Legal Counselling

Insurance for employees working at construction sites in Vietnam: The sum assured equals VND 100 million/policyholder/case

15:55, 17/11/2015

This is an outstanding content of the Decree No. 119/2015/NĐ-CP providing for compulsory insurance for construction investment activities, issued by Vietnam’s Government on November 13, 2015.

bao hiem nld tren cong truong toi thieu 100 trieu, Nghi dinh 119/2015/NĐ-CP

According to Clause 3 Article 10 of Decree No. 119/2015/NĐ-CP of Vietnam’s Government, with respect to insurance for employees working at construction sites, the sum assured equals VND 100 million/policyholder/case. The specific coverage provided for employees that suffer injury or death caused by work accidents or occupational diseases shall be governed under the direction of the Ministry of Finance.

Besides, this Decree also stipulates sum assured for compulsory insurances in other construction investment activities as follows:

- With respect to insurance for works in progress: The sum assured is the full value of construction works upon completion but shall not be allowed to be lower than total construction contract value, including the value subject to amendments or revisions (if any).

- With respect to professional liability insurance for construction investment consultancy: The sum assured equals consultancy and design contract value.

On the other hand, insurance premiums paid for compulsory insurance for construction investment activities must be determined by consulting statistical data and payment capacity of insurance enterprises and must be consistent with the guidance on insurance conditions, scope of insurance coverage and sum assured provided by the Ministry of Finance.

View full text at Decree No. 119/2015/NĐ-CP of Vietnam’s Government, effective from February 10, 2016.

Thu Ba

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