{"id":3385,"date":"2022-07-05T10:38:58","date_gmt":"2022-07-05T02:38:58","guid":{"rendered":"https:\/\/www.pacificprime.hk\/blog\/?p=3385"},"modified":"2022-07-05T10:38:58","modified_gmt":"2022-07-05T02:38:58","slug":"no-insurance-payout-for-jumbo-floating-restaurant","status":"publish","type":"post","link":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/","title":{"rendered":"No insurance payout for Hong Kong’s capsized Jumbo Floating Restaurant"},"content":{"rendered":"

Hong Kong\u2019s iconic tourist attraction, Jumbo Floating Restaurant, was forced to leave its home behind. Having faced financial troubles for years, its company, Aberdeen Restaurant Enterprises, finally announced its departure. However, its first trip outside of Hong Kong was also shrouded in mystery.<\/p>\n

First, Jumbo was said to have sunk on its way to Cambodia before the company backtracked to clarify that while it has capsized near the Xisha Islands in the South China Sea, it is still afloat<\/a>. As citizens\/HongKongers speculated on whether this was a calculated scam for an insurance payout, the company claimed that it would not receive any.<\/p>\n

In this Pacific Prime Hong Kong<\/a> article, we\u2019ll take a look at why Jumbo received no insurance payout and what property and casualty insurance can do for you.<\/p>\n

\n

\"Company<\/a><\/p><\/div>\n\n

What is property and casualty insurance?<\/h2>\n

Let\u2019s get you up to speed with what property and casualty insurance<\/a> is before diving into this interesting case study. Also known as P&C insurance, it financially protects business owners from liability or damages<\/a> in case of disasters or accidents. Notably, it can also cover less tangible elements such as your business reputation.<\/p>\n

Individuals may secure property and casualty insurance in the form of vehicle and\/or home insurance. Put simply, property and casualty insurance can be considered separately. Property insurance covers your possessions, whereas casualty insurance offers liability coverage.<\/p>\n

Boat insurance, a type of property & casualty insurance<\/h2>\n

All boat or marine pleasure craft owners in Hong Kong are legally required to secure boat insurance. Of course, Jumbo Floating Restaurant is no exception. Much like car insurance here, there are two types of boat insurance<\/a> policies: third-party and comprehensive.<\/p>\n

Third party boat insurance<\/h3>\n

The former protects the liability of the third party, such as compensation for property damage or personal injury\/death in collisions or accidents.<\/p>\n

Comprehensive boat insurance<\/h3>\n

On the other hand, a comprehensive plan includes all of the above plus coverage for any damage done to the vessel itself. For instance, a sunken boat may receive compensation only if it\u2019s under a comprehensive policy. Some policies also include salvage costs though it\u2019s wise to check with your insurer before buying.<\/p>\n

Keep in mind that it\u2019s generally more difficult for older boats to secure comprehensive insurance as they have a higher risk profile. Unless otherwise specified, vessels are covered in Hong Kong waters only. It\u2019s therefore good practice to inform your insurer in advance if you\u2019ll be sailing outside of Hong Kong or before purchasing the plan altogether.<\/p>\n

Why was there no insurance payout for Jumbo Floating Restaurant?<\/h2>\n

“The vessel is covered by a ‘Protection and Indemnity Cover for Third Parties Liability’ in accordance with maritime regulations. This insurance covers third party losses, not losses to the company,” said Aberdeen Restaurant Enterprises<\/a>.<\/p><\/blockquote>\n

According to the Hong Kong Maritime Ordinance, shipping companies are required to purchase at least HKD $5 million worth of personal injury protection for all vessels. Aberdeen Restaurant Enterprises, the company that owns Jumbo Floating Restaurant, confirms that they possess third-party boat insurance only. This explains why they didn\u2019t receive any insurance payout for the capsized vessel.<\/p>\n

