PVI Insurance advanced VND 1.18 billion to pay compensation to the family of Bell 505 helicopter pilots

The remaining amount of USD 150,000 will be paid by PVI Insurance immediately after completing relevant procedures as prescribed in the Policy.

According to the latest information from the Insurance Administration and Supervision Department (Ministry of Finance) on the implementation of procedures for advance payment and insurance compensation related to the case in the case of aircraft with number VN-805 (aircraft Bell 505) crashed in Ha Long Bay on the basis of the report of PVI Insurance Corporation (PVI Insurance, code: PVI), on April 7, PVI Insurance made an advance payment of compensation to the colonel’s family. Bell 505 helicopter pilot crashed in Ha Long Bay, with the amount of 50,000 USD, equivalent to 1.18 billion VND.

The remaining amount of USD 150,000 will be paid by PVI Insurance immediately after completing relevant procedures as prescribed in the Policy.

Previously, the Insurance Supervision and Administration Department issued Official Letter No. 443/QLBH-PNT to PVI requesting a report on damage and insurance compensation for the Bell 505 helicopter incident.

As of April 10, PVI has issued Official Letter No. 421 reporting on the settlement of compensation for the Bell 505 aircraft incident at the request of the Insurance Supervision and Administration Department.

According to PVI’s report, PVI is currently providing insurance programs for Northern Helicopter Company – Vietnam Helicopter Corporation (VNH). In which, PVI provides 2 insurance policies: Aviation liability insurance policy and Accident insurance for flight crew.

Aviation liability insurance policy is issued by the joint venture PVI – Bao Viet Insurance – Military Insurance, led by PVI as the insurance leader for the entire fleet and aviation liability of VNH. The insurance period is from April 21, 2022 to April 20, 2023.

About the insurance coverage includes: General liability insurance (limited general liability for bodily injury, loss of life for passengers, loss, property damage to third parties): 30 million USD /problem; Bell 505 fuselage insurance: USD 1,652,000 (the deductible is 5% of the aircraft value);

As for the Accident Insurance Policy for the flight crew, the liability level is 200,000 USD/insured.

Regarding the assessment of damage and settlement of insurance benefits, information from PVI said that for general liability insurance, the payment of compensation is according to the coverage of VNH’s liability insurance for passengers who die. will be based on the agreement between VNH and the passenger’s relatives on the basis of assessment that the amount of compensation is appropriate to family circumstances and international practices in similar cases.

In the short term, PVI has advised VNH to advance to the passenger’s relatives an amount of money to pay for related work, while finding out the specific wishes of the family.

For aircraft hull insurance, the payment of compensation according to the aircraft hull insurance coverage will be made after the conclusion of the accident cause is obtained from the competent authority and VNH completes the necessary documents according to the regulations. specified in the Insurance Policy. In addition, the Policy also has a provision to pay for search and rescue expenses and other reasonable expenses to minimize the damage caused by the accident on the basis of a valid invoice.

Currently, VNH does not have a specific request on the advance of compensation for the aircraft hull and related costs. PVI will pay compensation to VNH as soon as possible.

It is known that for passengers, the type of insurance that VNH buys is different from accident insurance for pilots, called liability insurance of the helicopter carrier with customers. That is, the insurer is the entity that indirectly compensates the passenger. VNH Helicopter Company has legal responsibilities to passengers according to the provisions of the Aviation Law; PVI insurance is the party that insures that liability of VNH.

According to the information given, on the afternoon of April 5, Bell 505 aircraft with registration number VN-8650 took off from Tuan Chau Island, Ho Chi Minh City. Ha Long, Quang Ninh province had an incident that killed 4 passengers and 1 pilot in the accident.

Phuong Linh/Market Lifestyle