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Insurance payments made following Yangtze accident

Updated: Jun 11,2015 4:19 PM

Insurance companies have 340 insurance policies worth 92.52 million yuan ($14.91 million) related to the last voyage of the Eastern Star, the cruise ship that capsized on the Yangtze River on June 1, the China Insurance Regulatory Commission said on June 10.

The insurance policies cover the ship, passengers, crew members and other staff on board, the ship’s owner - and the travel agency that arranged the cruise.

The ship itself was insured for 15.7 million yuan, and an insurance company in Chongqing has already paid out 10 million yuan.

The travel agency is expected to receive a total of 12 million yuan of travel liability insurance.

A total of 396 passengers had purchased various life insurance policies worth 61.69 million yuan, and 18 members of staff on the cruise ship had purchased life insurance policies worth 3.13 million yuan.

The tragedy has left 434 confirmed dead, and eight remain missing.

The China Insurance Regulatory Commission stressed that there are three principles for settling the claims. First, priority must be given to settling insurance policies bought by people on board. Second, the insurance policies must be honored and payments must be made to policyholders. Third, moral (ex gratia) payments must be made and consumer rights protected.