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Is the accidental dropping of a watch into water subject to water damage excess?

It has always been MSIG’s belief that our protection should primarily be built upon the interest of our customers. A recent case fully demonstrates our philosophy.

Mr Cheung accidentally dropped his watch into water. After checking his Home Protector insurance policy, he discovered that he had to pay $1,000 excess if the damage was caused by water. He decided to call us for more information about the water damage excess.

As the watch was damaged by water, a layman would naturally think that he has to pay the water damage excess according to the policy. The original intention of imposing a water damage excess was to limit excessive losses that serious incidents such as typhoons and flooding might bring to the insurer. Technically speaking, some insurers may apply the water damage excess to Mr Cheung’s claim. Knowing the underwriting intention of water damage excess, we chose not to in order to act fairly and responsibly to our customers.

There are lots of home contents insurance policies in the market and different insurers have different business philosophies and interpretations of policy wordings. At MSIG we always strive to provide insurance products that bring true protection to our customers.

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