Decision No. 179/TC-QĐ-BH Regarding the permission for Bảo Việt Company to conduct voluntary insurance

Pursuant to …;

Regarding the permission for Insurance Companies to conduct voluntary insurance

Based on Decree No. 61-CP dated March 29, 1974 of the Council of Ministers promulgating the Charter on the organization and operation of the Ministry of Finance and Decision No. 90-CP dated April 18, 1978 of the Council of Ministers on amending and organizing the organizational structure of the Ministry of Finance;
Based on Decision No. 35-CP dated February 9, 1981 of the Council of Ministers stipulating the tasks and authorities, responsibilities of the Minister and functions of the Ministry in certain areas of state management;
Based on Decision No. 179-CP dated December 17, 1964 of the Council of Ministers on the establishment of the Vietnam Insurance Company;

Pursuant to …;

Article 1. Permitting the Vietnam Insurance Company to conduct voluntary insurance for:

a. Hulls and machinery of fishing vessels (including the hulls, machinery of vessels; equipment for exploitation, processing, scientific research, and maritime equipment).

b. Fishing gear and equipment for catching aquatic products.

c. Civil liability of owners of fishing vessels.

d. Accidents involving crew members.

đ. Risks of war concerning fishing vessels.

Article 2. Issued together with this Decision:

a. Rules on material insurance and civil liability for fishing vessels.

b. Rules on insurance for accidents involving crew members.

c. Terms of insurance for risks of war concerning fishing vessels.

d. Premium rates for various fishing operations.

After two years of implementation, the Vietnam Insurance Company shall be responsible for summarizing to establish more grounded premium rates and perfecting the aforementioned rules.

Article 3. This Decision takes effect from August 1, 1986. All previous related documents that contradict this Decision are hereby abolished.

Article 4. The Directors of the Vietnam Insurance Company and the Director of the Office of the Ministry of Finance are responsible for implementing this Decision.

                                                         

                                              

 

ETHICAL RULES

MATERIAL INSURANCE AND CIVIL LIABILITY FOR FISHING VESSELS

Chapter 1:

INSURED OBJECTS

Article 1. According to these Rules, the Vietnam Insurance Company (referred to as BAOVIET) accepts insurance for:

1. Hulls and machinery of vessels; equipment for exploitation, processing of aquatic products, scientific research, and maritime equipment (referred to as vessel hulls);

2. Fishing gear and equipment for catching aquatic products;

3. Civil liability of owners of vessels.

Depending on the requirements of the insured person or entity (referred to as the Insured), BAOVIET may accept insurance for a period or voyage.

Article 2. Fishing vessels mentioned in these Rules include all types of vessels for exploitation, research, processing, transportation of aquatic products, and vessels serving the aquaculture industry such as those used for fuel, food, etc.

Chapter 2:

SCOPE OF INSURANCE RESPONSIBILITY

Article 3. The insurance contract can be signed under one of the two conditions for insuring vessel hulls A or B together with the following two types of insurance C and D:

A. ALL RISKS INSURANCE FOR VESSEL HULLS (M.R.R.)

Under this condition, BAOVIET accepts responsibility for compensation:

1. Total or partial loss of the insured vessel hull due to:

a. Collision with other vessels, aircraft, land or water transport vehicles.

b. Grounding, collision with rocks or submerged, floating, fixed objects (excluding bombs, mines, and torpedoes), bridges, piers, jetties, docks.

c. Accidents occurring during loading/unloading or moving raw materials, aquatic products, or when the vessel is being moved onto a slipway or repaired in a shipyard.

d. Explosions occurring immediately on board the vessel or elsewhere (excluding explosions caused by weapons).

đ. Breakage of shafts, boiler explosions, or damage to machinery due to natural disasters and unexpected accidents.

e. Negligence of the captain, officers, crew, pilots, or repair personnel, provided that according to the contract, these individuals are not the Insured.

f. Earthquakes, landslides, volcanic eruptions, hailstorms, lightning strikes.

g. Sinking, fire, disappearance, or necessary and reasonable abandonment at sea.

h. Typhoons, tsunamis, whirlwinds, or bad weather.

