Hong Kong Government to Pursue Insurance Claims for Wang Fuk Court Residents

The administrator of the fire-ravaged Wang Fuk Court has reassured residents that the Hong Kong government will assume responsibility for pursuing claims on insurance policies bought by the estate on behalf of owners who sell their flats to authorities under a buy-back plan. But some residents of the Tai Po estate who attended Wednesday’s Zoom briefing by Hop On Management found key questions regarding their insurance claims remained unanswered, including how and when they could expect compensation from the insurer. Addressing concerns that residents who accept the government’s buy-back offer might lose their rights to claim various insurance benefits from China Taiping Insurance (HK) Company, Hop On said authorities would take full responsibility. The government has earmarked HK$6.8 billion (US$870 million) to acquire flats at seven of the blocks damaged in the fire. The plan was later extended to the spared eighth block at an additional cost of HK$1 billion. “If the owners agree to sell the title to the government, it will bear the rights to the property all-risks insurance claims,” Frankie Chan, service director at Hop On, said. “This means the government will proactively take on all legal responsibilities and procedures, as well as the risks of uncertainty regarding compensation amounts and processing timelines.