Recently, PVI Insurance Corporation has implemented compensation payment procedures in accordance with regulations to ensure compensation payment for the entire body of the crashed Bell 505 - VN 8650 helicopter.
After completing the procedures, PVI Insurance, representing the Insurance Joint Venture, paid insurance for the Bell 505 helicopter hull, registration number VN-8650, to Vietnam Helicopter Corporation (VNH) in the amount of 1.569 million USD after deducting the deductible.
Thus, after more than 1 month of the incident, PVI Insurance has completed the full compensation payment for the fuselage of VN-8650.
For the pilot's family, after making an advance payment of 50,000 USD for the pilot who unfortunately died, PVI Insurance is completing the payment procedure for the remaining compensation amount under the pilot accident insurance policy of 150,000 USD.
Regarding VNH's liability insurance coverage related to passengers, PVI Insurance is still coordinating with VNH to discuss with passengers' relatives to come up with a compensation plan on a reasonable basis, according to practice and in compliance with legal regulations.
The incident occurred on April 5, 2023, when a Bell 505 aircraft with registration number VN-8650 took off from Tuan Chau Island, Ha Long City, Quang Ninh Province and had an accident, killing 4 passengers and 1 pilot.
PVI – Bao Viet – MIC Insurance Joint Venture is the insurer providing insurance for the aircrafts of Vietnam Helicopter Corporation (VNH) and PVI Insurance is the leading primary insurer in the Joint Venture.
The insurance program includes Aircraft Hull Insurance, Airline Liability Insurance for Passengers and Third Parties, Pilot Accident Insurance .
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