Frequently Asked Questions

What is Home Insurance and how is it important to me?

Home Insurance provides financial protection for your home (building and contents) against accidental physical damage arising from common risks as follows:

• Fire, lightning
• Explosions
• Falling aircraft or other aerial device or any article dropped therefrom
• Bursting or overflowing domestic water tanks, apparatus or pipes
• Theft accompanied by actual forcible and violent breaking into or out of a building or any attempt to do so
• Impact with the buildings by any road-vehicle, horse or cattle not belonging to nor under the control of the insured
• Earthquake or volcanic eruption
• Hurricane, cyclone, typhoon, windstorm, or hail
• Flood (including overflow of sea water)
• Landslip and subsidence

The home insurance policy also extends to cover any of the following costs under the Home Building section:

• Architects', surveyors' and consultant engineers' costs
• Removal of debris costs
• Fire brigade charges and extinguishing costs
• Alternative accommodation

You can also apply for Liability insurance to cover your liability to the third party according to Civil Law (including bodily injury and physical damage).

What is Home Insurance type?

There are 2 types of coverages for you to choose from (together or separately):

• Home Building
• Home Contents

In addition, you will receive Plan A of Liability insurance for free provided that you have applied coverage for either Home Building or Home Contents or both. You may also buy higher Liability insurance plans i.e Plan B, C, D (once you have either Home Building or Home Contents or both) by paying an additional premium. Please refer to Home insurance product page for more information at https://www.hsbc.com.vn/en-vn/insurance/products/home/.

As a tenant, may I apply for Home Building Insurance?

You can absolutely apply for Home Building Insurance if it is specified under the tenancy agreement that you are responsible for it.

Moreover, you can also apply for Home Contents Insurance for the household contents which are your own assets or under your custody.

As an owner of a house for rent, may I apply for both Home Building and Home Content Insurance?

You can absolutely apply for Home Building Insurance, and also the Home Contents insurance if those contents are your own assets.

Is Home insurance guaranteed by HSBC?

Home Insurance is provided by Baoviet Insurance Corporation (hereinafter referred as Baoviet).

It is not an obligation of, deposits in or guaranteed by HSBC Bank (Vietnam) limited.

How can I make my premium payments for Home insurance?

Premium payment for home insurance can be made through 01 (one) of 03 (three) channels as follows:

• Online Payment Gateway of Baoviet at link https://payment.baoviet.com.vn/paymentnetwork.
• Cash payment to Baoviet ’s account at any counter of Baoviet Bank. Branch network of Baoviet Bank is available at link https://www.baovietbank.vn/vi/mang-luoi-hoat-dong.
• Funds transfer to Baoviet 's account at Baoviet Bank.

Beneficiary’s account information for cash payment /funds transfer: 

Account Name: Baoviet Insurance Corporation.

Account Number: 0071033444000 at Baoviet Bank-Branch HO.

Address: 1st and 5th Floor, Corner Stone Building, No 16 Phan Chu Trinh, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi.

Is there anyadditional fees & charges for Home Insurance?

No additional fees and charges other than insurance premium is required when taking out insurance.

What will I receive after I buy a home insurance policy?

A full package of Certificate of home Insurance and Policy Wordings will be sent to your mailing address by Baoviet.

Whom should I call if I need help or have any inquiry on my policy?

You may contact HSBC Relationship Manager who has arranged your policy or call Baoviet policy management number stated in your Certificate of Insurance should you have any queries about your policy.

I forgot to pay my renewal home insurance premium and my home insurance policy has lapsed. I still need home protection. What should I do?

Renewal premium payment for home insurance is required to be made before the home insurance is policy expires. In case you fail to pay the renewal premium on time, you should contact HSBC Relationship Manager for new application.

After the policy is issued, can I change the level of protection or add any supplementary benefit?

Once the policy is issued, you cannot change the level of protection or add any supplementary benefit. Changes can be made at the renewal time subject to Baoviet's acceptance.

Can I change the frequency of payment after the policy becomes effective?

