Summer Relocations away from Hong Kong

As Summer is fast approaching many individuals and families may be considering relocating away from Hong Kong. Summer has, traditionally, been the season of change in Hong Kong, with new arrivals landing at Chek Lap Kok, and departures flying off for their new adventure. The summer of 2022 could be, if reports are to be believed, the most transitory summer in Hong Kong’s history; which means a good number of residents will be leaving to go live their lives elsewhere.

Unfortunately, an international relocation is no simple task – there is a tremendous amount that can go wrong. From organizing a shipping company to physically get your possessions from Point A to Point B, to ensuring that everything actually gets in your packing boxes in the first place, between all the moving parts of an international relocation you (and your possessions) face a large number of risks. Even if you are planning on staying in Hong Kong, but are looking at moving your apartment, there are still myriad risks you will face (and the associated stress).

Marine and Cargo Throughput Insurance

Moving your home means moving your stuff. However, there is a lot that can happen to your possessions in the course of an international relocation.

The risks facing the ship, plane, train, or truck that your items will be travelling on is almost endless. With the possibility of the cargo vessel stranding, sinking, burning, exploding, or even colliding with another ship, a lot can go wrong at sea. And this is before you begin to consider the risks of other items your possessions may be travelling with; for example, is there a load of lithium-ion batteries sitting alongside your container?

Fortunately, Marine and Cargo Throughput insurance is probably one of the oldest forms of insurance protection being sold and underwriters have many year’s (and in some cases, centuries) experience in properly covering the risk associated with shipping any cargo overseas. Most Marine Cargo Insurance products will not only cover you against losses caused by the vessel you are shipping your belongings on, but will also provide extensive coverage against risks like having your shipment washed off the vessel, or stolen from the dock during loading and unloading.

This form of coverage is designed to protect your possessions while they are moving between locations. The premium you can expect to pay will be based on the total value of the cargo being shipped, the complexity of the route, any specific packaging or care requirements, and the final destination you are shipping to.

Travel Insurance

The most obvious, and probably the most useful form of insurance for any relocation is going to be travel insurance.

Travel Insurance provides coverage against a number of risks under the umbrella of a single policy. This means that you are able to access convenient (and often cost-effective) coverage against a variety of common travel risks through a single insurance contract.

Travel insurance options offered in Hong Kong will normally provide coverage for:

• Costs of healthcare
• Personal Accident protection
• Legal Liability
• Loss of, and Delay to Baggage
• Trip Cancellation or Curtailment
• Accidental Death
• And many more

It should be noted that while travel insurance is an efficient and cost-effective way to obtain coverage against the risks you’ll face while on your journey, the coverage offered by this type of policy is generally far lower than if you chose to purchase a standalone plan covering each individual risk.

The premium associated with travel insurance is dependent on the total number of days you will be traveling. For single trips, the number of days you are traveling includes both your departure and arrival dates.

International Health Insurance

For many people, relocating overseas may mean moving to yet another new country. Each country operates its own healthcare system, and many new residents will not have qualified for the national healthcare service even if such a service exists in your new location. For some countries, including the USA, it is now a requirement that any new immigrants show proof of suitable healthcare insurance before being granted entry.

International health insurance is a type of insurance product that guarantees access to any quality medical treatment you may require, anywhere on earth.

International health insurance products provide much higher levels of coverage than the healthcare protection offered under a travel insurance plan, and will allow you to choose the doctor or hospital you wish to receive treatment at, rather than be forced into a pre-selected settlement network. On top of this, international health insurance products are normally very flexible and will enable you to choose the coverage benefits you wish to be protected by.

For example, if you are planning on starting a family whilst on your relocation, then Maternity Insurance coverage may be suitable for your needs (as well as ensure your child has access to high quality medical services no matter where they may be born). A single person may not require Maternity insurance, but could find an outpatient coverage benefit invaluable in dealing with any day-to-day illnesses or health concerns which arise during the journey abroad.

International health insurance is your best tool in ensuring that you are able to access the medical treatment you need, when you need it, no matter where you may be or what has happened. Having said this, it is important to note that international health insurance can be expensive; the older you are and the wider your policy’s coverage area, the more you can expect to pay for your health insurance protection.

Free Relocation Insurance Consultations

If you are considering relocating away from Hong Kong and would like to explore your insurance options you can Contact Us and arrange a no-risk, no-cost, no-obligation consultation to discuss which products may best suit your specific needs.

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