PetroVietnam Insurance arm insures helicopter for army

PetroVietnam Insurance Joint Stock Corp (HNX-listed PVI) and Vietnam Helicopter Corp under the Defence Ministry on June 2 signed an aviation insurance contract worth nearly $200 million during 2010-2011.

Under the signed contract, PVI will be the primary insurer and Bao Viet Corp will be a co-insurer at the ratio of 60/40. Accordingly, the insurance contract will include insurance for fuselage with all risks, liability insurance for passengers, baggage, cargo, property and the third party and accident insurance for flight crew.

In addition, the contract also allows the advance compensation at 50 percent of losses to facilitate insured party to recover operation.

SGGP

Tags: PetroVietnam Insurance, Vietnam insurance, Vietnam insurance industry, Vietnam insurance market

Posted by VBN on Jun 3 2010. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry