95% of Hong Kong’s private buildings now insured

New building management regulation requires all owners' corporations to procure and keep in force third-party insurance.

Ninety-five per cent of buildings with owners' corporations had procured third-party insurance by September 30.
Secretary for Home Affairs Tsang Tak-sing told legislators on Wednesday 755 buildings with owners' corporations had not yet procured insurance policies. About 30% of them have indicated their buildings are under repair and they will get insurance upon the completion of works. Another 20% are asking insurance companies for quotations.

Under the Building Management (Third Party Risks Insurance) Regulation, which takes effect on January 1, all owners' corporations are required to procure and keep in force third-party insurance. The minimum insured amount of each policy should be $10 million per event, according to a government report.

Mr Tsang said the Government will not prosecute those without a policy when the regulation comes into effect, provided they can prove they have taken the initiative and tried their best to procure a policy.

The Home Affairs Department has issued letters to all owners' corporations inviting them to attend a new round of district talks this month where they can ask questions on insurance matters.