2. Necessary and reasonable expenses in:

a. Limiting losses, providing assistance, rescue, or litigation costs approved in advance by BAOVIET.

b. Inspecting, appraising damages within the scope of insurance.

c. Contributing to common losses due to the sacrifice of property to save the vessel.

d. Inspecting the bottom of the vessel after grounding, including cases where no damage is detected.

B. TOTAL LOSS INSURANCE FOR VESSEL HULLS (T.T.T.B.)

Under this condition, BAOVIET accepts responsibility for compensation:

1. Total loss (actual and estimated) of the insured vessel hull due to:

a. Collision with other vessels, aircraft, land or water transport vehicles.

b. Grounding, collision with rocks or submerged, floating, fixed objects (excluding bombs, mines, and torpedoes), embankments, bridges, jetties, docks.

c. Accidents occurring during loading/unloading or moving raw materials, aquatic products.

d. Explosions occurring immediately on board the vessel or elsewhere (excluding explosions caused by weapons).

đ. Negligence of the captain, officers, crew, pilots, or repair personnel, provided that according to the contract, these individuals are not the Insured.

e. Earthquakes, landslides, volcanic eruptions, hailstorms, lightning strikes.

f. Sinking, fire, disappearance, typhoons, tsunamis, whirlwinds, or bad weather.

2. Necessary and reasonable expenses incurred by other vessels in rescue operations.

C. INSURANCE FOR FISHING GEAR AND EQUIPMENT

In addition to the above conditions A or B, BAOVIET also accepts insurance for fishing gear and equipment carried on vessels that are totally lost due to sinking, fire, disappearance caused by natural disasters and unexpected accidents during production time.

D. INSURANCE FOR THE CIVIL LIABILITY OF VESSEL OWNERS

Under this condition, BAOVIET accepts responsibility for compensation.

1. Actual expenses arising from the insured vessel causing damage for which the owner of the vessel must bear civil liability according to the law and court decisions, including:

a. Costs of cleaning up oil pollution, fines imposed by local authorities, and claims regarding the consequences of oil pollution.

b. Costs of lighting, marking, destroying, salvaging, and moving sunken insured vessels at the request of local authorities.

c. Necessary and reasonable expenses in preventing and limiting losses, providing assistance, and rescue.

d. Expenses related to litigation, disputes, and claims regarding civil liability insurance.

2. Liability borne by the owner of the vessel due to the insured vessel causing:

a. Damage to wharves, revetments, culverts, rafts, nets, embankments, fixed or mobile structures on land or water.

b. Injury or loss of life of a third party other than crew members on the ship's roster or persons aboard the insured vessel.

c. Expenses incurred due to collision damage to another vessel:

c.1. Material damage, business losses, and loss of utility value.

c.2. Damage to cargo and property on the collided vessel.

c.3. Salvage, removal, or destruction of sunken vessels, goods, and property.

c.4. Liability for oil pollution.

c.5. Causing death or injury.

c.6. Costs related to general average and rescue operations.

Article 4. EXTENDING THE INSURANCE COVERAGE

BAOVIET extends liability for compensation for losses occurring when:

1. The vessel is compelled to sail under sail or engine, or both simultaneously, for legitimate reasons and circumstances.

2. Assisting and towing other vessels in distress. Any damages, losses, and material costs incurred during this period are only covered by the insurance for repair expenses that the Insured cannot fully recover from the assisted party due to their genuine inability to pay.

3. The insured vessel collides with another vessel owned by the same owner or under the same management, or is rescued by such vessels.

4. The insured vessel in the following cases:

a. Changes in fishing activities, departure date (voyage insurance), operating range, or towing.

b. Loading or unloading seafood products or materials at sea onto another vessel or from another vessel onto the insured vessel.

Provided that prior notice and agreement on amendments and additional premium payments are given.

