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blue-check New principles of insurance indemnification and compulsory insurance tariffs in construction sector

Circular No. 50/2022/TT-BTC dated August 11th, 2022 of the Ministry of Finance on guidelines on the implementation of certain Articles of Decree No. 119/2015/ND-CPstatus2 dated November 13, 2015 of the Government of Vietnam on compulsory insurance for construction investment activities and Decree No. 20/2022/ND-CP dated March 10, 2022 on amendments to Decree No. 119/2015/ND-CPstatus2 dated November 13, 2015 of the Government of Vietnam on compulsory insurance for construction investment activities
Posted: 18/8/2022 9:13:41 AM | Latest updated: 16/9/2022 11:42:17 AM (GMT+7) | LuatVietnam: 5526 | Vietlaw: 578
VietlawOnline

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-BTCstatus1 dated December 26th, 2016.

Notes
Please be informed that the attachments are neither translated nor included in the English file.
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Related documents

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Penalty document

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Information

Effective date 1-Oct-2022
Expired date Unknown
Published Vietlaw's Newsletter No. 578

Files attachment

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