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BOC Business Comprehensive Insurance Plan

BOC Business Comprehensive Insurance Plan Multi-dimensional Insurance Cover for Business
Choosing a desirable insurance package is crucial for your business planning. Bank of China Group Insurance Company Limited ("BOCG Insurance") truly understands your need and is pleased to present the professional all-in-one "BOC Business Comprehensive Insurance Plan" to you. The plan suits both office and shops1 and protects your business against "All Risks" at competitive price.

Apart from providing a full range of basic coverage for contents and equipment, business interruption, loss of money, personal accident, public liability and fidelity guarantee, optional coverages including employees' compensation, buildings (fire) and stock protection are also available for your choice. With this flexible and comprehensive protection, you can free yourself for the unexpected hassles and totally concentrate on business development.

Basic Coverage

Item Scope of Coverage Maximum Limit of
Indemnity (HK$)
Plan 1 Plan 2 Plan 3
1 Contents and Equipment2 500,000 year / event 1,000,000 year / event 1,500,000 year / event
  1.1 Furniture, fixture, fittings and utensil, equipment, electrical appliance, machinery or interior decorations 100,000 / item
1.2 Stock and samples of general merchandise3 (If the Maximum Limit of Indemnity in this item is insufficient, you can determine own cover limit for stock under the Optional Coverage) 500,000 / event
(35,000 / item)		 600,000 / event
(35,000 / item)		 750,000 / event
(35,000 / item)
1.3 Material costs of computer systems' records, and clerical labour costs for reproducing such records4 100,000 / event
(5,000 / item)		 100,000 / event
(10,000 / item)		 100,000 / event
(15,000 / item)
1.4 Any document, map, deed, tape, file, etc.4 25,000 / event
(4,000 / item)		 25,000 / event
(5,000 / item)		 25,000 / event
(6,000 / item)
1.5 Personal effects and valuables of Insured, directors, partners or employees 8,000 / event
(4,000 / person)		 10,000 / event
(5,000/ person)		 12,000 / event
(6,000 / person)
1.6 Works of arts 15,000 / year
(5,000 / item)		 20,000 / year
(5,000 / item)		 25,000 / year
(5,000 / item)
1.7 Seasonal increase in sum insured for stock from 1 November to 1 March for free Maximum Limit of Indemnity increased by 30%
Free Extension Coverage:  
A. Damage to business premises due to theft or attempted theft 50,000 / event 100,000 / event 150,000 / event
B. Loss of or damage to contents that have been temporarily removed from office or shop for cleaning, renovation, repair or similar purpose 10% of Maximum Limit of Indemnity for "Contents and Equipment" / event
C. Damage to fixed mirror or glass 20,000 / event
D. Removal of debris 10% of Maximum Limit of Indemnity for "Contents and Equipment" / year
E. Fire extinguishing expenses 40,000 year / event 50,000 year / event 60,000 year / event
F. Architects', surveyors' and consulting engineers' fees 5,000 / event
G. Damage to office or shop's contents and stock during lawful alterations, decoration or repair Maximum Limit of Indemnity for "Contents & Equipment" / year (value of contractor works not to exceed the total of 250,000 each contract) Maximum Limit of Indemnity for "Contents & Equipment" / year (value of contractor works not to exceed the total of 500,000 each contract) Maximum Limit of Indemnity for "Contents & Equipment" / year (value of contractor works not to exceed the total of 750,000 each contract)
H. Damage to advertising signs or decorations (this coverage is only applicable to Insured as shop) 20,000 / year 
(10,000 / event)		 30,000 / year
(15,000 / event)		 40,000 / year
(20,000 / event)
I. Replacement of locks 5,000 / year 10,000 / year 15,000 / year
J. Loss of or damage to stock in transit 30,000 / year 50,000 / year 75,000 / year
K. Loss of or damage to document in transit 4,000 / year 5,000 / year 6,000 / year
2 Business Interruption 500,000 / year 1,000,000 / year 1,500,000 / year
  Cover the additional expenses incurred to reinstate the normal conduct of office or shop in consequence of damage to property insured under Basic Coverage - item 1 (maximum indemnity period: 12 months)  
Free Extension Coverage:  
A. Professional accountants' charges – the professional accountants' charges incurred for investigation and verification of claims 50,000 / year
