Manage Hiscox

How to cancel hiscox insurance in singapore and claim your refund

Understanding hiscox and your policy options

Hiscox is a specialist insurer focused on small and medium-sized businesses across Singapore and the Asia-Pacific region. The company offers tailored business insurance products including professional liability cover, property insurance, and other niche lines designed for entrepreneurs and enterprises. Your policy sits within a global insurance group with deep expertise in commercial risk, but cancelling your cover requires clarity on exactly which legal entity issued your policy and where to direct your cancellation request.

Hiscox presence and office locations in singapore

Hiscox operates in Singapore through registered affiliates and authorised brokers. The primary Hiscox Asia office is located at 105 Cecil Street, The Octagon, Singapore. If you hold a policy underwritten through DirectAsia (a Hiscox-owned entity), your local point of contact may be 20 Anson Road, Singapore. Before you cancel, confirm which legal entity appears on your policy documents, as this determines the correct cancellation procedure and your refund eligibility under Singapore law.

Many policies are sold through brokers or digital platforms, so your cancellation request may need to go to your broker first, rather than directly to Hiscox head office. Check your policy schedule or renewal notice to identify the correct contact.

Why you might cancel hiscox

You may cancel because your business has changed, you have moved risk to another insurer, your business is winding down, or you simply want to switch to a more competitive provider. Whatever your reason, Stopee recommends you understand your refund rights and any cancellation penalties before you submit your cancellation request, so you are not caught off guard by charges or unexpected policy terms.

Key consumer rights when cancelling in singapore

Your cancellation rights in Singapore are protected by the Consumer Protection (Fair Trading) Act (CPFTA) and the Insurance Act, though business policies are treated differently from consumer policies.

Cooling-off period and refund guarantees

Singapore's 14 to 30-day cooling-off period generally applies to life insurance and health insurance products. Business and commercial insurance policies, including professional liability and property cover, do not routinely qualify for a statutory cooling-off refund. However, your specific Hiscox policy wording may include a voluntary "free look" period; you must check your policy documents to confirm. If Hiscox has offered a cooling-off clause, you must exercise it within the stated window (typically 14 days from issue) and in writing to retain any refund rights.

Pro tip: Request a copy of your full policy wording and the schedule of terms from Hiscox or your broker. Look for clauses headed "Cooling Off", "Right to Cancel", or "Free Look Period". If you find one, note the exact deadline and method of cancellation it specifies.

Fair trading and disclosure obligations

Hiscox must disclose all material terms, including any non-refundable portions of your premium, before you purchase or renew. If Hiscox or your broker has failed to disclose premium retention penalties or has misrepresented coverage, you have grounds to dispute a refusal to refund. Stopee advises you to gather all communications and quote documents as evidence if you decide to escalate a complaint to the Monetary Authority of Singapore (MAS) or the Consumer Association of Singapore (CASE).

How to cancel your hiscox policy

Hiscox business policies in Singapore typically do not offer an online cancellation form or self-service portal; you must initiate cancellation by phone or in writing.

Step-by-step cancellation process

1. Locate your policy documents and identify the cancellation contact method. Check your policy schedule, most recent renewal notice, or the Hiscox website for the Singapore office phone number and email address.
   • If you purchased through a broker, contact your broker first; they may handle the cancellation on your behalf.
   • If you are unsure which entity issued your policy, call both Hiscox direct (105 Cecil Street) and your broker to confirm.
2. Call or email the relevant contact with your cancellation request. Provide your policy number, full business name, and the effective cancellation date you want (for example, "end of current period" or a specific date). State clearly: "I wish to cancel my policy effective [date]."
   • Do not assume immediate cancellation; confirm the exact date your cover will end.
   • Ask whether Hiscox requires a written formal notice, a cancellation form, or an attestation.
3. Ask for written confirmation of your cancellation. Hiscox must issue a cancellation reference and a confirmation letter showing:
   • Your policy number
   • The cancellation effective date
   • Any refund amount and the timeline for payment
   • Whether claims are still accepted for incidents before the cancellation date (known as "tail cover")
4. If you require a backdated cancellation or need to claim a loss that occurred before the cancellation, ask Hiscox whether a Loss Prevention Report (LPR) or formal amendment is required. Do not cancel without understanding the claims implications.
   • Warning: Cancelling your policy may prevent you from claiming for incidents that occurred during the cover period but reported after cancellation. Confirm your claim status before finalising cancellation.
5. Monitor your bank account and billing statements for 4 to 6 weeks after cancellation. Verify that no further premiums are charged and that any refund due has been credited to your account.
   • If you are charged after cancellation, contact Hiscox immediately with your cancellation reference and request a reversal.
6. Keep all cancellation correspondence, including the confirmation letter and cancellation reference, for your records. You may need this if you need to dispute a refund or lodge a complaint with MAS or CASE later.

