Insurance company determines damage, advances compensation for the capsized ship Vinh Xanh 58

The Department of Insurance Management and Supervision (Ministry of Finance) on July 21 sent a dispatch requesting the Vietnam Insurance Association and insurance companies to report on the damage and insurance compensation in the capsized ship Vinh Xanh 58 in Ha Long Bay (Quang Ninh province).

The Department of Insurance Management and Supervision recommends that insurance companies proactively coordinate with relevant agencies, organizations and individuals to determine damage to people and property; compensate and pay insurance money quickly, promptly and fully according to insurance contract agreements and legal regulations.

Vietnam Insurance Association coordinates with insurance companies to provide humanitarian support according to internal regulations and relevant legal regulations.

Insurance companies report on damage, insurance benefits settlement, humanitarian support... to the Department of Insurance Management and Supervision on July 21.

According to forecasts, storm No. 3 is a strong, fast-moving storm. The Insurance Management and Supervision Department recommends that insurance companies proactively coordinate with insurance buyers and insured persons to immediately take preventive measures, limit losses, and proactively have timely response plans to ensure safety for life and property. In case of loss, compensation and insurance payments must be made according to the agreement.

According to Bao Viet Insurance Corporation (Bao Viet Insurance), as the leading unit of the travel insurance consortium for visitors to Ha Long Bay, Bao Viet quickly coordinated with the Bay Management Board and relevant agencies to promptly handle the consequences.

Bao Viet sent personnel to the scene to coordinate and support rescue; visited the hospital to visit and encourage the families of the victims, updated information, and carried out necessary procedures.

For this particularly serious incident, the maximum insurance liability is set at 30 million VND/person.

In the boat capsize in Ha Long Bay ( Quang Ninh province) that left 49 people in distress on the afternoon of July 19, in addition to 10 survivors, 36 people died, and 3 victims are still missing.

Source: https://hanoimoi.vn/doanh-nghiep-bao-hiem-xac-dinh-thiet-hai-tam-ung-boi-thuong-vu-lat-tau-vinh-xanh-58-709844.html