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To our Clients!
 Thanks to the vigorous support from our clients, PetroVietnam and its subsidiaries, in 2005 PetroVietnam Insurance Company (PV Insurance) made considerable progress by achieving nearly 800 billion VND in total revenue, 27% higher than the previous year, contributing to State Budget an approximate of 70 million VND. This was the forth consecutive year PV Insurance gained outstanding success in business operation. PV Insurance was honorably rewarded the “Third Grade Labour Medal” by the State President, the “Vietnam Golden Star Prize” for the trade brand “PV Insurance” by the Young Enterprises Association
With our professionalism and precious relationship with top international underwriters and brokers we have successfully provide the insurance coverages for all oil and gas activities in Vietnam. Almost all oil and gas companies and international corporations short listed PV Insurance to be their local insurer; they are Joint Venture Vietsovpetro, BP, JVPC, Unocal, CuuLong JOC, Petronas, Hoang Long – Hoan Vu JOC, Technip (Oil Refinery Project), and others. In 2005, we also provided insurance services to some sub-contractors located outside Vietnam such as Global Santa Fe, Transocean, MODEC, Tanker Pacific… Especially we have stretched our arms overseas, succeeded in insuring for overseas projects like the CAR policy for Double Dragon Project of KNOC in South Korea, the BAR policy for the 90-metre jack-up of Keppel Fels in Singapore, policies for the development phase of Block PM3 CAA in the overlapping Vietnamese and Malaysian waters, OEE policies for exploration wells in Algeria and Malaysia…
PV Insurance has also cooperated with organizations, corporations such as EVN, TVN, VNPT, Project Management Units to issue the insurance policies for thermal, hydro power plants and national pilot projects such as Huoi Quang - Ban Chat Hydro Power Plant, Dong Nai Hydro Power Plant, Quang Ninh Thermal Power Plant, North – South Submarine Fiber Optic Cable Link Project, Can Tho Bridge Project, National Convention Hall Project… We also consult clients to build up the risk management and loss prevention programmes.
In 2005 PV Insurance settled over 2,600 claims with the total sum of payment up to hundreds of billions of VND. These claims include the Damage to Vietsovpetro’s BaVi Monobuoy Yoke Arm (66 billion VND), Damage to Chain No.1 & No.8 of Vietsovpetro’s DaiHung CALM Buoy (30 billion VND), Sinking of PTSC’s supply vessel Mimosa (over 30 billion VND), Grounding of Hamatco’s Long Xuyen Vessel in South Korea (13 billion VND), Sinking of Vinashin’s Bach Dang Giang (10 billion VND), Rice Cargo of VinaFood (over 4 billion VND). In PV Insurance, claim settlement is always carried out in legal order promptly and precisely.
In terms of financial investment, actions have been carried out to achieve considerable success in 2005. Thanks to the fruitful investment into bonds, bills of exchange, stocks, Company profit is maintained and billions of VND is added to the value of the Company. To enhance our power, PetroVietnam has decided to increase the registered capital of PV Insurance to 1000 billion VND in 2010. In 2006 the registered capital of PV Insurance has been raised to 500 billion VND which means that PV Insurance could reinvest to the national economy thousands of billions VND. With this favourable condition PV Insurance will provide our clients better service during the country’s economic integration process.
After 10 years, the trade brand “PV Insurance” has been recognized as the flame of belied with professional and flexible leaders and staffs. In the five-year developing strategy (2006-2010), PV Insurance is targeted to be the leading non-life insurer in Vietnam with activities all over the world. PV Insurance will annually reinvest to the national economy billions of VND, ensuring high profit ratio, being one part of the sustainable development of PetroVietnam and deserving the trust of our clients.
A.Insurance business:
1. Oil & Gas Insurance:
- Bodily injury and Property damage Insurance for oil and gas lease Operators, drilling contractors and oil or gas well service contractors.
- Drilling Barge - All risks.
- Platform - All risks
- Oil and gas well drilling equipment floater (All risks).
- Energy Exploration and development (Control of Well)
- Offshore construction projects (Welcar).
2. Marine Insurance:
- Hull
- P & I
- Personal Accident of Crew
- Cargo (by air, by sea, by train, by land)
- Engineering Insurance
- Construction all risks
- Erection all risks
- Electronic equipment
- Machinery breakdown
3. Property Insurance:
- Property all risks
- Fire & special risks
- Money insurance
- Theft insurance
4. Liability Insurance:
- Third party Liability
- Product Liability
- Workmen Compensation
- Public liability
- Professional indemnity insurance design and consult risks
- Professional indemnity
- Workmen Compensation for Construction Projects (compulsory)
5. Personal Insurance:
- Personal accident insurance
- Life insurance
- Hospitalization and surgical allowance.
- Comprehensive Personal Insurance
- Travel Insurance inside Vietnam
- Travel Insurance for Vietnamese Traveling abroad
- Travel Insurance for Foreigners in Vietnam
- Personal Accident Insurance for Foreigners with limit liability above 10,000 USD
6. Motor Vehicle Insurance:
- Motor Vehicle Owners' Civil Liability for Third Party and Passengers
- Motor Vehicle Owners' Civil Liability to Goods in Transit
- Motor Vehicle Physical Damage Insurance
- Personal Accident of Drivers, Drivers' Assistants and Passengers.
7. Voluntary Medical Insurance
8. Other Insurance.
B- Reinsurance Business
- Inward Reinsurance.
- Outward Reinsurance.
C- Investment Activitives:
Together with registered capital, provision funds of nearly VND 300 billion and dead capital, PV Insurance has been investing effectively and profitably in such major projects of the Oil and Gas industry as Floating Storage Objects, the low pressure gas distributor, shipbuilding, banking and stock market.
D- Other Services:
- Risk management and Consultancy
- Survey, inspection, loss adjusting, claims compensation and subrogating, etc.
Member Companies & Representative Offices
Petrovietnam Insurance Company (PV Insurance)
1- Head Office: 154 Nguyen Thai Hoc Street, Ba Dinh Dist, Ha Noi, Vietnam
Tel: (84-04) 7335588
Fax: (84-04) 7336284
E-mail: contact@pvi.com.vn
2- Susidiaries:
In Vung Tau:
4th floor, Petro Tower, 8 Hoang Dieu Road, Vung Tau City, Vietnam.
Tel: (84-064) 810040
Fax: (84-064) 810044
In HCM:
5th Floor, Nam An Building , 169 Dien Bien Phu Road, Dist 1, HCM City, Vietnam.
Tel: (84-08) 8246421
Fax: (8408) 8246422
In Ha Tay:
78 Tran Phu Road, Ha Dong Town, Ha Tay Province, Vietnam
Tel: (84-034) 522 348
Fax: (84-034) 522 347
In Hai Phong:
15A Le Dai Hanh Road, Hai Phong City, Vietnam.
Tel: (84-031) 747366
Fax: (84-031) 747355
In Quang Ngai:
Hai Ba Trung Road, Quang Ngai Town, Vietnam.
Tel: (84-055) 829555
Fax: (84-055) 829059
In Can Tho:
71 Hung Vuong Road, Can Tho City, Vietnam.
Tel: (84 – 071) 763067
Fax: (84-071) 763068
ORGANIZATIONAL CHART
Visit at: http://www.pvi.com.vn/en/home.aspx
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