Cancellation by broker or third party

If you purchased your Hiscox policy through an insurance broker or digital comparison platform, you can ask your broker to handle the cancellation on your behalf. This is often simpler and faster than contacting Hiscox directly. However, confirm that your broker has submitted the cancellation and received written confirmation from Hiscox; do not assume cancellation has occurred until you have the cancellation reference in hand.

What happens to your coverage after cancellation

Once Hiscox confirms your cancellation, your policy cover ends on the cancellation date specified in the confirmation letter.

Cover termination and claims implications

Your insurance protection ceases on the cancellation effective date. Any new incidents, losses, or liability arising after that date are not covered by your Hiscox policy. You remain responsible for obtaining replacement cover immediately if your business requires continuous insurance; any gap in coverage could expose you to uninsured liability or breach contractual obligations to landlords, lenders, or clients. Stopee recommends you arrange your new insurance policy before cancelling Hiscox to avoid a lapse in cover.

Confirm with Hiscox whether your policy includes "tail cover" (coverage for claims made after cancellation but relating to incidents that occurred during the policy period). This is common in professional liability policies but rare in property cover. If tail cover is not automatic, ask whether Hiscox offers a paid extension at cancellation.

Renewal payments and future billing

Once Hiscox receives and processes your cancellation, no future renewal notices or premium reminders should be issued. However, systems take time to update. If you receive a renewal notice or premium demand after the cancellation effective date, contact Hiscox immediately with your cancellation reference and request a written confirmation that the policy is no longer active.

Refund eligibility and premium retention

Your refund entitlement depends on your specific policy wording, the cancellation date, and Singapore consumer law.

How hiscox calculates refunds

Most Hiscox business policies use a pro-rata refund calculation: the company retains premium for the period you were covered and refunds the balance. For example, if you paid SGD 1,200 annual premium for 12 months and cancel after 6 months, you would typically receive SGD 600, assuming no non-refundable portions apply. However, some Hiscox policy wordings include a non-refundable administration charge or a minimum retention (for instance, up to 25% of annual premium may be non-refundable depending on the product line). Your policy schedule will state the exact refund formula; request this from Hiscox if it is not in your documents.

Pro tip: If your policy was in force for fewer than 30 days, your refund entitlement may be higher because you have not used the cover meaningfully. Escalate this to Hiscox or CASE if the company refuses to refund a pro-rata amount within 30 days of cancellation request.

Cooling-off refunds and premium recovery

If your Hiscox policy includes a cooling-off clause and you cancel within the stated period (typically 14 days of issue), you are entitled to a full refund of premium less only a reasonable admin cost (usually minimal). Stopee advises you to invoke this right immediately if you discover your policy is unsuitable or if you change your mind within the cooling-off window. Do this in writing by email or registered post so you have proof of your cancellation date.

Refund timeline and dispute resolution

Hiscox must issue a refund within a reasonable timeframe, typically 30 days of receiving your cancellation request. If you do not receive your refund within 30 days, send a written reminder to Hiscox citing your cancellation reference. If Hiscox refuses to refund or disputes the amount, contact CASE (Consumer Association of Singapore) or lodge a complaint with the Monetary Authority of Singapore. Document all your communications and provide copies of your policy wording and cancellation confirmation as evidence.

Hiscox pricing and policy options

Hiscox does not publish fixed, public pricing for Singapore business policies because premiums vary significantly based on your business profile, risk assessment, cover limits, and claims history.

How to obtain an accurate quote

Request a personalised quote directly from Hiscox or through an authorised broker. Any quote you receive from Hiscox should include a breakdown of the base premium, any loadings or discounts, admin fees, and any non-refundable portions of the premium. Confirm whether the quote is binding (valid for a set period) or indicative. Before you commit to a policy, clarify all charges and refund terms so you understand the true cost of cancellation if you need to exit early.

Typical hiscox product lines and premium ranges

These premium ranges are indicative only and reflect typical 2024 market rates in Singapore. Your actual premium depends on your business size, claims history, risk controls, and industry. Do not rely on third-party estimates; always request a formal quote from Hiscox or a broker for accurate pricing.

Common mistakes when cancelling hiscox

Cancelling insurance is straightforward, but people often rush and miss important details that cost them money or leave them unprotected.

Delaying cancellation until the last minute

If you are within the cooling-off period and want a full refund, do not wait until the last day. Email or call Hiscox immediately to confirm receipt and processing time. If the cooling-off window closes before Hiscox acknowledges your request, you lose your right to a full refund. Stopee recommends you submit cancellation requests at least 3 days before any deadline expires, with written confirmation.

