Government can claim Wang Fuk Court fire insurance payout if buyout plan proceeds

發佈日期: 2026-02-22 20:58

TVB News

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The Hong Kong Federation of Insurers said the right to claim the fire insurance payout would be transferred to the government  if property owners of units devastated by the Wang Fuk Court fire accept the government's buyout plan. 

This as home insurance plans purchased individually would not be affected. 

Authorities earlier announced its finalised plan to acquire the seven damaged buildings of the Tai Po housing estate.
 
They noted that the buyout plan will include subsidies of up to 4 billion dollars coming from public coffers, adding that the compensation could be obtained through insurance plans in the future. 

Speaking on a radio programme, Hong Kong Federation of Insurers chief Selina Lau said the compensation is capped at 2 billion dollars, with the insurance plan intended to be used for the restoration of the housing complex to its original state. She further noted that if property owners proceed with their decision to sell their units to the government, the insurance payout will also go to the authorities.  

This as Lau said homeowners who purchased home insurance plans on an individual basis will not be subject to this change of ownership. 

Meanwhile, responses to the government's questionnaire pertaining to affected property owners indicated that 9 percent insist on reconstruction at the original site.

Speaking on the feasibility of this measure, the Hong Kong Institute of Surveyors noted its initial estimations for a full-scale reconstruction will cost around 2.7 billion dollars.

While there are no real technical challenges, the institute said there are considerations that need to be made regarding the complex's deed of mutual covenant and property deed. 

Tony Wan, the institute's president, said affected property owners need to reach a consensus on the issue before starting the restoration project, but stressed the challenge of getting all owners to agree.