FSC details three claims available to victims of powder explosion
The Financial Supervisory Commission ( ) yesterday detailed three types of claims available to the nearly 500 victims injured when colored powder caught fire at a water park in New Taipei City on Saturday.
Initial media reports had indicated that the freak accident could become one of the most expensive insurance claims in recent history.
According to the Consumer Protection Committee ( ) of the Executive Yuan, victims may be eligible for up to NT$ 50 million in total compensation from public liability insurance alone.
The FSC, Taiwan’s main regulatory body for the insurance sector, said yesterday that it is investigating the range of related claims.
Based on a preliminary survey, the victims are entitled to file three types of claims, i ncluding claims through public liability insurance policies held by the wa- ter park and the local event organizer.
Public Liability Insurance
Taian Insurance ( )— the insurance company of Formosa Fun Coast (
) water park — and the event organizer’s Zurich (
) have already dispatched personnel to meet with claimants and their families, according to the FSC.
The regulatory body said that Taian Insurance has chosen to adopt compensation standards set by the New Taipei City Government and award NT$5,000 and NT$ 10,000 to victims with light and severe injuries, respectively.
Total compensation f rom Taian Insurance will be disbursed to 149 victims and is estimated at NT$ 1 million in total, the FSC said.
Individual, Group Insurance
Victims can also file claims under their individual insurance policies and under stu- dent group insurance.
An estimated 351 victims hold policies from companies that include Cathay Life Insurance ( ) , Shin Kong Life Insurance ( ) , Nan Shan Life Insurance ( ) and Mingtai Insurance Co ( ).
In addition, some powderexplosion victims were students who according to law should be covered under student group insurance, the FSC stated.
The regulatory body said it will request that the insurance firms actively facilitate claims filing.
Late Saturday at around 8: 30 p. m., a dust- like colored powder exploded near a performance stage at Formosa Fun Coast in New Taipei City’s Bali District ( ) , engulfing hundreds in the audience in a blaze.
Most of the injured are receiving in- patient care at one of over 40 hospitals in Keelung, New Taipei City, Taipei City, Greater Taoyuan, Hsinchu, Greater Taichung, Changhua County and Greater Kaohsiung.