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|
| Q
: |
A
client arranged a home package policy, which cover his/her property
at the insured premises for damage. If he/she scratched the laser
disc, is policy liability attached to such loss? |
|
| A
: |
There
are numerous Home-package policies in the market with different coverage.
Whether the scratching of laser disc fall within the coverage depends
on the following conditions :-
| 1. |
Whether
the standard policy exclusions avoided the risk of "Scratching"
damage, |
| 2. |
Whether
the value of the disc fall under the policy excess of the policy
or |
| 3. |
Whether
the policy specifically excluded laser disc from the insured
property. |
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|
| Q : |
A client
effected a Home-package policy with the sum insured at HK$100,000.00.
However, he/she added/replaced some items within the policy period
and the total value increased up to HK$120,000.00. Is it necessary
to inform the insurance company immediately? Is there any condition
which required the insured to inform the insurance company once the
value of the insured items exceeded a certain figure? |
|
| A
: |
It depends
on the kind of home-package policy arranged. If it is a "Total Value
at Risk" policy, the insured should inform the insurance company immediately
to increase the sum insured once the value of insured properties increased.
Otherwise, any claims payment would be computed on average basis.
If the policy was arranged in "First Loss Basis", the insured need
not inform the insurance company when the value of the insured properties
increased. Once a claim occurred, he/she would be fully compensated
up to the sum insured even if it were a total loss. |
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