Are there administrative fees for Home and Fire insurance?

Q: Are there administrative fees for Home and Fire insurance?

Home InsuranceRefunds are calculated based on the Short Term Premium Refund Table. An administration fee of HKD 500 will be deducted from the refundable premium. The total amount retained by the company includes the pro-rated premium for the covered period plus the HKD 500 administration fee. The remaining balance will be refunded to the customer. Fire InsuranceRefunds for Fire Insurance are also calculated on a pro-rata basis; however, the administrative fee structure differs from Home Insurance. A minimum administration fee of HKD400 applies. If the calculated pro-rata premium is less than HKD 400, a minimum retaining fee of HKD 400 will be charged as the total administration cost for the cancellation. Policy Amendment Fees (Applicable to Fire Insurance Only)The following administrative fee arrangements apply to modifications of Fire Insurance policy details (such as insured property address, mortgage information, etc.): If the customer identifies an incorrect and contacts us to request an amendment within 48 hours of policy issuance, the administrative fee will be waived. Any amendment requests submitted after 48 hours will incur an administration fee of HKD 300 per request.

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Home Insurance

Refunds are calculated based on the Short Term Premium Refund Table. An administration fee of HKD 500 will be deducted from the refundable premium. The total amount retained by the company includes the pro-rated premium for the covered period plus the HKD 500 administration fee. The remaining balance will be refunded to the customer.

Fire Insurance

Refunds for Fire Insurance are also calculated on a pro-rata basis; however, the administrative fee structure differs from Home Insurance. A minimum administration fee of HKD400 applies. If the calculated pro-rata premium is less than HKD 400, a minimum retaining fee of HKD 400 will be charged as the total administration cost for the cancellation.

Policy Amendment Fees (Applicable to Fire Insurance Only)

The following administrative fee arrangements apply to modifications of Fire Insurance policy details (such as insured property address, mortgage information, etc.):

If the customer identifies an incorrect and contacts us to request an amendment within 48 hours of policy issuance, the administrative fee will be waived.

Any amendment requests submitted after 48 hours will incur an administration fee of HKD 300 per request.