Largest Insurance Payment to be Paid for Sunken Sea Bee

Largest Insurance Payment to be Paid for Sunken Sea Bee

Vietnam’s Sea Bee ship of the Dong Long Sea Transport Company of the Vietnam Marine University, which went missing on May 1, bought an insurance policy for its body and others for its 22 onboard crewmen under the contracts No. 04/TTB-HP2005 dated December 20, 2004 and No. 28/PI-HP2005 dated on January 2, 2005. The total ship body insurance value is USUS$2 million and crewmen’s insurance is USUS$25,000 each. (However, at the time of the shipwreck, there were 23 crewmen onboard.)

According to report made by the shipowner, the sunken Sea Bee was found at northern latitude 32-53-5 and eastern longitude 122-57-05 at a depth of 30 metres, about 100 nautical miles off Shanghai's coast on an international sea route.

Vietnam Insurance Corp or Bao Viet, the insurance payer for Sea Bee ship as well as onboard crewmen, has contacted the Hong Kong-based West of England Ship-owners Mutual Insurance Association to ask its staff in Shanghai to cooperate with ship owner agents and ship-owner representative from Vietnam to investigate the incident and resolve related issues. At the same time, Bao Viet also signed a 1.1-million reminbi guarantee contract to help pay for searches of the shipwreck location and missing crewmen.

According to estimates by insurance experts, the insurance payment for the ship, estimated USUS$3 million will be the highest in the latest four years. However, the money means little in comparison with the lives of the missing crewmen.

Bao Viet vowed to make swift payments as the final decision on the ship damages is made.

• K.P