B. Denial of access - interruption of business as a result of denial of access to the office or shop for more than 48 consecutive hours due to damage to neighboring property Maximum Limit of Indemnity for "Business Interruption" / year
C. Failure of public utilities - interruption of business as a result of failure of public utilities for more than 48 consecutive hours Maximum Limit of Indemnity for "Business Interruption" / year
D. Loss of profit – protect against loss of profit incurred following insured damage to the contents and equipment. The maximum indemnity period is 6 months and the time excess is 48 hours. 30% of Maximum Limit of Indemnity for "Business Interruption" / event
3 Loss of Money  
  3.1 Accidental loss of money including loss of crossed cheques, crossed postal orders, crossed bankers' drafts and credit card sales vouchers 300,000 / event 500,000 / event 750,000 / event
3.2 Other than item 3.1 above, this section provides loss of money protection as below:  
(i) Accidental loss of money at the office or shop during business hours 40,000 / event 50,000 / event 60,000 / event
(ii) Accidental loss of money whilst in transit anywhere in HKSAR in the custody of the Insured or authorized employees 40,000 / event 50,000 / event 60,000 / event
(iii) Accidental loss of money in a bank night safe 40,000 / event 50,000 / event 60,000 / event
(iv) Accidental loss of money at the office or shop after business hours which is kept in a locked safe or strongroom 40,000 / event 50,000 / event 60,000 / event
(v) Accidental loss of money at the office or shop after business hours which is not kept in a locked safe or strongroom 4,000 / event 5,000 / event 6,000 / event
(vi) Accidental loss of money whilst at the residence of directors, partners or authorized employees 2,000 / event 2,500 / event 3,000 / event
Free Extension Coverage:  
A. Damage to safes or strongroom caused by theft or attempted theft 40,000 / event 50,000 / event 60,000 / event
B. Loss caused by the acceptance of counterfeit money (applicable to HK dollar & Renmenbi notes only) 15,000 / event
4 Personal Accident 200,000 / event (100,000 / person) 300,000 / event
(100,000 / person)
  Accidental death or permanent total disablement of the directors, partners or employees as a result of theft or attempted theft in the course of his duties in the office or shop (cover for insured person aged from 18 to 65 years old only)
5 Public Liability5 5,000,000 year / event 10,000,000 year / event 15,000,000 year / event
  Protect the employers and/or the employees against legal liability in respect of third party bodily injury / death or property damage due to negligence happening in the office or shop in connection with business
Free Extension Coverage:  
A. Overseas commercial visits - legal liability for the directors, partners and employees when traveling overseas for business Maximum Limit of Indemnity for "Public Liability" / event
B. Food and drink - legal liability for visitors suffering from food poisoning arising from the provision of foods and drinks by the Insured 20% of Maximum Limit of Indemnity for "Public Liability" / event
C. Tenants liability – legal liability as tenant to the landlord against damage to the rented office or shop 50% of Maximum Limit of Indemnity for "Public Liability" / event
D. Independent contractor's liability - legal liability for causing third party bodily injury / death or property damage due to alteration or addition to the office or shop Maximum Limit of Indemnity for "Public Liability" / event (value of contractor works not to exceed the total of 250,000 each contract) Maximum Limit of Indemnity for "Public Liability" / event (value of contractor works not to exceed the total of 500,000 each contract) Maximum Limit of Indemnity for "Public Liability" / event (value of contractor works not to exceed the total of 750,000 each contract)
E. Social, sports and welfare activities - legal liability for provision and management of social, sports and welfare activities Maximum Limit of Indemnity for "Public Liability" / event
F. Advertising signs or decorations liability – legal liability caused by the Insured's advertising signs or decorations (this coverage is only applicable to Insured as shop) Maximum Limit of Indemnity for "Public Liability" / event
6 Fidelity Guarantee 15,000 / year 20,000 / year 25,000 / year
  Indemnify the insured against loss of money directly arising from any fraud or dishonest act of the insured's employees

