The final payment of 40 000.00 USD is done by Mandarin Re Ltd. against the loss claimed by Saigon Paper Corp.
Insured: Saigon Paper Corp.
Broker: Pioneer I&R Brokers (India)
Insurance / Reinsurance period: 01 June 2017 – 01 June 2018
Mandarin Re share of loss: 5%
Date of loss: 08 January 2018
Insured event: fire due to the short circuit on electric wire system
Survey report by: Vietnam International Adjuster & Sedgwick Singapore
Survey report quote:
“Local PCCC Police have undertaken extensive investigations into the cause of the fire… Cause of fire at PM4 WIP paper factory of Saigon Paper Corporation was due to the occurrence of short circuit on the electric wire system installed through the area between column no.6, no.7 and column No.8. Incident of short-circuit generated electric arc with high energy which burned insulating cover, melted the core of electric wire and produced molten copper with high temperature (≥15000C). The insulating cover burned and made molten copper split out, fall down and burn flammable materials (paper...) located underneath and from this place, the fire quickly spread out and caused severe fire. Therefore, there was no indication of violation.”