Chapter 3:

NON-COVERAGE OF INSURANCE LIABILITY

Article 5. Applies to four types of insurance in Chapter II

A. BAOVIET SHALL NOT BE LIABLE FOR COMPENSATION IF LOSSES OCCUR DUE TO THE FOLLOWING CAUSES:

1. The vessel lacks operational capability, does not have an operating permit, or operates outside the prescribed scope.

2. Malicious or intentional actions by the Insured, agents, representatives, captain, officers, or crew members.

3. Violation of prohibitions issued by authorities, serious breaches of traffic laws, or illegal business activities.

4. The nature of the hull, machinery, or equipment of the vessel due to age or natural wear and tear.

5. Delay in the voyage or extended production time of the insured vessel, including delays and extended periods caused by risks covered by the insurance.

6. Grounding due to tidal influence or water level fluctuations.

7. The captain or engineer lacking the required certification or experience, or accidents occurring due to intoxication from alcohol, drugs, or similar stimulants.

8. The vessel moored at a port without being securely anchored or attended by crew members.

B. BAOVIET SHALL NOT BE LIABLE FOR EXPENSES RELATED TO THE FOLLOWING EVEN IF CAUSED BY COVERED RISKS:

1. Expenses related to delays of the vessel, devaluation of seafood products or cargo, loss of market, or damage to the insured vessel's production and business operations.

2. All expenses related to hull scraping, painting, or bottom cleaning of the vessel.

C. BAOVIET SHALL NOT COMPENSATE FOR ANY DAMAGE, LOSS, OR DESTRUCTION OR EXPENSES ARISING FROM:

1. War risks or similar warlike risks.

2. Being robbed or detained at any place for any reason.

3. The vessel being requisitioned or used for military purposes.

4. Acts of sabotage or terrorism of a political nature.

5. Any explosion of weapons or explosives.

Chapter 4:

INSURANCE PERIOD

Article 6. Insurance Term

The longest term is twelve months, and the shortest term is two months.

The insurance coverage begins and ends according to the time recorded in the Certificate of Insurance, provided that the Insured has paid the full insurance premium as stipulated in Article 16.

Article 7. Voyage Insurance

The voyage is insured from the moment the vessel breaks free from mooring lines or anchors to go to the fishing location until it stops at the destination port recorded in the Certificate of Insurance.

However, if necessary, the insurance can be extended until the fishing product is unloaded but not more than ten days after the vessel arrives at the port.

Article 8. EXTENDING THE INSURANCE CONTRACT

1. When the Certificate of Insurance expires while the vessel is still at sea or in danger or at a port, the vessel will continue to be insured until it safely anchors at a port. Provided that the Insured requests and agrees to pay additional insurance premiums.

2. If the vessel is sold or transferred to new management during the validity of the contract, the insurance liability will end immediately unless BAOVIET issues a document agreeing to continue the insurance.

Chapter 5:

CONTRACTING FOR INSURANCE

Article 9.

1. When purchasing insurance, the shipowner, manager, or representative of the shipowner must submit an Insurance Application Form as prescribed.

Additionally, the applicant must provide BAOVIET with important details about their vessel to help BAOVIET understand the situation and assess the risk.

2. The insurance contract is deemed concluded when BAOVIET issues the Certificate of Insurance.

3. If there are changes to the vessel after the insurance contract is signed that increase the risk, the Insured must immediately inform BAOVIET.

If BAOVIET determines that the change increases liability, BAOVIET may calculate and collect additional insurance premiums.

Article 10. If the Insured misrepresents or fails to report the characteristics of the vessel, BAOVIET shall not be liable for compensation for losses caused by such inaccuracies or changes.

Chapter 6:

INSURED VALUE AND LIMIT OF LIABILITY

Article 11. The insured value recorded in the Certificate of Insurance is the maximum limit of liability that BAOVIET will compensate for each loss incident.

a. Regarding the vessel body:

The insured value of the vessel body is based on the actual value of the hull, engines, fishing and processing machinery, scientific research equipment, and marine equipment reported by the Insured and accepted by BAOVIET as of the date of joining the insurance.

The insured may request insurance for the vessel at a value lower than its actual value but not less than 80% thereof.

b. Regarding fishing gear and equipment for aquatic product harvesting:

The insurance value of fishing gear and equipment for aquatic product harvesting installed on the vessel when going to production shall be determined according to the actual value declared by the Insured and accepted by BAOVIET, but such value shall not exceed 50% (fifty percent) of the actual value of the vessel being insured as mentioned in point (a) above.

