Published on: 11 May 2022 by Michael Lamb
Summer is right around the corner, and in Hong Kong that normally means Junk Trips, Barbecues at the beach, Hikes at the many country parks, and (with Bars and clubs set to extend their service hours from May 19) nights out on the town.
With the announced easing of social distancing the summer of 2022 is set to be the best one Hong Kong has experienced in a number of years, but that doesn’t mean that it will be risk free. Even if you’re only planning on doing some shopping in Central, or watching a movie at APM, there are risks of going about your life in the city, and just because its summer those perils are not lowered.
With that in mind, here are some common perils you may encounter this summer in Hong Kong.
When the weather is nice many people will head outside and enjoy some fun in the sun. Maybe you’re looking at a junk with your friends, or you’re going to go on a hike.
Any activity carries with it a degree of risk. With hiking, for example, you could slip and fall injuring yourself on a remote trail, requiring an emergency medical evacuation in a best-case scenario, and ending in your death in a worst-case situation. You could come across a Bamboo Viper or a Chinese Cobra and suffer a bite which would require long term care if you survived. And while you may think taking to the ocean in a junk is safer, simply boarding the boat can be a risky endeavor.
Even the most seemingly innocuous activities carry risk – you could be hit on the head by a falling street sign while shopping on Queens Road.
The top two types of insurance you can use to protect yourself in the event of an accident or injury this summer are Health Insurance and Personal Accident coverage.
Health Insurance is designed to assist you with the costs associated with any medically necessary medical treatment you may receive. While health insurance is not a mandated purchase, and may not even be considered a necessity in Hong Kong due to the city’s outstanding public healthcare system, if you are admitted to a private facility as an inpatient then Health insurance can be of vital assistance.
The least expensive forms of Hong Kong health insurance are known as “Catastrophe Plans.” These are inpatient only policies with a high deductible (often exceeding US$ 10,000 per condition or claim). As this type of insurance only covers inpatient treatment where you are admitted for an overnight stay in a medical facility and the policyholder must contribute a substantial amount towards the costs of their own care, Catastrophe Health Insurance is normally a tool of last resort.
But, in the very worst situations, having this type of coverage can prove invaluable.
Personal Accident insurance is similar to health insurance, but rather than covering the costs of your medical treatment you receive a lump sum financial benefit in the event that you are seriously injured.
The major difference here is that the payment you receive following a claim is not tied to any specific use – you may put that money towards whatever you wish. Whether that is to help recover from your injury, to pay your mortgage, or even to book a vacation following your accident (getting some much-needed R&R). Unfortunately, most Hong Kong Personal Accident Insurance policies will only provide claims in the event of serious (or major) accidents – so the benchmark required to receive a benefit is quite high.
However, in the event of a serious accident, a personal accident policy can prove invaluable – not just in assisting with your medical expenses, but also with your long-term recovery.
If there is one thing synonymous with summer in Hong Kong then that is “Travel.” But as we recently explained, there are many risks overseas. Travel Insurance from either a local Hong Kong underwriter, or an international provider, can help assist with many of these risks.
Typical travel insurance products offer coverage benefits for:
As we have previously noted, obtaining a travel insurance plan is no substitute for obtaining a standalone policy coverage a specific risk, but can offer substantial peace-of-mind that you will have access to assistance in emergency situations while overseas. Travel insurance is also far less expensive than a health insurance policy, for example, and allows for greater flexibility as it is normally tied to the exact duration of your journey.
Summer in Hong Kong is HOT. With high temperatures, and even higher relative humidity, one of the biggest challenges in the city (especially come August) is escaping the heat. With Air-conditioners and De-humidifiers hard at work, there is a chance that those hard-working appliances can malfunction.
This poses a range of risks and nuisances. If an old and faulty AC unit starts to drip water, that would be an inconvenience, but if it shorted and caused a fire that would be a disaster.
Home Insurance and Fire Insurance are two of the most common types of protection for your home and your belongings. From Fires to Flooding, and even wind damage caused by Typhoons, with Home and Fire Insurance protection, you and your possessions are covered against an array of risks which impact the place you live. From theft of your belongings, to accidentally losing your stuff while overseas, Home Insurance is the mainstay for ensuring that the things you value inside your abode can be replaced if they go missing.
Fire Insurance helps you rebuild that which was lost through a fire, or a number of allied (or additional) perils.
Fire Insurance is generally taken out only by the owner of a property. So, if you’re renting this coverage will not be for you.
Whatever your plans are this summer, whether you’re staying in Hong Kong or planning on traveling further afield, it is important to remember that things can and will go wrong. This may not be a disaster, and could simply be a mild inconvenience, but in situations like this Insurance can help.
The products we’ve mentioned on this page are a great way to start protecting yourself and your loved ones against the risks you’ll face this summer. But if you have any questions, please Contact Us to discuss your needs and future requirements with an expert CCW Global insurance broker.
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