— if and when parents lose their own phone .. Note parent already suffered a loss.
Sugg: the parent would transfer up to 10x the cost to grandpa’s SGD account, capped at $300?  fairness gesture, not a reward for boy.

— if and when iPhone8 lost by parents .. boy AND entire family has suffered a loss.
Sugg: immediately start looking for a replacement phone for boy.
Sugg: compensate boy by paying him up to $800 in SGD account

— if and when boy loses his iPhone8 for 48 hours .. boy AND entire family is likely to suffer a loss.

• Sugg: no phone for 1-6M. Boy proposed 1W. Wife didn’t object to 1M suggestion.
• Sugg: up to $400 penalty to transfer to grandpa. Half the “compensation” above. Or perhaps no penalty.
• Sugg: replacement phone cost, if any, goes to boy, but not as a penalty