Question

Hi, can you answer this question in more detail?

Subject: Insurance Practices

Q2：

Ms. K is a foreigner who just came to HK to start her home appliances business. She will rent a flat and hire a part-time cleaning lady. Also, she will rent an office unit for business but she will hire five employees. She plans to travel between her home country and Hong Kong at least six times per year. You are an insurance expert and she comes to you for advice, “please advise what insurances I should consider, I need to know the details of the scope of cover, premium basis, limitations and exclusions. Also, kindly explain to me why I need to buy them.”                                                                                                                                              

Answer 1

Insurances to be considered are :

1. Air Cargo Insurance for goods

2. Travel Insurance for Ms. K

3. Life Insurance

Air cargo insurance is a type of policy that protects a buyer or seller of goods being transported through the air. It reimburss the insured for items that are damaged, destroyed or lost. Some insurance companies offer cargo insurance directly, as do several freight forwarders and trade-service intermediaries.Legally, all carriers must carry a minimum amount of insurance, known as carrier liability. However, carrier liability provides very limited coverage, and anything from natural disasters to vehicle accidents or even acts of war could damage your cargo. Therefore, shippers can request cargo insurance to protect their goods from loss, damage, or theft while in transit. Generally, goods are insured while being stored and while in transit, until they reach the buyer.

Travel insurance for individual security while travelling and Life Insurance for overall dicey situations.