OIC – Insurance industry insiders reveal information about the “Map Ta Phut Tank Terminal”, insured for a total amount of over 60 billion, which protects against risks. “Real estate-company interruption” up to 58 billion, “Civil liability” 5.5 billion, peace of mind by sending over 90% of the reinsurance abroad.
Date: May 10, 2024, news source, senior management The Office of the Insurance Commission (OIC) revealed to “Prachachat Turakij” that the fire occurred in the C9+ hydrocarbon storage tank of Map Ta Phut Tank Terminal Company Limited , located in Rayong province. There were 1 person killed and 5 injured. Initially, after checking the insurance, it was discovered that Map Ta Phut Tank Terminal Company Limited had insurance with the company. Deves Insurance Public Company Limited, with details of the conditions of cover as follows:
1.Property Risk Protection Insurance and Business Interruption Insurance The total insured amount is 1,600 million US dollars per occurrence, or approximately 58,768 million baht (calculated by the exchange rate of 1 dollar = 36 .73 baht).
2. Third Party Liability Insurance The total insured amount is 150 million US dollars or approximately 5,509 million baht (calculated by the exchange rate of 1 dollar = 36.73 baht).
3. Liability insurance arising from category 3 activities under the Fuel Control Act. Parts related to liquefied petroleum gas control operation and the part related to commercial oil control operations Insurance limit 1,500,000 baht at a time
A source within the insurance industry further stated that this emerges from the investigation into the case in question. It was found that Deves Insurance Company had sent the reinsurance. (Reinsurance) Abroad the percentage is over 90%. Only 10% are insured.
This was reported by journalists If you consider the total amount insured according to the coverage conditions, you will find that the value is up to 64,278 million baht. However, it remains to be seen how much the damage will be worth. Currently, Deves Insurance Company is preparing to assess the damage that has occurred. Assess the damage according to the fact-checking process and assess all related damages. Including the causes that intervened to be able to consider the compensation according to the policy conditions.
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