Forgetting to arrange replacement cover

The most costly mistake is allowing a gap in insurance. If your business is uninsured even for a day and an incident occurs, you are personally liable for all losses. Arrange your new policy before the Hiscox cancellation effective date. Many brokers can overlap policies seamlessly.

Not requesting written confirmation

Verbal cancellation is not sufficient. Hiscox staff may acknowledge your request, but without written confirmation and a cancellation reference, you have no proof if billing continues or disputes arise. Always ask for a confirmation letter and keep it in your records for at least 3 years.

Cancelling without understanding claims implications

If you have a pending or suspected claim, cancelling immediately may prevent you from reporting it later. Professional liability and management liability policies often have extended reporting or "tail" cover options. Before you cancel, notify Hiscox of any incident or breach that might generate a future claim and confirm whether it is covered before the cancellation takes effect.

Missing the refund deadline

Hiscox should process refunds within 30 days. If you do not receive your refund within 35 days, follow up in writing. Many businesses forget to check their bank statements and miss refunds that have been issued. Stopee advises you to reconcile your cancellation date, the refund amount agreed, and the actual receipt in your bank account.

After you cancel: essential follow-up steps

Cancellation does not end with the confirmation letter; you must monitor your account and ensure the transition is smooth.

Verification and ongoing monitoring

Within 3 business days of cancellation, check your email and spam folders for Hiscox's cancellation confirmation. If you do not receive it, call to request a confirmation reference number. Over the next 4 weeks, monitor your bank account and credit card statements to ensure no further premiums are charged and any refund appears. If you notice unexpected charges, contact Hiscox immediately and request a reversal.

Updating your business records and insurers

Notify any third parties who require proof of insurance (landlords, lenders, clients, professional bodies) that your Hiscox policy has ended and provide them with your new insurer's details and certificate of currency. Failure to maintain continuous cover may breach your lease, loan agreement, or professional registration requirements, resulting in penalties or non-compliance issues.

Claims and tail cover considerations

If you suspect a claim may arise from incidents that occurred during your Hiscox policy period, contact Hiscox before cancellation takes effect to report the circumstance. Ask whether tail cover or extended reporting period cover is available. If you cancel without reporting known claims, Hiscox may later deny coverage, leaving you unprotected and liable.

Escalation and consumer support in singapore

If Hiscox refuses to refund, cancels incorrectly, or treats you unfairly, you have recourse through Singapore's consumer protection and insurance regulatory bodies.

Filing a complaint with regulatory authorities

The Monetary Authority of Singapore (MAS) oversees all insurers operating in Singapore, including Hiscox. If you believe Hiscox has breached its duties under the Insurance Act or Fair Trading Act, lodge a complaint with MAS. The Consumer Association of Singapore (CASE) also offers mediation and advocacy services for insurance disputes. Stopee recommends you exhaust direct negotiations with Hiscox first, then escalate to CASE (which often resolves complaints within 4 to 8 weeks) before approaching MAS for formal investigation.

Contact details for escalation

Consumer Association of Singapore (CASE): Email: inquiry@case.org.sg | Tel: 6100 0820 | Website: www.case.org.sg

Monetary Authority of Singapore (MAS): Insurance complaint form available at www.mas.gov.sg | Email insurance complaints via the MAS portal

Document all communications with Hiscox, including dates, names of staff, and details of promises made. Provide copies of your policy, cancellation request, refusal letter, and evidence of any refund non-payment to CASE or MAS when you lodge your complaint.

Cancellation checklist and reference table

Final summary and next steps

Cancelling your Hiscox business insurance in Singapore is a straightforward process if you follow the correct steps and understand your rights. You must contact Hiscox or your broker by phone or email, request written cancellation confirmation, monitor your refund, and arrange replacement cover to avoid a lapse in protection. Refunds are typically pro-rata under Singapore law, though your specific policy may include a cooling-off clause or non-refundable charges; always check your policy wording before submitting your cancellation.

Stopee has helped thousands of consumers navigate insurance cancellations and claim refunds they would otherwise have lost. If Hiscox refuses to refund or disputes your cancellation, do not accept their first answer; escalate to CASE or MAS, which have a strong track record of recovering unpaid refunds for consumers. Keep all communications and your cancellation reference for at least 3 years, and remember that your consumer rights under Singapore law are non-waivable-Hiscox cannot force you to accept unfair terms.

Contact information for hiscox singapore cancellation

Hiscox Asia (primary office): 105 Cecil Street, The Octagon, Singapore 069534

DirectAsia (Hiscox subsidiary): 20 Anson Road, Singapore 079912

For phone and email contact details, visit the Hiscox website or check your policy schedule. If you purchased through a broker, contact your broker first to initiate cancellation. Stopee recommends keeping a copy of the cancellation reference and effective date for your permanent records.