In a world of tough competition, Hong Kong's insurance sector is not the place to look for bargains. Although insurers market their products aggressively with low headline premiums, comprehensive coverage remains expensive and difficult to find. Cheap local accident policies, for example, usually include exhaustive sets of exclusions. The cheaper the policies are - Assicurazioni Generali offers one at just $33 per $100,000 of coverage - the more exclusions there will be. Virtually all accident policies available in Hong Kong exclude motorcycling (Aviva and Cigna are exceptions), 'dangerous' sports (girlfriend teasing, perhaps?), terrorism, and 'illegal acts' - which could mean that if you died in a car accident that happened while you were speeding, your estate might get only your premiums returned, not the death benefit specified in the policy. Worse yet, local insurers constrain the definition of the word 'accident' to something quite different from any dictionary. Take AIA's Refundable Premium Accidental HI, for example, which excludes all 'attacks'. So, if you were to be struck by a getaway car from a bank robbery, that might not be considered an 'accident' but an attack and, therefore, would leave you ineligible for coverage. If you were to die in a fire started in by an arsonist at a neighbour's flat, your beneficiaries might also be doubly unlucky. Read the fine print. in wong we trust Who says investors are getting jittery about the mainland stock markets? Merely two weeks after reopening its China Momentum Fund on March 9, HSBC Asset Management announced that it was closing subscriptions due to 'overwhelming response'. According to a press statement, the latest tranche attracted subscriptions of US$153 million, 53 per cent more than expected. The biggest attraction lies in the fund's relative lack of constraints on investment choices, according to fund manager Richard Wong. Hand your hard-earned capital over to Mr Wong and he will invest it as he sees fit on mainland stock markets. So far, trust in Mr Wong's judgment appears warranted. Since the fund's initial launch in late 2003, it has generated a cumulative return of 32 per cent, compared with the 9 per cent growth during the same period in the CLSA China World Index, another mainland-focused fund considered a benchmark. A winner in the South China Morning Post's Fund Manager of the Year Awards last year, Mr Wong was also the pilot of HSBC's Chinese Equity Fund, one of the world's largest offshore China funds with assets of more than US$1.55 billion. The China Equity Fund has generated one-year and three-year returns of 80 per cent and 95 per cent, respectively. Banks join bandwagon More banks have lined up to offer 'equity-linked' notes tied to the performance of Hong Kong blue-chip stocks. The latest offering from UBS, Super Notes IX, pays a fixed coupon of 10 per cent during its first nine months and targets a further 11.5 per cent in returns over the product's 33-month life. These and other local notes are linked to some of Hong Kong's biggest companies - Cheung Kong (Holdings), HSBC Holdings and Sun Hung Kai Properties. Therefore, don't place all your bets on that 11.5 per cent potential return. The likelihood of double-digit gains averaged across all those stocks is small. Barring an economic meltdown, however, equity-linked notes sure beat fixed deposits. parting shots It's been a little over a week since Wing Hang Credit's managing director and general manager Checkley Sin Kwok-lam announced that he would end 20 years in banking to pursue a legal career this summer. While parent company Wing Hang Bank has been tight-lipped about a successor, the media-savvy Mr Sin appears keen to jazz up the bank's image before his departure. Due to launch a new Wing Hang marketing scheme targeting younger borrowers are teen heart-throbs Kenny Kwan Chi-bun from Boy'z and singer Emme Wong Yi-man. Money Week is not pleased: 'While we finance journalists like the beautiful and the famous as much as anyone, we're likely to avoid those press conferences where cologne-marinaded paparazzi jockey for celeb shots.'