On Aril 28th 2010, at the headquarters of Service Flight Corporation of Vietnam (SFC), PVI signed the aviation insurance contract 2010-2011 with Nothern Service Flight Company (NSFC) and Southern Service Flight Company (SSFC). The limit of liability of the contracts for both fleets and air-crew is up to almost 200 million USD.
Subject to the contracts, PVI is the leading insurer and Baoviet is the co-insurer on the basis of 60/40 ratio. PVI is the representative of the insurers, responsible for issuing insurance policy/certificate/endorsement and contract management. PVI is also on behalf of the insurer’s side to collect insurance premium, indemnify claim payment and resolve complaints arisen.
These aviation insurance contracts provide the following types of insurance:
- Hull All Risks including war risks.
- Liability insurance against passengers, luggage, cargo, third parties’ bodily injury and property; coverage under term AVN52E and exceeding AVN52E’s limit.
- Accident insurance for air-crew.
The contracts stipulate that in case losses arisen under scope of cover the insurer will indemnify the insured 50% of estimated loss in advance in order to assist the insured to restore business promptly.
Moreover, PVI and Baoviet commit to provide NSFC and SSFC technical insurance assistance for aviation safety management work and intensive training courses at London – the centre of world aviation insurance to to improve NSFC/SSFC staff’s aviation insurance knowledge.
Source: PVI