Bao Viet Khanh Hoa Company has assessed about 90% of cases affected by Typhoon Damrey. The company has sped up procedures to pay out to policyholders, including individuals and businesses, for financial damage and loss caused by the typhoon...
Bao Viet Khanh Hoa Company has assessed about 90% of cases affected by Typhoon Damrey. The company has sped up procedures to pay out to policyholders, including individuals and businesses, for financial damage and loss caused by the typhoon.
According to the leader of Bao Viet Khanh Hoa Company, there are nearly 200 claims about loss of lives and considerable damage to assets, machinery, vehicles, ships, etc estimated at VND211 billion and USD12.95 million in Typhoon Damrey. The damage has caused great difficulties and problems to the insured. Therefore, Bao Viet Khanh Hoa has mobilized its staff to join the relief effort and streamline post-disaster damage assessment process to help the policy-holders sustain from the damage and get through the hard times.
“The staff have been sent to the scenes to assess the extent of the damage and support customers to help them soon recover from the typhoon and return to normal life and production. Specific plans for restoring and repairing workshops, equipment, vessels, etc have been made based on provisions of insurance policies and related lawful regulations. Bao Viet has also provided directions for insurance claim procedures. We try to solve problems related to insurance property damage as soon as possible to facilitate the insurance claim payment to help the businesses get through the hard times,” says Thoi Binh An, Head of Technical fire insurance Office, Bao Viet Khanh Hoa.
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Reportedly, due to extensive damage, insurance adjusters are not enough to handle too many cases at the same time, resulting in delay in damage assessment and compensation. "The insurance payment is extended as too many claims need to be resolved simultaneously. Especially, it takes time to deal with complicated cases with great damages in some businesses such as Nha Trang Textile & Garment Company and Hyundai Vinashin. Insured damaged equipment of industrial production businesses is mostly specialized machinery worth up to millions of dollars. Therefore, the insurer has to hire independent insurance adjusters abroad. In addition, some damaged machinery is quite complex and not available on the local market so the value estimation is not easy. After the assessment operation finishes, Bao Viet Khanh Hoa will immediately solve cases within its jurisdiction and transfer those outside its jurisdiction to Bao Viet Insurance Corporation, according to Vo Binh Dong Duong, Vice-Director of Bao Viet Khanh Hoa.
At present, Bao Viet Khanh Hoa has assessed 90% of insured property damage and continued with the 2nd phase of value estimation. Bao Viet Khanh Hoa has completed insurance claim documents and the payment is expected to be made this December. Until December 21, Bao Viet Khanh Hoa paid out VND30 billion to 50 cases. For complicated high-value cases, the payment will be made before the 2nd quarter of 2018. To help the customers get through the difficult times, Bao Viet will make an advance of VND100 billion this December 2017. Bao Viet Khanh Hoa pledges to pay out to the insured for the typhoon damages quickly and conveniently for the sake of customers.
Dinh Lam
Translated by N.T
