Business insurance specialist QBE Insurance Group has launched a new construction policy in Hong Kong to boost its offerings.
Designed by integrating five standalone policies, the new product ‘Industrial Special Plant’, also offers coverage pertaining to hired in plant, financial protection and additional benefits that include employees’ property damage. These features were earlier unavailable in the Hong Kong market.
In cases of a total loss, the insurance company will reimburse for machinery’s new replacement value.
QBE-HKSI general manager Lobo Law was quoted by Post as saying: "Until now, intermediaries in Hong Kong have typically had to purchase individual insurance policies, often from different insurers, to provide a complete insurance solution for the insured.
"This presents significant risks to the intermediaries and the insured, because gaps in coverage may go unnoticed leading to claims disputes between different insurers causing delays in settlement, increased workload and greater cost."