This Circular provides for principles of insurance indemnification and compulsory insurance tariffs in construction sector, including:
(i) Compulsory insurance for works during construction time;
(ii) Compulsory insurance for professional liability of investment and construction consultancy services;
(iii) Compulsory insurance for workers working on construction sites;
(iv) Compulsory third-party liability insurance.
Notably, according to Article 5 of this Circular, insurers shall not indemnify losses caused by stopping the construction work or losses caused by consequences of stopping the construction work and losses of data, software, and computer programs.
The minimum insurance payout for works during construction time shall not be lower than the total value of construction contracts, even the adjusted or supplemented value (if any).
The minimum insurance payout in case of compulsory insurance for workers working on construction sites is 100 million VND/person/case.
This Circular takes effect from October 1st, 2022 and replaces Circular No. 329/2016/TT-BTC dated December 26th, 2016.
|Published||Vietlaw's Newsletter No. 578|