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"The maximum sum insured is $20,000 each student for each and every loss," Mr Wong said.
The Government was currently reviewing the terms of the block insurance policy, he added.
Meanwhile, the Education Department today organised an experience sharing session for the school principals of the affected schools.
At the session, the principals of 16 schools affected by sub-standard slopes discussed their concerns with representatives from the Geotechnical Engineering Office, Buildings Department and Architectural Services Department.
The officers from the three works departments reminded the school heads about the government enquiry hotlines and contact telephone numbers in case of emergency.
It was pointed out that schools may approach relevant departments for professional advice in relation to slope safety in the event of inclement weather.
School heads were also assured that professionals or consultants appointed by the schools would keep them closely informed of the necessary precautionary measures and the progress of remedial works.
A school head shared his experience in devising a contingency plan. The participants were confident that they would also be able to devise a contingency plan that suits their own circumstances. The approach of the sample contingency plan is similar to that for fire drills in school.
They also noted that the recent letter issued by the Education Department was useful in helping them to prepare a contingency plan in accordance with their own situation, particularly after this experience sharing session.
Representatives of the five schools which are affected by government slopes being upgraded under the Landslip Preventive Measures Programme also noted at the meeting that works on the slopes were either completed or being carried out.
The schools are Cognitio College, Man Kiu Association Primary School, Hong Kong Taoist Association School, FDBWA Yan Kow School and SKH St John's Primary School.
The Assistant Director of Education (Schools), Mr Kwan Shu-tsun, said the experience sharing was very useful.