Fishing Boat Burns and Sinks, Insurer Agrees to Pay 3.57 Billion Dong

An insurance company has agreed to pay 3.57 billion dong to the owner of a fishing boat that burned and sank at sea after the dispute reached an appeal hearing in Da Nang.

The owner, identified as T.H.N., 41, of Da Nang, insured the ĐNa-9… fishing boat for 5.1 billion dong with Company B., based in Hanoi, in 2025. The vessel left port on March 24, 2025, to operate in Vietnamese waters. Two days later, it caught fire and sank completely. No one was injured or killed.

After the accident, N. notified the insurer and received notice that the company planned to hire a valuation firm to assess the boat’s value before the loss. On September 11, 2025, the company sent him a compensation notice offering 2.24 billion dong. N. rejected the amount and demanded 5.1 billion dong less the 30% deductible required under the policy, leaving 3.57 billion dong, plus interest for late payment.

N. argued that the boat’s actual value exceeded 7.5 billion dong when it sank because he had invested in modern equipment. Since the vessel could not be salvaged, he said a current assessment was impractical and asked the court to order payment of 3.57 billion dong and interest.

The insurer maintained that its 2.24 billion dong calculation followed the valuation certificate, the insurance contract, the certificate of insurance and the policy rules. It accepted responsibility for compensation and said it was ready to pay that amount immediately.

A first-instance court ordered Company B. to pay more than 3.761 billion dong, including 3.57 billion dong for the vessel’s total loss and late-payment interest. The insurer appealed the entire judgment. At the appellate hearing, however, the parties reached an agreement. Company B. accepted the 3.57 billion dong payment, and the court recognized the settlement.