Article 12. Civil liability of the vessel owner

The highest limit of liability of BAOVIET for each loss event is the actual damage caused by the insured vessel that the vessel owner must bear responsibility for under the law or court decisions.

Chapter 7:

RIGHTS AND OBLIGATIONS OF THE INSURED

Article 13. Preservation of the vessel

The Insured has the obligation to properly preserve the insured vessel, carry out inspections and repairs within the prescribed time limits.

Article 14. In case of accidents.

The Insured must comply with the following provisions: 1. Immediately report to the nearest local authority to establish a record as stipulated and promptly inform the BAOVIET representative at the accident site.

2. Timely apply all necessary measures to rescue and protect people, means of transport, and property to minimize losses. Assist BAOVIET's appraiser in performing their appraisal duties and resolving the aftermath of the accident quickly.

Article 15. Losses caused by third parties

In case the insured vessel suffers damage or loss caused by others, within 48 (forty-eight) hours from the occurrence, the Insured must immediately notify the nearest BAOVIET office and must complete all necessary procedures to retain the right to claim for BAOVIET.

BAOVIET has the right to reject partially or entirely the compensation claim if the Insured does not fully comply with the provisions above.

Article 16. Payment of insurance premium

1. The insurance contract only becomes effective when the Insured has paid the full insurance premium as prescribed below:

a. The insurance premium is transferred and paid in full immediately after signing the insurance contract.

b. Insurance premium payable annually, state-owned enterprises and cooperatives may pay in four installments (once every three months) within the first ten days of each installment period as notified by BAOVIET.

2. The insurance premium shall be paid through the Bank if the unit has an account with the Bank, or paid in cash if the Insured does not have an account with the bank.

3. In case the insured vessel is totally lost during the term of the insurance, the Insured is obligated to pay the remaining insurance premium to BAOVIET within twenty (twenty) days from the date of the vessel's loss.

Article 17. Refund of insurance premium

In case of cancellation of the insurance contract or cessation of vessel operation, the insurance premium paid for the period of contract cancellation or vessel cessation will be refunded as follows:

1. Both parties agree to cancel the contract: 80%

2. Vessel ceases operation for thirty (thirty) consecutive days or more: 50%.

The insurance premium will not be refunded if the vessel suffers total loss during the cessation period.

Chapter 8:

APPRAISAL AND COMPENSATION FOR LOSSES

Article 18. Exemption from appraisal and compensation

BAOVIET shall not be responsible for appraising and settling compensation for each loss event below the amount specified in Article 18 of Chapter II for each type of insurance listed therein:

a. 300,00 dong (three hundred) for vessels under 135HP (horsepower) or with registered gross tonnage (GRT) under 50 tons.

b. 500,00 dong (five hundred) for vessels from 135 HP or with registered gross tonnage (GRT) from 50 tons or more.

However, if the loss exceeds the aforementioned provisions, BAOVIET will compensate and deduct the amount specified in points a or b above. This deduction rate does not apply when compensating for total loss of the vessel body and fishing gear.

When the purchasing power of the Vietnamese currency fluctuates significantly in the market, the General Director of BAOVIET is authorized to adjust the aforementioned monetary amounts to ensure that the amounts specified in a and b remain equivalent to 300,00 dong and 500,00 dong, respectively, at the time this regulation was issued.

Article 19. Appraisal of losses

For loss events estimated to exceed the amount specified in Article 18 above, BAOVIET representatives will conduct on-site appraisals with the presence of the captain, relevant witnesses, and the vessel owner's representative to determine the cause, extent of damage, and loss.

The appraisal fee shall be borne by the party requesting the appraisal and will be reimbursed upon settlement of the loss compensation within the scope of insurance liability.

Without an insurance appraisal record, BAOVIET will refuse to settle compensation, unless there is a different agreement in writing.

