Hiep Phouc Power Company prevails in precedential coverage dispute following loss at plant in Ho Chi Minh City
Clients Hiep Phouc Power Company Limited
Jones Day represented Hiep Phouc Power Company Limited ("HPPC") in a successful coverage action involving claims under HPPC's Industrial All Risks insurance policy underwritten by the Taiwanese insurer, Taian Insurance Company Limited.
The incident at the client's Vietnamese plant caused significant property damage and business interruption losses.
The claim before the Court in Taipei centered upon the distinction under Taiwanese law between Specified Risk and All Risk policies.
The Court held, in our client the policyholder's favor, that since the HPPC policy was written on an "all risks" basis the insurer's inability to prove that the event which had occurred fell within any specific exclusion meant that an indemnity was due.
The case is one of the leading cases on insurance in Taiwan.
Hiep Phouc Power Company Limited v. Taian Insurance Company Limited