Towing straight out to sea vs. on a semi-submersible<\/h2>\n

Sea Palace Floating Restaurant, the sister boat of Jumbo Floating Restaurant, was transported to the Philippines on a specialized semi-submersible earlier this year. When asked why they towed Jumbo directly out to sea this time, experts pointed out that there is a low supply of semi-submersibles in the market. The cost of towing can also be upwards of hundreds of millions of Hong Kong dollars. Thus, due to cost concerns, Aberdeen Restaurant Enterprises might have opted out of professional semi-submersible.<\/p>\n

Having said that, the shipping company emphasized that direct towing to the sea is in line with international maritime regulations and practices. Before leaving the port, marine engineering experts had been hired to inspect the hull structure and install the hoardings. What\u2019s more, the voyage was approved by the government. The shipping company had also entrusted a licensed third party to arrange for a tugboat company to hire an expert to conduct the voyage.<\/p>\n

Get protected with Pacific Prime Hong Kong<\/h2>\n

Do you happen to own a vehicle or vessel in Hong Kong? Perhaps you are thinking of relocating overseas? From boat insurance to property and casualty insurance<\/a>, we have a host of plans for you to choose from. Marine cargo insurance<\/a> ensures that your cargoes and valued items are protected during transportation, so you can relocate or conduct business shipments worry-free.<\/p>\n

Whatever your insurance needs, our expert insurance advisors are ready to help you find suitable plans within your budget. Contact our team today<\/a> for a free plan comparison and impartial advice!<\/p>\n

\n

\"Corporate<\/a><\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"

