HKROA

Bloodstock Insurance Scheme

The Hong Kong Racehorse Owners Association (“HKROA”) has appointed Storfield Insurance Consultants Limited (“Storfield”) as the Association's preferred broker, offering HKROA Members bloodstock insurance services with security provided by HSBC Insurance (Asia) Limited. Available covers and services are highlighted as followed:

(I)

For Racehorses in Hong Kong

The following types of insurance are available for racehorses currently in Hong Kong :

Types of Cover include:

Basic Cover:	Mortality (Limit of indemnity: 100% of sum insured)
Optional Rider #1:	Restrictive Loss of Use (Limit of indemnity: 100% of sum insured)
Optional Rider #2a:	80% Full Loss of Use (Limit of indemnity: 80% of sum insured)
Optional Rider #2b:	90% Full Loss of Use (Limit of indemnity: 90% of sum insured)
Optional Rider #2c:	100% Full Loss of Use (Limit of indemnity: 100% of sum insured)

(II)

For Racehorses currently overseas pending to be imported to Hong Kong for racing purposes

One-stop-for-all bloodstock insurance is available for racehorse currently domiciles overseas pending to be imported to Hong Kong for racing purposes. Mortality cover immediately commences from overseas, inclusive of whilst racehorse is at farm, at quarantine, training and transit risks to Hong Kong until policy expires.

The insurance, however, does NOT cover racehorse participate in any form of races outside of Hong Kong.

The above insurance is available for racehorse domiciles in Australia, New Zealand, UK, Europe, USA, South Africa and South America pending to be imported to Hong Kong for racing purposes.

Restrictive or Full Loss of Use insurance may be applied upon the racehorse’s arrival to Hong Kong, subject to the racehorse undergoes an anew underwriting and acceptance by the Insurance Company

(III)

Other Available Insurance Covers

(a)

Transit Insurance
Transit Insurance from overseas to Hong Kong (Mortality cover)

(b)

Fall of Hammer Insurance
Immediate cover is available upon successful bid of a horse (“fall of hammer”) at public auctions (e.g. Hong Kong International Sales, Karaka Sales, Magic Million Sales, etc)

(c)

Extension for racehorses participating in overseas races is available.

Bloodstock insurance has a very limited market in Hong Kong. We aim to secure the best possible terms and high quality of services to Members of the HKROA.

For any enquiry, please contact Ms. Victoria Lau of Storfield at 2231 0307 or us at 2877 2807.

Remarks:

*The above insurance covers are subject to underwriting and acceptance of HSBC Insurance (Asia) Ltd.

*The above information is for reference only. All Terms, Conditions and Exclusions are subject to policy wordings of HSBC Insurance (Asia) Ltd.

FAQs

(1)	Who insures the bloodstock insurance?
	The bloodstock insurance is insured by HSBC Insurance (Asia) Ltd. As the bloodstock insurance market in Hong Kong is quite limited at present, HSBC Insurance could be the only local Insurer with underwriting and claims settlement authority for bloodstock insurance in Hong Kong.

(2)	What are the conditions for acceptance of risk?
	The acceptance of risk is subject to the provision of a satisfactory veterinary certificate, signed proposal form AND due acceptance by the Insurance Company, HSBC Insurance (Asia) Ltd. The policy renewal is subject to the provision of an anew satisfactory veterinary certificate and re-assessment by the Insurance Company upon policy expiry.

(3)	What is the scope of cover of Mortality Insurance? Does the insurance cover death of racehorse due to humane destruction?
(a)	The Mortality Insurance intends to only cover death of the racehorse as a direct result of accident or sickness during the period of insurance. Intentional slaughter or humane destruction of a racehorse are standard Policy Exclusions except in cases where qualified veterinary surgeons certified that the horse is suffering from a life threatening condition, and the suffering is incurable and so excessive that immediate destruction is absolutely necessary for humane reasons. In particular, humane destructions due to environmental or economic reasons are NOT cover under the Mortality Insurance. (For example: A horse is put down after retirement as it is unfit to export or not admitted by the riding school).

(4)	Will my racehorse be covered after it has retired from the HKJC?
(a)	No. The insurance policy only covers in-forced racehorses. Once the racehorse is retired from the Hong Kong Jockey Club, the policy is deemed as automatically cancelled and the racehorse no longer has any insurance cover, unless separate special arrangement is made in advance with the insurance company.
(c)	Extension for racehorses participating in overseas races is available.
(5)	Does the basic insurance policy cover risks that arise when my racehorse travels overseas (For example: For racehorse to participate at races or training overseas)
(a)	No. The standard policy only covers risks that arise within Hong Kong SAR (except for transit insurance). Overseas risks including transit risks are not covered under the standard policy. Should you plan to transit your racehorse overseas, please inform Storfield in advance for arranging appropriate insurance cover for your racehorse.

The above information is for reference only. All Terms, Conditions and Exclusions are subject to policy wordings of HSBC Insurance ( Asia ) Ltd.