Optional Coverage

Item Scope of Coverage Maximum Limit of Indemnity (HK$)
1 Employees' Compensation 100,000,000 / event
  Cover the legal liability as an employer under the Employees' Compensation Ordinance or Common Law for the bodily injury or death of his/her employees arising out of and in the course of the employment.

Extension Coverage:

  1. Accidental bodily injury sustained whilst the clerical and sales employees travel overseas for business purpose (applicable to the employees insured under the wordwide cover only)
  2. Accidental bodily injury sustained whilst the employee is participating in social, sports and welfare activities provided by the employer.
  
2 Buildings (Fire) As per sum insured
  Cover buildings of insured office or shop at which it is situated against accidental physical loss of or damage due to fire, lightning, earthquake, vehicle impact, typhoon, windstorm & flood, water tanks, apparatus & pipes, explosion of boilers and gas used for domestic purposes, etc.
Excess:The first 3,000 of each and every claim due to earthquake, vehicle impact and water damage.		  
3 Stock As per sum insured
  Increase the "Stock" coverage under Basic Coverage to ensure adequate protection against loss of or damage to stock in the office or shop.  

Premium

1. Basic Benefit (Annual premium HK$ - calculated as per insured location)

  Plan 1 Plan 2 Plan 3
Office insured 1,150 2,000 2,700
Shops6insured 1,500 2,300 3,300


2. Optional Benefit (Annual premium rate)

  Employees' Compensation7 Buildings(Fire)8 Stock
Office insured
  1. Clerical staff: annual earnings x 0.2% (0.3% for world-wide cover)
  2. Private car drivers:
    annual earnings x 0.3%
  1. Shopping mall or commercial buildings:
    0.07%
  2. Industrial buildings:
    0.1%
 As per sum insured x 0.2%
Shops insured
  1. Sales staff: annual earnings x 0.4% (0.5% for world-wide cover)
  2. Sales staff (include cuttings and operate small machine:
    annual earnings x 1% (1.15% for worldwide cover)
  3. Delivery worker & driver (exclude to and from dock or construction site): annual earnings x 0.5% (0.6% for worldwide cover)
  4. Delivery worker & driver (include to and from dock or construction site): special quote
 As per sum insured x 0.3%

Note:

  1. Shops: Means retail shops in general such as, fashion, eyeglass, leather, shoes, bookstore, ironware, grocery, sweets, medicine, toys model, sportswear, and the like category.
  2. Contents and Equipment: Total maximum amount payable shall not exceed the selected maximum limit of indemnity. Excess for
    1. Office insured: the first HK$500 of each claim (including theft) or the first HK$3,000 or 10% of loss results from water damage (whichever is higher).
    2. Shops insured: the first HK$1,000 of each claim (including theft) or the first HK$3,000 or 10% of loss results from water damage (whichever is higher).
  3. Stock and samples of general merchandise: Exclude high-value goods including but not limited to mobile phones, electronic goods, video, audio and photographic equipment, precious metals & gems, jewelry & watches, fur, edible bird's nest, ginseng and the like goods.
  4. Computer systems' records ; Any document, map, deed, tape, file etc.: Coverage is limited to material, labour and time costs spent on writing up or reproducing the lost or damaged items.
  5. Public Liability: Total maximum amount payable shall not exceed the selected maximum limit of indemnity. Excess for Shop is the first HK$1,000 of each claim or the first HK$3,000 or 10% of loss results from water damage (whichever is higher).
  6. Exclude retail Shops running the sales of gold, silver, jewellery, jade stones, watches, audio or video equipment, computer equipment (except installed with burglary alarm system), antiques, furs, ginseng, dried seafood, mobile phones and the like goods.
  7. Government Levy, Government Terrorism Facility Charge and Employees' Compensation Insurer Insolvency Bureau Contribution not yet included, as from 1 July 2010 the 3 levies are quoted at 5.8%, 3% and 2% of the respective premium and is subject to change from time to time.
  8. Applicable to buildings within 40 years old only.
     