Article 20. Total loss of the vessel body

1. Total loss of the vessel body referred to in these Rules includes both actual and estimated total loss.

a. A vessel completely destroyed or severely damaged beyond repair, as well as a missing vessel if no news has been received about it for over three (three) months, are considered actual total loss.

b. A vessel damaged to the extent that total loss cannot be avoided or the cost of repair and restoration exceeds the insurance value is deemed estimated total loss.

2. Upon compensation for total loss of the vessel, BAOVIET has the right to recover and dispose of the vessel.

Article 21. Claim period for compensation

The Insured has the right to claim compensation from BAOVIET for losses within two (two) years from the date of the accident.

The claim period for losses caused by third parties is one (one) year.

Beyond this period, all claims will be invalid unless BAOVIET agrees to extend the period at the request of the Insured.

Article 22. Time limit for payment of compensation

1. For all claims within the scope of insurance liability, BAOVIET must pay compensation within twenty (twenty) days from the date of receipt of the complete legal claim file of the Insured.

In case BAOVIET issues a written rejection of the entire claim, within sixty (sixty) days from the date of sending the rejection notice, if the Insured does not respond, BAOVIET considers the rejection of compensation by BAOVIET to be accepted.

2. If the Insured Person only accepts part of the total claim amount, BAOVIET will compensate for that portion first, and the remaining amount will be resolved later when the Insured Person provides additional documentation or reaches an agreement with BAOVIET regarding the compensation amount.

Article 23. Claim Compensation File

When requesting BAOVIET to compensate, the Insured Person must provide BAOVIET with the following documents:

a. Report of the incident or loss confirmed by the local authority where the accident occurred or the first port of arrival (if the incident occurs at sea).

b. Appraisal report issued by BAOVIET.

c. Certificate of vessel loss issued by the competent authority (in case of vessel loss).

d. Accident report prepared by the local government or police (in case of accidents involving people, vessels, and third-party property).

đ. Claim letter demanding compensation from the Insured Person.

e. Invoices and documents related to the costs of claiming compensation. f. Claim letters and all relevant documents from third parties (if applicable).

Article 24. Compensation above and below the actual value of the vessel.

1. If the insured value of the vessel exceeds its actual value, BAOVIET will compensate for total loss based on the actual value.

2. If the insured value of the vessel is lower than its actual value, BAOVIET will compensate for partial loss according to the ratio between the insured value and the actual value of the vessel.

Article 25. Notification of repair costs and location.

The Insured Person must inform BAOVIET about the costs and location where the vessel will be repaired under the insurance liability. BAOVIET has the right to participate in opinions and decisions regarding the repair location, costs, and supervision of repairs.

If the Insured Person violates the provisions of this Article, BAOVIET will deduct 15% (fifteen percent) of the accepted compensation amount.

Article 26. Partial damage to the vessel's hull not repaired before total loss.

In any case, when compensating for total loss, BAOVIET will not compensate for claims of partial damage that were not repaired before the occurrence of total loss.

Chapter 9:

COMPENSATION AND TRANSFER OF CLAIM RIGHTS TO THIRD PARTIES

Article 27. Compensation for damages to third parties

All claims arising from civil liability insurance for damages caused by the insured vessel to third parties will be directly settled by BAOVIET unless otherwise agreed in writing.

BAOVIET will not accept expenses incurred by the Insured Person in resolving disputes with third parties without prior written agreement from BAOVIET.

Article 28. Transfer of claim rights

For losses caused by third parties within the scope of insurance liability, the Insured Person must transfer the right to claim compensation to BAOVIET, provide all necessary documents, and support BAOVIET in disputing with the third party.

If the Insured Person fails to fully fulfill their responsibility to retain the right to claim for BAOVIET or does not comply with the provisions of Article 15 of Chapter VII, BAOVIET may refuse or only partially compensate for the claim amount.

Chapter 10:

DISPUTE RESOLUTION

Article 29. Any disputes related to the insurance contract between the Insured Person and BAOVIET, if unresolved through negotiation, shall be referred to the Commercial Arbitration or Court for adjudication.

