Maximizing Insurance Benefits After a Storm: 3 Essential Steps

In the aftermath of a storm, understanding your insurance benefits is crucial. The customer’s insurance benefits will be determined according to the specific terms in the signed insurance contract. To maximize insurance benefits protection, customers need to quickly perform 3 basic steps.

Storm No. 3 (Yagi) and its circulation have caused significant damage to property and infrastructure in the northern provinces. Many construction works, factories, warehouses, machinery and equipment, and wharves were broken by the wind; goods were submerged and flooded; business activities were interrupted, causing serious damage to people and businesses.

After the storm, property insurance participation received more attention, as insurance compensation could ‘rescue’ customers and businesses in this situation. A notable example is the crane at Mipec Port, Hai Phong, which collapsed due to the impact of Typhoon Yagi – the structure was insured.

Non-life insurance companies are working diligently to support affected customers, including providing advance compensation; at the same time, mobilizing a team of experts to assess the scene and assess the loss to quickly make payments.

According to a large life and non-life insurance company in Vietnam, customers’ insurance benefits will be determined according to specific terms in the signed insurance contract. To ensure maximum protection of insurance benefits, this company recommends customers to take the following steps:

Step 1: Notice of Loss

Customers need to promptly report damage through the insurance company’s official contact channels, or contact the company’s member companies and agents in 63 provinces and cities nationwide.

Step 2: Prepare Relevant Documents

Customers should provide all necessary documents such as photos of the scene, photos of the damage, damage determination reports, and other documents to support the loss verification process.

Step 3: Coordinate with the Appraiser

The insurance company’s team of surveyors will approach the scene, conduct inspection, and assess the damage quickly and transparently.

Given the ongoing circulation of storm No. 3, posing a risk of flooding and causing serious damage in many localities, customers need to proactively report damage and coordinate closely with the insurance company to complete compensation procedures in the shortest time possible.