Hong Kong\u2019s iconic tourist attraction, Jumbo Floating Restaurant, was forced to leave its home behind. Having faced financial troubles for years, its company, Aberdeen Restaurant Enterprises, finally announced its departure. However, its first trip outside of Hong Kong was also shrouded in mystery. First, Jumbo was said to have sunk on its way to Cambodia …<\/p>\n","protected":false},"author":24,"featured_media":3386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2},"_links_to":"","_links_to_target":""},"categories":[2,131],"tags":[789,2568,463,2570,788,598,2571,2569,2394],"class_list":["post-3385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insurance","category-news","tag-ban_cor","tag-boat-insurance","tag-business-insurance","tag-case-study","tag-cta_cor","tag-hong-kong-news","tag-jumbo-floating-restaurant","tag-marine-cargo-insurance","tag-property-and-casualty-insurance"],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\nNo Insurance Payout for HK's Capsized Jumbo Floating Restaurant<\/title>\n<meta name=\"description\" content=\"HK's Jumbo Floating Restaurant had capsized but received no insurance payout. Find out why that is and what P&C insurance can do for you.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No Insurance Payout for HK's Capsized Jumbo Floating Restaurant\" \/>\n<meta property=\"og:description\" content=\"HK's Jumbo Floating Restaurant had capsized but received no insurance payout. Find out why that is and what P&C insurance can do for you.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/\" \/>\n<meta property=\"og:site_name\" content=\"Pacific Prime Hong Kong's Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-05T02:38:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.pacificprime.hk\/blog\/wp-content\/uploads\/2022\/07\/pacific-prime-no-insurance-payout-for-Hong-Kong-Jumbo-Floating-Restaurant.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1138\" \/>\n\t<meta property=\"og:image:height\" content=\"493\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Serena Fung\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Serena Fung\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"No Insurance Payout for HK's Capsized Jumbo Floating Restaurant","description":"HK's Jumbo Floating Restaurant had capsized but received no insurance payout. Find out why that is and what P&C insurance can do for you.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/","og_locale":"en_US","og_type":"article","og_title":"No Insurance Payout for HK's Capsized Jumbo Floating Restaurant","og_description":"HK's Jumbo Floating Restaurant had capsized but received no insurance payout. Find out why that is and what P&C insurance can do for you.","og_url":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/","og_site_name":"Pacific Prime Hong Kong's Blog","article_published_time":"2022-07-05T02:38:58+00:00","og_image":[{"width":1138,"height":493,"url":"https:\/\/www.pacificprime.hk\/blog\/wp-content\/uploads\/2022\/07\/pacific-prime-no-insurance-payout-for-Hong-Kong-Jumbo-Floating-Restaurant.jpg","type":"image\/jpeg"}],"author":"Serena Fung","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Serena Fung","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/","url":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/","name":"No Insurance Payout for HK's Capsized Jumbo Floating Restaurant","isPartOf":{"@id":"https:\/\/www.pacificprime.hk\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/#primaryimage"},"image":{"@id":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/www.pacificprime.hk\/blog\/wp-content\/uploads\/2022\/07\/pacific-prime-no-insurance-payout-for-Hong-Kong-Jumbo-Floating-Restaurant.jpg?fit=1138%2C493&ssl=1","datePublished":"2022-07-05T02:38:58+00:00","dateModified":"2022-07-05T02:38:58+00:00","author":{"@id":"https:\/\/www.pacificprime.hk\/blog\/#\/schema\/person\/b500a34dd8c747f763b8afe701e8d45e"},"description":"HK's Jumbo Floating Restaurant had capsized but received no insurance payout. Find out why that is and what P&C insurance can do for you.","breadcrumb":{"@id":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/#primaryimage","url":"https:\/\/i0.wp.com\/www.pacificprime.hk\/blog\/wp-content\/uploads\/2022\/07\/pacific-prime-no-insurance-payout-for-Hong-Kong-Jumbo-Floating-Restaurant.jpg?fit=1138%2C493&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.pacificprime.hk\/blog\/wp-content\/uploads\/2022\/07\/pacific-prime-no-insurance-payout-for-Hong-Kong-Jumbo-Floating-Restaurant.jpg?fit=1138%2C493&ssl=1","width":1138,"height":493,"caption":"This image display Hong Kong's Jumbo Floating Restaurant that did not receive any insurance payout."},{"@type":"BreadcrumbList","@id":"https:\/\/www.pacificprime.hk\/blog\/no-insurance-payout-for-jumbo-floating-restaurant\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.pacificprime.hk\/blog\/"},{"@type":"ListItem","position":2,"name":"No insurance payout for Hong Kong’s capsized Jumbo Floating Restaurant"}]},{"@type":"WebSite","@id":"https:\/\/www.pacificprime.hk\/blog\/#website","url":"https:\/\/www.pacificprime.hk\/blog\/","name":"Pacific Prime Hong Kong's Blog","description":"Top articles covering International Health Insurance in Hong Kong and beyond","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.pacificprime.hk\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.pacificprime.hk\/blog\/#\/schema\/person\/b500a34dd8c747f763b8afe701e8d45e","name":"Serena Fung","description":"Serena Fung is a Senior Content Creator at Pacific Prime, a global insurance brokerage and employee specialist serving over 1.5 million clients in 15 offices across the world. With 2+ years of experience writing about the subject, she aims to demystify the world of insurance for readers with the latest updates, guides and articles on the blog. Serena earned her Bachelor\u2019s Degree in Psychology from the University of British Columbia, Canada. As such, she is an avid advocate of mental health and is fascinated by all things psychology (especially if it\u2019s cognitive psychology!). Her previous work experience includes teaching toddlers to read, writing for a travel\/wellness online magazine, and then a business news blog. These combined experiences give her the skills and insights she needs to explain complex ideas in a succinct way. Being the daughter of an immigrant and a traveler herself, she is passionate about educating expats and digital nomads on travel and international health insurance.","sameAs":["https:\/\/www.linkedin.com\/in\/serena-fung-849902126\/"],"url":"https:\/\/www.pacificprime.hk\/blog\/author\/serena\/"}]}},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.pacificprime.hk\/blog\/wp-content\/uploads\/2022\/07\/pacific-prime-no-insurance-payout-for-Hong-Kong-Jumbo-Floating-Restaurant.jpg?fit=1138%2C493&ssl=1","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/posts\/3385"}],"collection":[{"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/comments?post=3385"}],"version-history":[{"count":1,"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/posts\/3385\/revisions"}],"predecessor-version":[{"id":3387,"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/posts\/3385\/revisions\/3387"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/media\/3386"}],"wp:attachment":[{"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/media?parent=3385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/categories?post=3385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pacificprime.hk\/blog\/wp-json\/wp\/v2\/tags?post=3385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}