Bank of China Group Insurance Company Limited

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BOC Business Comprehensive Insurance Plan - Multi-dimensional Insurance Cover for Business

Choosing a desirable insurance package is crucial for your business planning. Bank of China Group Insurance Company Limited (“BOCG Insurance”) truly understands your need and is pleased to present the professional all-in-one “BOC Business Comprehensive Insurance Plan” to you. The plan suits both office and shops¹ and protects your business against “All Risks” at competitive price.

Apart from providing a full range of basic coverage for contents and equipment, business interruption, loss of money, personal accident, public liability and fidelity guarantee, optional coverages including employees' compensation, buildings (fire) and stock protection are also available for your choice. With this flexible and comprehensive protection, you can free yourself for the unexpected hassles and totally concentrate on business development.

Note:
1.	Shops: Means retail shops in general such as, fashion, eyeglass, leather, shoes, bookstore, ironware, grocery, sweets, medicine, toys model, sportswear, and the like category.

Automatic Renewal

Once the application for insurance is accepted, the policy will be automatically renewed each year. If Employees' Compensation is covered, employers shall supply BOCG Insurance with the actual earnings of all their employees for the coming policy year 14 days before policy expiry (BOCG Insurance reserves the right to obtain the relevant supporting documents from the employers). No declaration of the actual earnings by the employers may result in proportionate reduction in indemnity for compensable claims, and employers will have to bear the proportionate share of indemnity for the injured employees by themselves.

Item

Scope of Coverage

Maximum Limit of Indemnity (HK$)

Plan 1

Plan 2

Plan 3

Contents and Equipment²

500,000/
year/event

1,000,000/
year/event

1,500,000/
year/event

1.1.	Furniture, fixture, fittings and utensil, equipment, electrical appliance, machinery or interior decorations

100,000/item

1.2.	Stock and samples of general merchandise³(If the Maximum Limit of Indemnity in this item is insufficient, you can determine own cover limit for stock under the Optional Coverage)

500,000/event
(35,000/item)

600,000/event
(35,000/item)

750,000/event
(35,000/item)

1.3.	Material costs of computer systems' records, and clerical labour costs for reproducing such records⁴

100,000/event
(5,000/item)

100,000/event
(10,000/item)

100,000/event
(15,000/item)

1.4.	Any document, map, deed, tape, file, etc.⁴

25,000/event
(4,000/item)

25,000/event
(5,000/item)

25,000/event
(6,000/item)

1.5.	Personal effects and valuables of Insured, directors, partners or employees

8,000/event
(4,000/person)

10,000/event
(5,000/person)

12,000/event
(6,000/person)

1.6.	Works of arts

15,000/year
(5,000/item)

20,000/year
(5,000/item)

25,000/year
(5,000/item)

1.7.	Seasonal increase in sum insured for stock from 1 November to 1 March for free

Maximum Limit of Indemnity increased by 30%

Free Extension Coverage:

A.	Damage to business premises due to theft or attempted theft

50,000/event

100,000/event

150,000/event

B.	Loss of or damage to contents that have been temporarily removed from office or shop for cleaning, renovation, repair or similar purpose

10% of Maximum Limit of Indemnity for
“Contents & Equipment”/event

C.	Damage to fixed mirror or glass

20,000/event

D.	Removal of debris

10% of Maximum Limit of Indemnity for
“Contents & Equipment”/year

E.	Fire extinguishing expenses

40,000/year/event

50,000/year/event

60,000/year/event

F.	Architects', surveyors' and consulting engineers' fees

5,000/event

G.	Damage to office or shop's contents and stock during lawful alterations, decoration or repair

Maximum Limit of Indemnity for “Contents & Equipment”/year
(value of contractor works not to exceed the total of 250,000 each contract)

Maximum Limit of Indemnity for “Contents & Equipment”/year
(value of contractor works not to exceed the total of 500,000 each contract)

Maximum Limit of Indemnity for “Contents & Equipment”/year
(value of contractor works not to exceed the total of 750,000 each contract)