ETHICAL RULES
MARINE CREW ACCIDENT INSURANCE

Chapter 1:

GENERAL PRINCIPLES

Article 1. Pursuant to the provisions of these Rules, Vietnam Insurance Corporation (referred to as BAOVIET) offers insurance coverage to marine crew members for bodily injury resulting from unexpected accidents while working and living on waterborne vessels, including rivers, streams, lakes, canals, lagoons, coastal areas, or during work on shore or underwater within the scope of operations.

Article 2. Marine crew members covered by insurance include the captain, chief mate, chief engineer, second engineer, officers, engineers, service staff, scientific and technical personnel engaged in research, experts, trainees, or primary and secondary workers employed on vessels or watercraft such as ferries, barges, etc. (collectively referred to as vessels).

Article 3.

1. When participating in insurance, crew members choose the highest level of benefits for themselves according to BAOVIET's regulations.

2. Crew members insured under these Rules still enjoy all benefits under social insurance.

PART 2:

SCOPE OF INSURANCE RESPONSIBILITY

Article 4. BAOVIET compensates for crew members insured who die or are injured due to unexpected accidents.

Article 5. The insurance liability also extends to cases where crew members die or are injured due to accidents occurring while traveling from home to the vessel for production or repair purposes, or on the way back home after a production or repair trip with reasonable time.

Chapter 3:

EXCLUSIONS FROM INSURANCE

Article 6. BAOVIET will not compensate for accidents caused by the following reasons:

1. Intentional self-inflicted injuries, including suicide or attempted suicide, by the insured crew member regardless of circumstances or conditions. Or caused by personal disputes.

2. Accidents occurring due to the insured crew member being affected by alcohol, drugs, or similar stimulants.

3. Due to illness or death or injury caused by disease.

4. Due to illegal acts committed by the crew member.

5. Due to war.

Chapter 4:

INSURANCE PREMIUMS - PAYMENT AND REFUND

Article 7. Insurance premiums are calculated for the duration of the insurance period according to BAOVIET's premium schedule.

Article 8. The insurance premium is paid once upon signing the insurance contract.

Article 9. During the validity of the insurance contract, if for any reason the crew member discontinues participation in insurance, they must notify BAOVIET ten (10) days in advance. If BAOVIET agrees, 90% (ninety percent) of the insurance premium for the canceled contract period will be refunded.

Chapter 5:

INSURANCE CONTRACT

Article 10. When purchasing insurance, the crew member must submit an insurance application form (according to the prescribed model) to BAOVIET.

Article 11. The marine crew accident insurance contract becomes effective only when BAOVIET has received the full insurance premium and issued the Insurance Certificate.

Article 12. Once the insurance contract is signed, if there is a change in occupation that increases the risk level, the crew member must notify BAOVIET ten (10) days in advance.

If the crew member makes false declarations or omits details in the Insurance Application Form or fails to notify changes that increase the risk, BAOVIET will not be liable for consequences resulting from such inaccuracies or changes.

Article 13. A collective insurance contract for seafarer accident insurance may be signed by an Enterprise, Cooperative, ship unit, or individual.

Chapter 6:

OBLIGATIONS AND RESPONSIBILITIES OF THE SEAFARER

Article 14. The insured seafarer must strictly comply with the internal regulations and safety labor rules of the unit and other labor protection requirements.

Article 15. In case of an accident, the insured seafarer or their authorized representative must report to the authorities as prescribed and immediately provide all information about the accident to the nearest BAOVIET.

Article 16. If necessary due to BAOVIET's requirements, the insured seafarer or their authorized representative must prove that the accident did not occur due to the excluded causes mentioned in Article 6, Chapter III of this Rule.

Chapter 7:

RIGHTS OF THE SEAFARER

Article 17. The insured seafarer who suffers death or injury as stipulated in Articles 4 and 5, Chapter II of this Rule will be compensated by BAOVIET. The maximum compensation amount in cases of death or total loss of working capacity is the sum recorded on the Insurance Certificate.

Article 18.

1. In the case of a seafarer being disabled due to an accident, the compensation amount corresponds to the disability rate confirmed by the Medical Appraisal Board.

2. BAOVIET will pay additional expenses as follows:

a. Costs for transporting the victim to emergency care and back home after treatment.

b. Allowance for the victim during hospitalization or medical station treatment, paid daily at 0.30% (three thousandths) of the insurance amount, but not exceeding 180 (one hundred eighty) days.

