Product
The underwriting criteria of motor Insurance
The underwriting criteria of motor Insurance has updated for the age of the motor vehicle as below:
When you issue new Motor Supersurance ( Qnect ) from 1 May 2023, you only choose car model and manufacture year instead of entering sum insured. When there is a total loss, claim amount would be only pay up to market value or original net purchase value shown in Vehicle Registration Document (Market value or declared whichever is the less).It can avoid over or under insurance.
At the same time, underwriting criteria will have the following changes:
- No Claim Discount Protector: There is unlimited claims and total claim amount of the policy is not exceed HK$60,000 within any one insurance period, which will not affect policy renewal in next year.
- Windscreen covers: Windscreen or any other car windows of the Motor Vehicle where the repair cost thereof does not exceed HK$6,000 ( one or more times) within any one insurance period ( only repair or replacement done by motor vehicle ' Windscreen' repairer designated by QBE Hong Kong).
The renewal policy terms of existing customers will be announced later.
Private Vehicles:
- Third Party: Up to age 13 Years and below;
- Comprehensive*: Up to age 13 Years and below.
*Referral to Underwriters is required for motor vehicle age more than 10 years
Commercial Vehicles:
- Only applicable to commercial vehicle age 10 years or below.
Revision of the Levels of Compensation under the Employees’ Compensation Ordinance
On 15 Mar 2023, a Resolution was passed by the Legislative Council to revise the levels of nine compensation items under the Employees’ Compensation Ordinance.
This places an additional liability upon all employers effective from 13 April 2023. This is not automatically covered by the current Employees’ Compensation Insurance policy. To comply with the compulsory insurance provisions of the Ordinance, QBE Hongkong & Shanghai Insurance Limited will extend the policy coverage accordingly.
Corresponding actions:
- QBE Hongkong & Shanghai Insurance Limited will waive any additional increase in premium that may apply on all in force policies (including package policies) that provide employees’ compensation coverage specific to these revised nine compensation items.
- For any policy changes that trigger underwriting considerations, such as change of risk nature or change of period of insurance, etc., will be subject to the standard declaration and disclosure requirements of the policy and subject to assessment.
If you have any questions, please contact your Relationship manager.
Please click here for review Revised Levels of Compensation under the Employees’ Compensation Ordinance (with effect from 13 April 2023).
Reminder
Incentive trip has been scheduled on 7-8 July 2023 . Followings are the activities and interim results:
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As always, we welcome your feedback. If you have enquiries regarding Qnect, please feel free to contact your dedicated Relationship Manager for assistance.