H.	Damage to advertising signs or decorations (this coverage is only applicable to Insured as shop)

20,000/year
(10,000/event)

30,000/year
(15,000/event)

40,000/year
(20,000/event)

I.	Replacement of locks

5,000/year

10,000/year

15,000/year

J.	Loss of or damage to stock in transit

30,000/year

50,000/year

75,000/year

K.	Loss of or damage to document in transit

4,000/year

5,000/year

6,000/year

Business Interruption

Cover the additional expenses incurred to reinstate the normal conduct of office or shop in consequence of damage to property insured under Basic Coverage - item 1 (maximum indemnity period: 12 months)

500,000/year

1,000,000/year

1,500,000/year

Free Extension Coverage:

A.	Professional accountants' charges – the professional accountants' charges incurred for investigation and verification of claims

50,000/year

B.	Denial of access - interruption of business as a result of denial of access to the office or shop for more than 48 consecutive hours due to damage to neighboring property

Maximum Limit of Indemnity for “Business Interruption” /year

C.	Failure of public utilities - interruption of business as a result of failure of public utilities for more than 48 consecutive hours

Maximum Limit of Indemnity for “Business Interruption” /year

D.	Loss of profit – protect against loss of profit incurred following insured damage to the contents and equipment. The maximum indemnity period is 6 months and the time excess is 48 hours.

30% of Maximum Limit of Indemnity for
“Business Interruption” /event

Loss of Money

3.1	Accidental loss of money including loss of crossed cheques, crossed postal orders, crossed bankers' drafts and credit card sales vouchers

300,000/event

500,000/event

750,000/event

3.2	Other than item 3.1 above, this section provides loss of money protection as below:

(i)	Accidental loss of money at the office or shop during business hours

40,000/event

50,000/event

60,000/event

(ii)	Accidental loss of money whilst in transit anywhere in HKSAR in the custody of the Insured or authorized employees

40,000/event

50,000/event

60,000/event

(iii)

Accidental loss of money in a bank night safe

40,000/event

50,000/event

60,000/event

(iv)	Accidental loss of money at the office or shop after business hours which is kept in a locked safe or strongroom

40,000/event

50,000/event

60,000/event

(v)	Accidental loss of money at the office or shop after business hours which is not kept in a locked safe or strongroom

4,000/event

5,000/event

6,000/event

(vi)	Accidental loss of money whilst at the residence of directors, partners or authorized employees

2,000/event

2,500/event

3,000/event

Free Extension Coverage:

A.	Damage to safes or strongroom caused by theft or attempted theft

40,000/event

50,000/event

60,000/event

B.	Loss caused by the acceptance of counterfeit money (applicable to HK dollar & Renmenbi notes only)

15,000/event

Personal Accident

Accidental death or permanent total disablement of the directors, partners or employees as a result of theft or attempted theft in the course of his duties in the office or shop (cover for insured person aged from 18 to 65 years old only)

200,000/event
(100,000/person)

300,000/event
(100,000/person)

Public Liability⁵

Protect the employers and/or the employees against legal liability in respect of third party bodily injury / death or property damage due to negligence happening in the office or shop in connection with business

5,000,000
/year/event

10,000,000
/year/event

15,000,000
/year/event

Free Extension Coverage:

A.	Overseas commercial visits - legal liability for the directors, partners and employees when traveling overseas for business

Maximum Limit of Indemnity for “Public Liability”/event

B.	Food and drink - legal liability for visitors suffering from food poisoning arising from the provision of foods and drinks by the Insured

20% of Maximum Limit of Indemnity for
“Public Liability”/event

C.	Tenants liability – legal liability as tenant to the landlord against damage to the rented office or shop

50% of Maximum Limit of Indemnity for
“Public Liability”/event

D.	Independent contractor's liability - legal liability for causing third party bodily injury / death or property damage due to alteration or addition to the office or shop

Maximum Limit of Indemnity for “Public Liability”/ event (value of contractor works not to exceed the total of 250,000 each contract)

Maximum Limit of Indemnity for “Public Liability”/ event (value of contractor works not to exceed the total of 500,000 each contract)

