Simplifying AIMA members business insurance needs

Village Insurance Direct specializes in business insurance solutions for financial institutions particularly hedge funds.

These can be either start-ups or established businesses in Hong Kong.

We are able to package tailor-made solutions to ensure that you are covered both from a regulatory and a government perspective through employee benefits to aid staff retention.

We take pride in having the capability to package these areas of business to make the insurance set-up of a hedge fund painless, smooth and cost-effective.

We would welcome the opportunity to discuss our services in further detail through our many communication channels.

Employees’ Compensation
• injuries or death arising out of employment
• calculated as a percentage of your annual wage roll
An employer is liable to pay compensation in respect of injuries sustained by his employees as a result of an accident arising out of and in the course of employment or in respect of occupational diseases specified in the Employees’ Compensation Ordinance. This insurance is mandatory for all Hong Kong businesses. Employees’ Compensation insurance is calculated as a percentage of your annual wage roll.

Office
• furniture and fixed office equipment (computers / servers, etc.) • mobile office equipment (smartphones / tablets / laptops)
Covers the following areas:
1) furniture and fixed office equipment (landlords fittings/
employees personal effects etc).
2) Public liability insurance is also normally included within office
insurance.
3) Business interruption insurance can cover costs for temporary
relocation due to severe weather or a fire for example which
forces your business to close.
4) Loss of money insurance – this can cover you if you have money
stolen or lost during transit.
5) Employees’ compensation insurance – can be bundled into office
insurance (this is common).

Professional Indemnity Directors’ & Officers’ Liability
• defense costs, fee disputes, trading errors, regulatory investigation • breaches of investment mandates
• inappropriate asset allocation / investment advice
• failure to perform due diligence
• inadequate disclosure in offering documents • employees theft of funds
• administration errors in unit pricing

ERISA Bond
• ERISA section 412 requirement
• Loss arising from fraud and dishonesty
The Employee Retirement Income Security Act (ERISA) sets rules and standards of conduct for private sector employee benefit plans and those that invest and manage their assets. An ERISA bond is an insurance that protects the plan against losses caused by acts of fraud or dishonesty.

Key Person
• losses related to extended period when a key person is unable to work
• protects profits, shareholdings and/or partnership interests
• useful for CIOs / CEOs / Directors
Simply put this is life insurance on the key person(s) in a business.
In a small business, this is usually the owner, the founders or a key employee. These people are usually crucial to the business and their absence would potentially sink the company. It is there to protect profits, shareholdings and/or partnership interests. In the alternative investment world, common people to protect would be the CIO, CEO or COO. “Riders” can be added to the life insurance cover, including critical illness cover, permanent and total disability cover, and accidental death cover.

Medical
• in-patient, out-patient, dental, maternity, evacuation
• pre-existing conditions covered (10+ employees)
Virtually all Hong Kong employers offer their staff medical insurance. This can be from basic in patient only cover (hospitalisation/major medical), through to adding out-patient cover (doctor’s visits/MRI’s physio/X-Rays etc), to dental cover which can be routine check-ups/ cleaning/polishing, through to tooth extractions, fillings, root canals etc, and emergency dental cover in the case of an accident. Maternity cover can also be added (maternity care is extremely expensive in Hong Kong at selected hospitals). Pre-existing conditions with certain insurers and plans can be covered.

Life
• cover employees household expenses / mortgage payments / rent / education costs
Critical Illness
• lump sum payment covering extended time absent from work

Travel
• trip cancellation or curtailment
• staff replacement due to insured being incapacitated during
business trip
This covers losses that may be incurred while travelling, such as medical expenses, flight cancellations, lost luggage etc. Cover can be purchased for both business and vacation travel.