The total of these expenses under this Article shall not exceed the insurance amount recorded on the Insurance Certificate in any case.

Article 19.

1. If the insured seafarer dies, the legal heir will receive the compensation amount.

2. If the insured seafarer wishes to authorize another person to receive the compensation on their behalf, they must have a power of attorney and confirmation from their workplace unit or local authority where the authorized person resides.

Chapter 8:

SETTLEMENT OF COMPENSATION

Article 20. When requesting BAOVIET to compensate, the seafarer or their authorized representative must submit to BAOVIET the following documents:

1. Claim form.

2. Receipts and relevant documents related to the claim expenses.

3. Discharge certificate.

4. Report on the disability rate by the Medical Appraisal Board or death certificate.

Article 21. BAOVIET has the responsibility to examine, resolve, and pay the compensation within 15 (fifteen) days from the date of receiving the above valid documents.

In case BAOVIET issues a refusal to compensate, if within 60 (sixty) days from the date BAOVIET sends the refusal notice, the seafarer or heir does not make any comments, it will be considered as accepting BAOVIET's refusal to compensate.

Article 22. In case the insured seafarer is injured in an accident covered by the insurance risk and needs to be hospitalized, BAOVIET may advance the allowance according to the ratio specified in Article 182 (b) of Chapter VII.

Article 23. The deadline for claiming compensation from BAOVIET is 1 (one) year from the date of the accident. Claims beyond this period will be invalid unless BAOVIET extends the period upon the claimant's request.

Chapter 9:

DISPUTE RESOLUTION

Article 24. Any disputes related to the insurance contract between the seafarer and BAOVIET, if unresolved through negotiation, will be brought to court for adjudication.

IMPLEMENTATION

INSURANCE AGAINST WAR RISKS FOR FISHING SHIPS.

Chapter 1:

COVERED RISKS

Article 1. If the Insured accepts to pay additional war risk insurance premiums according to BAOVIET's premium schedule, BAOVIET will cover material losses caused by the following risks to insured fishing vessels under the Term or Voyage policy.

1. War risks or similar warlike risks.

2. Being robbed, rioting, destructive acts, or terrorist actions of political nature.

3. Any explosion of weapons or explosives.

Article 2. If the insured seafarer under this clause is detained for more than six months without release, it will be considered actual total loss.

Chapter 2:

EXCLUDED RISKS

Article 3. BAOVIET will not be liable for damages, losses, or costs related to any robbery or sale of ships fleeing abroad.

Article 4. BAOVIET will not be responsible for any consequences arising from:

1. Ships violating government or local authority prohibitions or blockades.

2. Violating laws or engaging in illegal business activities.

Article 5. BAOVIET will not be responsible for any business losses or operations caused by insured or excluded risks such as extended fishing time, unloading of fishery products, and costs borne by the ship owner when the ship must dock at ports or harbors.

Chapter 3:

TERMINATION OF CONTRACT

Article 6. Under the condition that the insured vessel is covered by a term policy, BAOVIET and the Insured may terminate this insurance contract by giving a notice 10 (ten) days in advance: The termination takes effect on the date stated in the termination notice. However, before the termination notice becomes effective, if the Insured and BAOVIET agree on new terms and fees, the insurance will continue to be effective.

Article 7. Whether or not a termination notice is sent to BAOVIET, this insurance contract will end when the insured vessel is requisitioned or used for military purposes.

Chapter 4:

PREMIUMS AND REFUNDS

Article 8. Insurance premiums are calculated for the duration of the insurance period according to BAOVIET's premium schedule.

Article 9. If the insured vessel's contract is terminated according to Article 6 or Article 7 above, BAOVIET will refund 80% (eighty percent) of the paid premium for the number of days the contract was terminated.

Chapter 5:

SPECIAL PROVISIONS

Article 10. If any point of this provision conflicts with the Physical Insurance Rules for Fishing Vessels, it shall be resolved according to this provision.