Maximum Limit of Indemnity for “Public Liability”/ event (value of contractor works not to exceed the total of 750,000 each contract)

E.	Social, sports and welfare activities - legal liability for provision and management of social, sports and welfare activities

Maximum Limit of Indemnity for “Public Liability”/event

F.	Advertising signs or decorations liability – legal liability caused by the Insured's advertising signs or decorations (this coverage is only applicable to Insured as shop)

Maximum Limit of Indemnity for “Public Liability”/event

Fidelity Guarantee

Indemnify the insured against loss of money directly arising from any fraud or dishonest act of the insured's employees

15,000/year

20,000/year

25,000/year

Note:
2.	Contents and Equipment: Total maximum amount payable shall not exceed the selected maximum limit of indemnity. Excess for
	2.1	Office insured: the first HK$500 of each claim (including theft) or the first HK$3,000 or 10% of loss results from water damage (whichever is higher).
	2.2	Shops insured: the first HK$1,000 of each claim (including theft) or the first HK$3,000 or 10% of loss results from water damage (whichever is higher).
3.	Stock and samples of general merchandise: Exclude high-value goods including but not limited to mobile phones, electronic goods, video, audio and photographic equipment, precious metals & gems, jewelry & watches, fur, edible bird's nest, ginseng and the like goods.
4.	Computer systems' records ; Any document, map, deed, tape, file etc.: Coverage is limited to material, labour and time costs spent on writing up or reproducing the lost or damaged items.
5.	Public Liability: Total maximum amount payable shall not exceed the selected maximum limit of indemnity. Excess for Shop is the first HK$1,000 of each claim or the first HK$3,000 or 10% of loss results from water damage (whichever is higher).

Item

Scope of Coverage

Maximum Limit of Indemnity (HK$)

Employees' Compensation

100,000,000/event

Cover the legal liability as an employer under the Employees' Compensation Ordinance or Common Law for the bodily injury or death of his / her employees arising out of and in the course of the employment.

Extension Coverage:

A.	Accidental bodily injury sustained whilst the clerical and sales employees travel overseas for business purpose (applicable to the employees insured under the worldwide cover only)
B.	Accidental bodily injury sustained whilst the employee is participating in social, sports and welfare activities provided by the employer.

Buildings (Fire)

as per sum insured

Cover buildings of insured office or shop at which it is situated against accidental physical loss of or damage due to fire, lightning, earthquake, vehicle impact, typhoon, windstorm & flood, water tanks, apparatus & pipes, explosion of boilers and gas used for domestic purposes, etc.
Excess: The first 3,000 of each and every claim due to earthquake, vehicle impact and water damage.

Stock

as per sum insured

Increase the “Stock” coverage under Basic Coverage to ensure adequate protection against loss of or damage to stock in the office or shop.

Basic Benefit (Annual premium HK$ - calculated as per insured location)

	Plan 1	Plan 2	Plan 3
Office insured	1,150	2,000	2,700
Shops⁶ insured	1,500	2,300	3,300

Optional Benefit (Annual premium rate)

Employees' Compensation⁷

Buildings(Fire)⁸

Stock

Office insured

i.	Clerical staff：annual earnings x 0.2% (0.3% for worldwide cover)
ii.	Private car drivers：annual earnings x 0.3%

i.	Shopping mall or commercial buildings：0.07%
ii.	Industrial buildings：0.1%

as per sum insured x 0.2%

Shops insured

i.	Sales staff：annual earnings x 0.4% (0.5% for worldwide cover)
ii.	Sales staff (include cuttings and operate small machine：annual earnings x 1% (1.15% for worldwide cover)
iii.	Delivery worker & driver (exclude to and from dock or construction site) : annual earnings x 0.5% (0.6% for worldwide cover)
iv.	Delivery worker & driver (include to and from dock or construction site) : special quote

as per sum insured x 0.3%

Note：
6.	Exclude retail Shops running the sales of gold, silver, jewellery, jade stones, watches, audio or video equipment, computer equipment (except installed with burglary alarm system), antiques, furs, ginseng, dried seafood, mobile phones and the like goods.
7.	Government Levy, Government Terrorism Facility Charge and Employees' Compensation Insurer Insolvency Bureau Contribution not yet included, as from 1 July 2010 the 3 levies are quoted at 5.8%, 3% and 2% of the respective premium and is subject to change from time to time.
8.	Applicable to buildings within 40 years old only.

