The Bank of East Asia has launched a special promotion on decoration protection insurance, a plan offering accident and liability coverage during the renovation of homes, offices and shops.
During the promotional period from now until December 31, 2007, customers will enjoy a special 10% premium discount. The plan is underwritten by Blue Cross Insurance, a member of the Bank of East Asia (BEA) group.
A short-term insurance plan for a renovation contract of a maximum duration of three months, decoration protection insurance covers decoration materials and public liability to third parties up to HK$10 million. Other special plan features include coverage for accidental loss of or damage to the belongings of the property owner or tenant, the costs of debris removal following an insured accident on site, and an automatic increase of up to 10% in the insured amount for the original contract value in case the quotation and the final contract value are different. Furthermore, accidental loss arising from the maintenance of the contract works is also under cover.
Decoration protection insurance offers a variety of plan options, which provide different amounts of coverage for the contract value, material damage, and public liability to third parties. The premium is as low as HK$1,200 per insured contract. By paying an additional premium, policyholders can also insure contracts that include scaffolding work.
Connie Chan, BEA’s head of bancassurance department, said: Increasing activity in Hong Kong’s property market has led to a growing demand for residential and commercial refurbishment. Our decoration protection insurance effectively meets the needs of home and business owners by protecting them from accidents during decoration, and by helping to safeguard their valuable property.