Full premium payment need to be made one-off before inception. Instalment payment option is not available.

What should I do if I want to cancel my policy?

Provided no claims have been made or payable during the policy period, you may terminate your policy by filling in Refund or Endorsement Request Form, having it sent to the Baoviet and returning the Certificate of Insurance.

How much can I get back if I cancel the policy?

Upon your eligible cancellation request, you shall be entitled to a premium refund which deducts the premium amount computed by the Insurance Company according to short period rates for the period during which the Policy had been in force. Please be noted that premium refund is applicable to 1-year Policy only. The premium refund will be made within 7 working days (in cash) or 14 working days (by bank transfer).

Is the premium guaranteed to remain unchanged?

Premium shall maintain unchanged during the insurance period unless there appear significant changes in risk exposure.

Is there a hotline for claim inquiry?

For claim inquiry, you may call the claim hotline stated in your Certificate of Insurance.

When I complained about compensation, how does Bao Viet conduct a valuation of my assets?

The compensation for property damage inside a home is on the basis of "New replacement value", which means that any lost or irreparable property will be replaced by a new property of the same type yet with no better quality. The cost of repairing damaged properties will also be compensated. Property valuation will be easier if you can provide Bao Viet with purchase invoices, receipts or property repair quotes.

If the damage or damaged property is an integral part of another property, the extent of the loss will correspond to a fair proportion of the total value of the property, depending on its function.

How is the building value of my house determined? If I can’t determine, who will advise me?

The construction value of the house is determined by the construction value per m2 based on market value, multiplied by the building area of the house. If the landlord cannot identify himself / herself, he can send documents related to the house (red book, pink book) to Bao Viet for advice.

What isn't covered under this policy? Are there any excesses or deductibles for claims?

The policy does NOT cover for damages:

• Occasioned by riot, civil commotion, strikers or locked-out workers;
• To any property whatsoever or any loss or expenses whatsoever resulting or arising therefrom or any consequential loss directly or indirectly caused by or contributed to by arising from any nuclear weapons material, voluntary or involuntary use of missiles and/or any kind of warlike weapons, ionizing radiation.
• To any electrical machine, apparatus, or any portion of the electrical installation arising from or occasioned by or over-running, excessive pressure, short circuiting, self-heating, arcing or leakage of electricity arising from whatever cause (lightning included);
• Caused by pollution or contamination;
• Losses and damages to data or software, computer programs;
• War and terrorism exclusion;
• Consequential loss or damage of any kind or description (except for Alternative accommodation).
• There are properties excluded under Home Building and Home Contents cover and exclusions applicable only to Liability cover. Please refer to the Home Insurance policy wording for more details at https://www.hsbc.com.vn/en-vn/insurance/products/home/.

Deductibles where applicable:

• Loss / Damage to the Building and the Contents: VND 2,000,000 for any one claim.
• Liability: VND 2,000,000 for any one claim in respect of property damage only.

What are the properties not covered under the House Building Section?

• The property is not owned by the Insured or the Insured is not liable for such property;
• The property whose value has been included in the sum insured of the Home Contents section.
  

What are the properties not covered under the Section of Home Contents coverage?

• Properties already insured under a different type of insurance;
• Assets removed for sale at a discount or exhibition or stored in furniture;
• Assets are gold, silver, jewelry or gemstones, artwork, manuscripts, plans, pictures or drawings, models, molds, medals, coins or precious books, securities , covenants or documents of any kind, stamps, coins or cash, bank drafts, checks, travelers checks, money orders, postal orders, bills of exchange, money orders, accounting records or other business books, motorbikes or spare parts, bicycles, pets unless specified in the Policy; Property is any part of the house's structure or ceiling, wallpaper and similar items or televisions, antennas, machinery, antenna posts, towers placed outdoors;
• The property whose value has been included in the total sum insured of the House Contents section.

What are the risks not covered under the Liability section?