Premium Payment Methods

1.	Auto-pay through bank account with Bank of China (Hong Kong) Limited, Nanyang Commercial Bank Limited or Chiyu Banking Corporation Limited (each "the Bank") Please complete the Direct Debit Authorization Form and settle the first year premium with cash or a crossed cheque payable to "Bank of China Group Insurance Company Limited" upon application at any branch of the Bank in HKSAR.
2.	Payment made by business credit card Please complete the Credit Card Authorization Form to settle the premium upon application at any branch of the Bank in HKSAR.
3.	Payment made by cheque Please settle the premium with a crossed cheque payable to "Bank of China Group Insurance Company Limited" upon application at any branch of the Bank in HKSAR.

For any claims, the insured should send a written notice to BOCG Insurance at the earliest possible time. The insured can call BOCG Insurance Hotline at (852)3187 5100 or download the claim form from the website. After completion of the form, please send it back to the claims department for handling as soon as possible.
In case of any claims under “Loss of Money” Section, the insured should report to the police at the earliest possible time.
In case of any claims under “Public Liability” Section or “Employees' Compensation” Section, the insured should submit writ, summons or other legal proceedings issued to BOCG Insurance. The insured should not negotiate or admit any claims without the written consent of BOCG Insurance.

Major Exclusion (For more details, please refer to the policy)

War or act of terrorism；Confiscation, commandeering or requisition of the Government；Nuclear power and nuclear radiations；Consequential loss or damage of any kind.

Remarks:

Insured territory: HKSAR.
Other protections: For application of other benefit limit, occupation or work nature which is not provided in this plan, please contact BOCG Insurance Hotline at (852)3187 5100, BOCG Insurance can provide alternative quotes.
Minimum premium for policy termination: If policy is terminated during the period of insurance, each policy is subject to a minimum charge of HK$500. If Employees' Compensation optional coverage is also insured, each policy is subject to a minimum charge of HK$1,000 (Government Levy, Government Terrorism Facility Charge and Employees' Compensation Insurer Insolvency Bureau Contribution not yet included, as from 1 July 2010 the 3 levies are quoted at 5.8%, 3% and 2% of the respective premium and is subject to change from time to time).

Terms & conditions:

-	This leaflet is for reference only. Details of coverage are subject to the terms and conditions stipulated in the policy.
-	BOCG Insurance reserves the right to amend or withhold any terms and conditions without prior notice.
-	BOC Business Comprehensive Insurance Plan is underwritten by BOCG Insurance.
-	Bank of China (Hong Kong) Limited , Nanyang Commercial Bank Limited and Chiyu Banking Corporation Limited are the agents of BOCG Insurance.

BOC Business Comprehensive Insurance Plan Leaflet

1. What enterprises are eligible for the "BOC Business Comprehensive Insurance Plan"?

Any enterprises which have business operations with office(s) and/or shop(s) in the Hong Kong Special Administrative Region ("HKSAR") can apply for the BOC Business Comprehensive Insurance Plan (the "Plan"). Please refer to the leaflet or call the customer service hotline of Bank of China Group Insurance Company Limited ("BOCG Insurance") at (852) 3187 5100 for the eligibility of the Plan.

2. Our company carries out our business operations with offices and shops at different locations. Can we apply for the Plan?

Yes, despite the number and locations of your offices or shops operating in HKSAR; you can enrol in different individual plans for any of your offices and/or shops or apply for a single policy for all of the offices and shops.

3. Can my company solely apply for the optional coverage?

No, you must apply for the basic coverage for your company before enrolling in any optional coverage.