Automatic Renewal

Once the application for insurance is accepted, the policy will be automatically renewed each year. If Employees' Compensation is covered, employers shall supply BOCG Insurance with the actual earnings of all their employees for the coming policy year 14 days before policy expiry (BOCG Insurance reserves the right to obtain the relevant supporting documents from the employers). No declaration of the actual earnings by the employers may result in proportionate reduction in indemnity for compensable claims, and employers will have to bear the proportionate share of indemnity for the injured employees by themselves.

Hassle-free Enrollment

For insurance enrolment, please visit any branches or Commercial Centres of Bank of China (Hong Kong).

Notice of Claim

  • For any claims, the insured should send a written notice to BOCG Insurance at the earliest possible time. The insured can call BOCG Insurance Hotline at +852 3187 5100 or download the claim form from the website. After completion of the form, please send it back to the claims department for handling as soon as possible.
  • In case of any claims under "Loss of Money" Section, the insured should report to the police at the earliest possible time.
  • In case of any claims under "Public Liability" Section or "Employees' Compensation" Section, the insured should submit writ, summons or other legal proceedings issued to BOCG Insurance. The insured should not negotiate or admit any claims without the written consent of BOCG Insurance.

Major Exclusion (For more details, please refer to the policy) 
War or act of terrorism; Confiscation, commandeering or requisition of the Government; Nuclear power and nuclear radiations; Consequential loss or damage of any kind.

Remarks:

  • Insured territory: HKSAR.
  • Other protections: For application of other benefit limit, occupation or work nature which is not provided in this plan, please contact BOCG Insurance Hotline at +852 3187 5100, BOCG Insurance can provide alternative quotes.
  • Minimum premium for policy termination: If policy is terminated during the period of insurance, each policy is subject to a minimum charge of HK$500. If Employees' Compensation optional coverage is also insured, each policy is subject to a minimum charge of HK$1,000 (Government Levy, Government Terrorism Facility Charge and Employees' Compensation Insurer Insolvency Bureau Contribution not yet included, as from 1 July 2010 the 3 levies are quoted at 5.8%, 3% and 2% of the respective premium and is subject to change from time to time.

Terms & conditions:

  • This Plan is underwritten by Bank of China Group Insurance Company Limited ("BOCG Insurance").
  • Bank of China (Hong Kong) Limited (“BOCHK”) is an appointed insurance agent of BOCG Insurance for distribution of this Plan. This Plan is a product of BOCG Insurance but not BOCHK.
  • In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between BOCHK and the customer out of the selling process or processing of the related transaction, BOCHK is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of this Plan should be resolved between directly BOCG Insurance and the customer.
  • BOCG Insurance is authorised and regulated by the Insurance Authority to carry on general insurance business in the Hong Kong Special Administrative Region of the People's Republic of China.
  • BOCG Insurance reserves the right to accept or decline any application for the Plan based on the information provided by the insured and applicant at the time of application.
  • BOCG Insurance reserves the right to amend or withhold any terms and conditions without prior notice.
  • The plan is governed by the terms and conditions in the relevant policy document. Detailed terms and conditions are subject to the official policy document issued by BOCG Insurance. Please refer to the relevant policy document for the details of the insured items and coverage, provisions and exclusions.

 

The Insurance Authority (“IA”) will collect premium levy from the policyholder at the applicable rate. In order to avoid any legal consequences, the policyholder must pay to the insurance company a prescribed levy for the premium for direct remittance to the IA. The levy amount may be subject to change depending on the applicable rate. For details, please visit IA's website www.ia.org.hk.