• Physical injury or physical loss of the Insured, a member living with the Insured, his or her servants or servants;
• Damage to property owned and controlled by the Insured, members living with the Insured, his / her maid;
• The professional or business affairs of the Insured;
• The use of elevators, elevators or transport means;
• The replacement, addition, repair of the House;
• Liability associated with a contract without which there is no liability;
• Pollution or contamination;
• Complaints are made and lawsuits take place outside Vietnam's legal limits;
• The possession or care of any pet and / or cattle.

What is Car Insurance and how is it important to me?

Car Insurance provides a financial protection covering Compulsory Third Party’s Liability Insurance; Personal Accident Insurance for Driver and Passengers and Car Physical Damage due to:

• Crash collision, overturn, center of gravity accident, sink of whole car, other devices dropped on car, deliberate destruction behaviors of other(s).
• Fire, explosion.
• Natural disasters such as: storm, flood, landslip, thunderstorm, earthquake, hail, tornados.
• In case of total loss or damage above 75% of the car’s actual value or the repairing cost exceeds 75% of the car’s actual value, Bao Viet Insurance Corporation will indemnify for the insured car with its total value right at the time of accident/ loss.

Under Car Physical Damage coverage, a range of additional covers including Flooded automobile insurance, Non-depreciation for spare parts insurance, Repaired at genuine authorized garage.

What is Car Insurance type?

There are 03 types of coverages for you to choose from (together or separately):

• Car Physical Damage Insurance
• Personal Accident Insurance for Driver and Passengers
• Compulsory Third Party’s Liability Insurance

Is a car check required when I want to buy Car Physical Damage Insurance?

A car check is necessary for us to assess your car’s overall status to decide and take photos for Bao Viet]’s record unless your car is a brand new one.

Is my insurance guaranteed by HSBC?

Car Insurance is provided by Bao Viet Insurance Corporation (hereinafter referred as Baoviet). Hence, it is not an obligation of, deposits in or guaranteed by HSBC Bank (Vietnam) Ltd.

How can I make my premium payments?

Premium payment can be made through 01 (one) of 03 (three) channels as follows:

• Online Payment Gateway of Baoviet at link https://payment.baoviet.com.vn/paymentnetwork.
• Cash payment to Baoviet Insurance’s account at any counter of Baoviet Bank. Branch network of Baoviet Bank is available at link https://www.baovietbank.vn/vi/mang-luoi-hoat-dong.
• Funds transfer to Baoviet 's account at Baoviet Bank.

Beneficiary’s account information for cash payment /funds transfer:

• Account Name: Baoviet Insurance Corporation.
• Account Number: 0071033444000 at Baoviet Bank-Branch HO.
• Address: 1st and 5th Floor, Corner Stone Building, No 16 Phan Chu Trinh, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi.

Is there any additional fees & charges applicable for Car Insurance?

No additional fees and charges other than insurance premium is required.

Is the insurance premium to remain unchanged?

Premium shall maintain unchanged during the insurance period unless there appear significant changes in insurance risk exposure.

Do I need to bear any deductibles?

A minimum compulsory deductible under Car Physical Damage Insurance is VND 500,000 / occurrence, which means you have to pay VND 500,000 for an occurrence before the insurer makes payment for the remaining expense.

Under Flooded Automobile Insurance and Stolen Component Insurance, additional deductibles are applied beside the minimum compulsory deductible.

• Under Flooded Automobile Insurance: deductible for damaged engine is 10% of compensation amount and at least VND 3,000,000/occurrence.
• Stolen Component Insurance: 20% of compensation amount and at least VND 2,000,000/occurrence.

Deductible calculation method: Final compensation amount = (I) - (II) - (III)

(I) Compensation amount under insurance policy

(II) Deductible amount under Flooded Automobile Insurance and/or Stolen Component Insurance

(III) Compulsory deductible at 500,000 VND/ occurrence

What will I receive after I buy a car insurance policy?

A full package of Certificate of Insurance and Policy Wordings will be sent to your mailing address by Baoviet.

