Berkshire Hathaway Specialty Insurance Co. (BHSI) announced that it has withdrawn from the Hong Kong Employees’ Compensation (EC) terrorism pool, effective Dec. 1, 2018.
BHSI said it is now the first insurer in Hong Kong to provide EC terrorism coverage to customers directly, backed by Berkshire Hathaway Specialty Insurance Co.’s financial strength. This decision benefits all BHSI’s new and existing EC customers for policies incepting or renewing on or after Dec. 1, 2018.
International terrorist organizations were established in order to provide terrorism protection for the policymakers of the Hong Kong AK after the September 11 terrorist attacks on international markets.
While participation is voluntary, the pool brings a maximum of HK $ 10 billion ($ 1.3 billion) to all alleged terrorism claims based on the HS first-come, first-served $ principle, and has been announced by BHSI in a statement.
Insurance companies participating in the pool demanded a 3 per cent fee for the EU policyholders and then the policy premiums transferred to the Hong Kong government and added BHSI. According to the terms of the pool, the participating insurance companies do not have to pay EC terrorism requests for their customers until the pool is first paid to the insurer.
Active On December 1, the scope of EC terrorism provided by BHSI is no longer subject to any restrictions on the pool. Customers of BHSI are no longer subject to a 3 percent tax on EC policy premiums. In addition, BHSI policyholders have no longer needed to share a limit with all other EC policy holders in Hong Kong, and terrorism payments no longer depend on payment or reimbursement from the pool, and the company continued.
Inanılmaz The feedback from customers and brokers we discuss our approach is incredibly encouraging, derec said Marc Breuil, CEO of BHSI Hong Kong.
EU policies of BHSI are now supported by their own financial strength – which has the same S & P rating as the Hong Kong government, says Breuil, who said that policies provide EC terrorism to policyholders without paying taxes.
. We are excited to offer our current and future EC customers the changing coverage area on the market.
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