4. Does the Plan provide worldwide coverage?

No, the Plan only covers losses within the HKSAR (except as otherwise extended in any specific covered item).

5. Is there any excess under the Plan?

Yes, both "Contents and Equipment" and "Public Liability" have excess.

Excess for "Contents and Equipment":
1.1 Insured office: the first HK$500 of each claim (including theft), and the first HK$3,000 or 10% of loss resulting from damage by water (whichever is higher).
1.2 Insured shops: the first HK$1,000 of each claim (including theft), and the first HK$3,000 or 10% of loss resulting from damage by water (whichever is higher).
Excess for "Public Liability" (Insured shops): the first HK$1,000 of each claim, and the first HK$3,000 or 10% of loss results from damage by water (whichever is higher).

6. Will all currencies be covered in the "Acceptance of Counterfeit Money Cover" under "Loss of Money"?

No, the coverage is limited to Hong Kong dollar notes and Renminbi notes only.

7. Is the extended coverage for "Advertising Signs or Decorations Liability" under "Public Liability" only applicable to insured shops?

Yes, this extended coverage does not apply to insured offices. Compensation will be made when the insured company becomes legally liable for any bodily injury or property damage caused by any accidents resulting from the advertising sign or decoration of the insured shop.

8. Does the Plan provide protection against accidental injury suffered by the employees of the insured company during the course of work?

Yes, employees who are aged between 18 and 65 years old of the insured company are protected against accidental death or permanent total disablement as a result of theft or attempted theft during the course of work in the office or shop under the item "Personal Accident".

9. Are there any limitations on applying for the optional coverage of "Building"?

Yes, the age of the insured buildings must not exceed 40 years old. Buildings that are over 40 years old will be subject to case by case approval by BOCG Insurance.

10. Are there any limitations on the way of storage in respect of the optional coverage of "Stock"?

Yes, if the stock is placed in a basement, they must have to be placed on racks with at least 4 inches distance from the ground.

11. Can the insured company alter the terms of the plan or the optional coverage once the policy becomes effective?

Yes, the insured company can complete and submit the endorsement application form to BOCG Insurance. Upon BOCG Insurance's approval, such changes will become effective as from the date such endorsement application form received by BOCG Insurance or on the effective date as specified in the endorsement application form, whichever is later.

12. Can the insured company cancel the policy when it becomes effective? Will the insured company be required to pay the minimum premium?

Yes, the insured company can cancel the policy after it becomes effective. However, it is required to pay the minimum premium or the amount after deducting the short period premium rate as stated in the policy from the paid premium, whichever is higher. Each policy is subject to a minimum premium of HK$500. If the insured company has also applied for the optional coverage of Employee's Compensation, each policy will be subject to a minimum premium of HK$1,000 (excluding the Government Levy, Government Terrorism Facility Charge and Employees' Compensation Insurer Insolvency Bureau Contribution, which are charged at 5.8%, 3% and 2% of the premium respectively as of 1 July 2010 and are subject to change from time to time).

13. Are we required to submit any business registration information when applying for the Plan?

You are only required to provide the valid HKSAR business registration number of your company when making application via CBS Online. In case of application submission via any of our branches, you are required to provide a copy of your company's valid HKSAR business registration certificate.

14. What should I do upon the occurrence of a claim event?

The insured company should provide written notice to BOCG Insurance as soon as possible. In case of any burglary / theft or any other similar attempt, the insured company must report to the police immediately and provide written notice to BOCG Insurance together with the following information at its own expense within 30 days upon the occurrence of the event: event description with full particulars, list of damaged/loss items, repair or replacement quote and other relevant documents. Any writ, summons or other legal proceedings issued or commenced against the insured company by a third party must be delivered to BOCG Insurance immediately for processing. The insured company must not make any commitment to pay or any compensation to any third party without prior written consent from BOCG Insurance.

Important Note:
The above FAQs are intended as a general summary of information for reference only. Details of the coverage of the Plan are subject to the terms and conditions stipulated in the policy by BOCG Insurance. Please refer to the policy document for the details of the insured items and coverage, provisions and exclusions.