Is it possible to buy 02 insurances for 01 property in Vietnam?

Is it possible to buy 02 insurances for 01 property in Vietnam?

Clause 1 Article 44 of the Law on Insurance Business 2000 provides for duplicate insurance as follows:

1. A coincident insurance contract is the case where the insurance buyer concludes insurance contracts with two or more insurance enterprises to insure the same objects, with the same insurance conditions and insured event.

Based on the current regulations, you can buy 02 insurance for 01 property in Vietnam.

In case 01 property has 02 insurances, what are the compensations in Vietnam?

In Clause 2, Article 44 of the Law on Insurance Business 2000, there are provisions on duplicate insurance contracts as follows:

2. Where parties enter into a coincident insurance contract, when the insured event occurs, each insurance enterprise shall only have to make indemnity according to the proportion of the insured sum agreed upon against the total insured sums of all contracts concluded by the insurance buyer. The total sum of indemnities of the insurance enterprises shall not exceed the value of actual damage caused to the property.

According to this Clause, in case 01 property has 02 insurances in Vietnam , it will be compensated according to the ratio of the agreed insurance amount to the total insurance amount of all insurance contracts signed by the insured party. At the same time, the amount of property compensation shall not exceed the actual damage value of the property.

Best Regards!