FEE TABLE

INSURANCE FOR VARIOUS FISHING OPERATIONS

I. VESSEL INSURANCE:

(Annual premium rate calculated based on the insured value)

1. Insurance under All Risks Conditions (M.R.R.)

a. Iron or steel hull vessels:

Below 12 HP - 4.00% 125 HP - 1.40%

12 HP - 3.50% 135 HP - 1.20%

33 HP - 3.00% 225 HP - 1.10%

45 HP - 2.50% 250 HP - 1.00%

75 HP - 2.20% 400 HP - 0.90%

90 HP - 2.00% 600 HP - 0.70%

100 HP - 1.70% 1,000 HP - 0.50%

b. Cement mesh or wooden hull vessels:

Below 12 HP - 4.60% 125 HP - 1.60%

12 HP - 4.00% 135 HP - 1.40%

33 HP - 3.50% 225 HP - 1.25%

45 HP - 2.00% 250 HP - 1.15%

75 HP - 2.50% 400 HP - 1.00%

90 HP - 2.30% 600 HP - 0.80%

100 HP - 1.90% 1,000 HP - 0.57%

Note: Additional premium rates based on vessel age:

Up to 5 years old: no additional charge

6 to 8 years old: add 0.30%

9 to 11 years old: add 0.60%

12 to 14 years old: add 1.00%

15 to 17 years old: add 2.00%

Over 17 years old: special agreement if insurance is accepted.

2. Insurance under Total Loss Conditions (T.T.T.B.)

a. Iron or steel hull vessels:

Below 12 HP - 3.00% 125 HP - 1.05%

12 HP - 2.60% 135 HP - 0.90%

33 HP - 2.25% 225 HP - 0.80%

45 HP - 1.85% 250 HP - 0.75%

75 HP - 1.65% 400 HP - 0.67%

90 HP - 1.50% 600 HP - 0.50%

100 HP - 1.30% 1,000 HP - 0.37%

b. Cement mesh or wooden hull vessels:

Below 12 HP - 3.45% 125 HP - 1.20%

12 HP - 3.00% 135 HP - 1.05%

33 HP - 2.60% 225 HP - 0.94%

45 HP - 2.10% 250 HP - 0.86%

75 HP - 1.87% 400 HP - 0.75%

90 HP - 1.70% 600 HP - 0.60%

100 HP - 1.40% 1,000 HP - 0.40%

Additional premium rates based on vessel age:

Up to 5 years old: no additional charge

6 to 8 years old: add 0.30%

9 to 11 years old: add 0.60%

12 to 14 years old: add 1.00%

15 to 17 years old: add 1.00%

Over 17 years old: special agreement if insurance is accepted.

Special note:

Areas that are not or rarely affected by typhoons or monsoons will have their original premium rates reduced by up to 20%. Conversely, areas frequently affected by typhoons and monsoons will see their original premium rates increased by up to 20%.

II. INSURANCE FOR FISHING GEAR AND EQUIPMENT

(Annual premium rate calculated based on the value of fishing gear and equipment)

a. Fishing gear and equipment

of marine fishing vessels 0.70%/year

(operating at sea)

b. Fishing gear and equipment

of freshwater fishing vessels 0.14%/year

operating in rivers, lakes, ponds, canals, and streams

III. CIVIL LIABILITY INSURANCE FOR FISHING VESSEL OWNERS

Applicable to all types of vessels: 5,000 VND/HP/year

In cases where the purchasing power of the Vietnamese currency fluctuates significantly in the market, the General Director of BAOVIET may adjust the aforementioned amount to ensure that the actual premium rate remains equivalent to 5,000 VND at the time of issuance of these rules.

IV. INSURANCE FOR SEAFARER ACCIDENTS

Premium calculated annually based on the level of insurance liability and the type of seafarer's profession:

In cases where the purchasing power of the Vietnamese currency fluctuates significantly in the market, the General Director of BAOVIET may adjust the premiums (and corresponding levels of liability) to maintain the actual value equivalent to the amounts specified at the time of issuance of these rules.

V. WAR RISK INSURANCE FOR FISHING VESSELS

Premium rate: 0.10%/year/value of vessel hull, fishing gear, and equipment.