AIG Monexo Protector is an innovative insurance solution which Monexo has purchased from AIG Insurance Hong Kong Limited to benefit borrowers and lenders who enter into loans through Monexo’s Peer-to-Peer lending market place. AIG Monexo Protector provides peace of mind to borrowers in case of rental default, reimbursing up to HKD40,000 in legal fees incurred in pursuing legal action against the tenant. We understand that a defaulting tenant can place considerable strain on our borrower, as landlord, not only in the loss of rental, but in the effort needed to gain repossession of the property. Coverage of legal fees assists in alleviating the strain of this situation.
We also understand that lenders are putting their capital at risk. Whilst risk cannot be eliminated, it can be mitigated. AIG Monexo Protector assists in this respect by providing cover for the loan up to a certain amount, in the event of accidental death to either the borrower or the borrower’s tenant, or if the property is rendered uninhabitable. Monexo’s purchase of this coverage, is testament to its commitment to seeking out innovative solutions for its peer-to-peer users.
Coverage is subject to terms and conditions. To know more, Click here.
|Legal costs protection||AIG HK will reimburse the Borrower for legal costs incurred by the Borrower in taking action against a Tenant to recover unpaid Rent or to regain possession of the Property.||Up to HKD40,000||Borrower|
|Rent protection||AIG HK will indemnify unpaid Rent by the Tenant to Borrower (after deduction of the deposit), provided the Borrower has commenced legal action to forfeit the lease within 14 days of the date on which the amount of outstanding Rent exceeds the rental deposit and has obtained a court judgment against the Tenant||Up to HKD600,000||Lender*|
|Damage to rented property, rendering it uninhabitable||If the Building in which the rented Property is situated suffers loss or damage so as to render it uninhabitable, as determined by the relevant government authority, AIG HK will indemnify the amount of rent unpaid as a result of such determination.||Up to HKD600,000||Lender*|
|Accidental Death of the Borrower||If the Borrower dies as a result of an Accident, AIG HK will indemnify the amount of the Loan outstanding at the time of death.||Up to HKD600,000||Lender*|
|Accidental Death of the Tenant||If the Tenant of the Borrower dies as a result of an Accident, AIG HK will reimburse an amount for unpaid Rent arising by reason of the Tenant’s death.||Up to HKD600,000||Lender*|
*Note the Borrower automatically assigns the benefit of these coverages to the Lender under the terms of the Master Insurance Policy, hence the Lender will ultimately receive the claim payment see “To whom will claims be paid by AIG HK?” for further details.