Employees Compensation Insurance
Employees' Compensation Insurance lets you fulfill the legal liability of being an employer
Under the Employees' Compensation Ordinance of the Laws of Hong Kong Special Administrative Region, it is compulsory for all employers to affect a valid Employees' Compensation Insurance so as to ensure that their employees can obtain compensation in the event of bodily injury or death arising out of and in the course of the employment. Employees' Compensation Insurance will give you a peace of mind and provide you with the protection required under the Ordinance for you and your employees.
Features
- Comprehensive coverage, including compensation of the benefits according to the Ordinance such as medical expenses, loss of wages, permanent disablement and death benefit etc.
- In addition, if the employee is injured as a result of the employer's negligence, it will indemnify the employer against his or her common law liability up to the statutory limit required under the Ordinance. The maximum limit can be up to HK$200,000,000.
Premium
Based on the type of business, job nature of the employees and the total annual earnings of the employees.
Insurance Authority Premium Levy
Pursuant to the Insurance (Levy) Order and Insurance (Levy) Regulation, Insurance Companies will collect IA Premium Levy on insurance premiums from your insurance policies effecting from 1-Jan-2020 onwards. This is the legal obligation of policyholders to pay a levy when premium is paid. The levy will be collected by Insurance Companies and then remit to Insurance Authority as required by the law.
Details of levy can be referred to table below. For further information, please visit Insurance Authority Official Web https://www.ia.org.hk/.
| Policy Inception Date and/or Annual Anniversary Date |
Applicable Levy Rate |
Cap Per General Insurance
Policy Per Policy Year (HK$)
|
From 1 Apr 2019 till 31 March 2020
(both dates inclusive) |
0.06% |
3,000 |
From 1 Apr 2020 till 31 March 2021
(both dates inclusive) |
0.085% |
4,250 |
From 1 Apr 2021 onwards
(date inclusive) |
0.10% |
5,000 |
Governing Law of Policy: Hong Kong Special Administrative Law
Underwritten By
China BOCOM Insurance Co., Ltd.
Please visit the website of China BOCOM Insurance Co., Ltd. (www.cbic.hk) for more information about the China BOCOM Insurance Co., Ltd. or download the form which is applicable to this insurance plan.
Important Notice:
The insurance plan is a product of China BOCOM Insurance Co., Ltd. but not Bank of Communications Co., Ltd. Hong Kong Branch (the “Bank”). In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between the Bank and the customer out of the selling process or processing of the related transaction, the Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however any dispute over the contractual terms of the product should be resolved between directly China BOCOM Insurance Co., Ltd. and the customer.
Offshore Financing with Guarantee from PRC
Offshore Guarantee for Financing in PRC
