate
• Fixed glass or mirror: HK$10,000 in aggregate
• Temporary Removal:
o Surveying or photographic equipment: HK$5,000 in aggregate
o Loss of documents in transit within Hong Kong: cover HK$5,000 in aggregate
• Removal of debris: 10% of the Sum Insured
• Fire extinguishing expenses: cover HK$10,000 in aggregate
• Advertising signs, neon signs and signboard: HK$30,000 in aggregate
• Seasonal increase of Sum Insured of stock: automatically increased by 20% and up to HK$1,000,000
in January, February and December
• Replacement of locks & roller shutter door: HK$5,000 for locks and HK$20,000 for roller shutter
doors in aggregate
• Architects', surveyors', consultant engineers' fee: cover HK$10,000 in aggregate
• Additional expenditure: HK$750,000 per year
• Interruption of or interference with business due to the failure of public utility supply for more than
48 hours: HK$500,000 or 10% of the total Sum Insured
• Fidelity Guarantee: HK$50,000 in aggregate
• Extra cover on Sunday and Public Holiday: limit of loss of money increased by 25%
• Upgrade to FREE cover: legal liability to third parties due to bodily injury and/or property damage
arising from your business: HK$10,000,000 per event
• Extend to include interior decoration work performed by independent contractors at the premises
(contract value up to HK$500,000)
• Extend to include internal first aid services under business
• Extend to cover signboard liability: HK$1,000,000 per period of insurance
While we have enhanced the overall level of protection offered under this plan, we wish to draw your
attention to some other adjustments.
Other Points of Note
Contents and Stock
• Apply HK$3,000 or 10% of loss for water damage excess, whichever is greater.
• Apply sub-limit to professional accountants’ charges at 10% of the total Sum Insured
• Exclude personal injury or bodily injury or loss of, damage to, or loss of use of property directly or
indirectly caused by seepage, pollution or contamination
MSIG Shop application form, policy document and claim forms
MSIG works with an underwriting agency called 'DUAL Underwriting Agency (Hong Kong) Limited' to provide the following financial lines products
A wide variety of professionals need protection from risks such as claims for alleged negligence, or breach of duty, in the performance of their professional services. MSIG / Duall's focus is to provide Indemnity Insurance solutions for the small to medium risk exposures faced by professional services providers.
Information Technology Indemnity
The MSIG/ Duall I.T. policy provides cover for two sections:
- Professional Indemnity – civil liability in relation to the performance of information technology services or provision of information technology products; and
- Public and Products Liability – claims for compensation for personal injury or property damage in connection with the performance of information technology services or provision of information technology products.
Executive and Management Liability
In Hong Kong, Company Directors, Officers and Senior Managers operate in a complex regulatory environment which exposes them to personal liability for their management decisions.
Two plans are offered
The MSIG / Duall Executive Approach policy for listed companies covers
- managers and
- senior executives
The MSIG Management Liability policy for SME's
This policy has been specifically designed to protect SME businesses with respect to the management risks associated with operating a business in today's complex, and often litigious, world.
MSIG / Duall's Association Liability solution is a combined Management Liability and Professional Indemnity offering, designed to meet the needs of the Not for Profit sector.
Investment Managers Insurance
MSIG / Duall's Investment Managers Insurance policy for investment managers combines multiple coverage sections into one easy-to-transact policy form, providing convenience and efficiency to investment management professionals.
MSIG offers (initially) a a paperless claim process.