Employees’ Compensation Insurance is one of the major business insurance in Hong Kong. It is a statutory cover for employers and their employees. Its sustainability has wide and deep impact on the protection of the interests of employers and employees as well as the stability of the overall insurance market.
The Insurance Intermediaries play an important role. Such as conducting business in good faith and with integrity at all times. Along with explaining to the client the principle of utmost good faith and the obligations of full disclosure. Nevertheless, to make it clear that the client is responsible for the information provided to the insurer. At the same time, advising the client that any incorrect information or any under-declaration of wage roll during the underwriting process may leave the client open to legal action by the insurer for recovery of monies previously paid by the insurer to indemnify any claim under the policy.
Insurance Brokers are subject to the Guideline on Minimum Requirements for Insurance Brokers. For insurance agents, Employees Compensation Insurance insurers need to ensure that their insurance agents are fully aligned in their understanding and implementation.
When purchasing Employee’s Compensation Insurance based on proper and accurate information on risk exposure. The risk exposure at the forefront of technical underwriting. The minimum and mandatory information required include:
For further information, please contact us.
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