CHINA TAIPING(HK:00966) Mei Ri Jing Ji Xin Wen·2025-11-28 13:44Core Viewpoint - A significant fire incident occurred at Hong Kong's Tai Po Wong Fuk Court, resulting in major casualties and prompting multiple insurance companies to initiate emergency claims processes. The insurance coverage primarily involves property-related insurance and contractor insurance, with the main insurer being China Taiping Insurance (Hong Kong) [1][2]. Insurance Arrangements - The fire incident involves two main types of insurance: property-related insurance at the estate level and contractor insurance covering engineering and employee protection. The property insurance includes public liability and personal accident insurance, with a total premium of approximately HKD 337,737.4 for two years [1][2][3]. - The property insurance covers the building structure and common areas with a sum insured of HKD 2 billion, while public liability insurance has a limit of HKD 20 million per incident [3][4]. Claims and Compensation - Insurance companies are required to compensate for the full value of the insured property before damage, or restore it to its original condition. The estimated losses from the fire are expected to exceed HKD 2 billion, indicating that full compensation may be necessary [4][6]. - The public liability insurance and accident insurance are anticipated to be fully compensated, with the public liability insurance covering third-party bodily injury and property damage [9][12]. Investigation and Liability - The Hong Kong Independent Commission Against Corruption has launched an investigation into potential corruption related to the renovation works at Wong Fuk Court, with several individuals arrested. The investigation focuses on whether the materials used complied with fire safety standards [6][8]. - If a third party is found liable for the fire due to negligence, the insurance company may invoke subrogation rights to recover the compensation paid to the insured [8][14]. Home Insurance - Personal home insurance policies are also relevant, as they cover damages to personal property within the insured premises. This type of insurance is gaining attention among homeowners and tenants [15][16]. - Home insurance typically covers personal belongings against various risks, including fire, theft, and water damage, while fire insurance primarily covers structural damages [19][20].