Whom should I call if I need help or have any inquiry on my car insurance policy?

You may contact HSBC Relationship Manager who has arranged your policy or call Baoviet policy management number stated in your Certificate of Insurance should you have any queries about your policy.

I forgot to pay my renewal premium and my car insurance policy has lapsed. I still need protection. What should I do?

Renewal premium payment is required to be made before the car insurance policy expires. In case you fail to pay the renewal insurance premium on time, you should contact HSBC Relationship Manager for new application.

Can I have an insurance premium discount if I had no claim in the previous years?

Yes. No claim bonus discount will be offered upon renewal as follows:

No Loss: 10% premium discount

Loss less than or up to 50% paid insurance premium: 5% premium discount

Will my claim history affect the renewability of my policy and the renewal premium?

Unless in special circumstances where the loss is abnormally adverse, the car insurance policy will not be declined to renew. In cases when the loss ratio is considered high, Baoviet reserves the right to adjust your renewal premium as below:

Loss ratio above 150% but less than or equal to 200% paid insurance premium: 5% premium increase.

Loss ratio above 200% paid insurance premium: 10% premium increase.

We will, however, give you sufficient notification in advance.

After the car insurance policy is issued, can I change the level of protection or add any supplementary benefits?

Once the car insurance policy is issued, you cannot change the level of protection or add any supplementary benefits. Changes can be made at the renewal time subject to Baoviet's acceptance.

Can I change the frequency of payment after the car insurance policy becomes effective?

Full premium payment is required to be made one-off before inception. Instalment payment option is not available.

What should I do if I want to cancel my car insurance policy?

• For Car Physical Damage Insurance and Personal Accident Insurance for Driver and Passengers, you may terminate your policy at any time provided no claims have been made or payable during the policy period.
• For Compulsory Third Party’s Liability Insurance, the policy can only be terminated in special circumstances as regulated by law.

Should you wish to and are eligible to terminate the policy, you need to fill out Refund or Endorsement Request Form, have it sent to Baoviet 15 days in advance and return the Certificate of Insurance.

How much can I get back if I cancel the car insurance policy?

• For Car Physical Damage Insurance and Personal Accident Insurance for Driver and Passengers, Baoviet shall return a proportionate part of 70% of premium corresponding to the unexpired period of insurance.
• For Compulsory Third Party’s Liability Insurance, Baoviet shall return a proportionate part of 70% of premium corresponding to the unexpired period of insurance.

Premium refund is unavailable once there occurred any insured event.

The premium refund will be made within 15 days for Car Physical Damage Insurance and Personal Accident Insurance for Driver and Passengers or 05 days for Compulsory Third Party’s Liability Insurance.

Is there a hotline for claim inquiry?

In case of accident, please contact Bao Viet Insurance Corporation as soon as possible at hotline 1900 55 88 99 for claim guidance.

For physical damage insurance, in which case Bao Viet will not indemnify the loss or damage?

Baoviet will not indemnify the Automobile Owner for any loss or damage to the insured automobile due to:

1. Acts by an Automobile Owner, Driver, or beneficiary causing damage;
2. Driver does not have qualified driving license.
3. The certificate for technical safety and environment verification of the automobile is not valid at the time of accident when the automobile is joining traffic.
4. The driver has blood or breath alcohol contents exceed 50 milligrams/ 100 milliliters of blood or 0.25 milligrams/1 liter of breathing air or uses drugs and stimulants prohibited by the law.
5. Violation of traffic law such as: driving on restricted road, going in the opposite direction, crossing red light.
6. Racing (legal or illegal).
7. The automobile is used to transport prohibited goods as prescribed by law.
8. Losses occur out of the territory of the Socialist Republic of Vietnam.
9. Losses occur in case of war and terrorism.
10. Wear and tear; depreciation in quality or value, breakdown through defect or additional damage due to repair, during repair process.

For more exclusions, please refer to Physical Damage Insurance Wording at https://www.hsbc.com.vn/en-vn/insurance/products/car/.