Minimum Fire and Explosion Insurance Amount

17:14, 11/07/2024

On February 23, 2018, the Government of Vietnam issued Decree No. 23/2018/ND-CP along with regulations on the minimum fire and explosion insurance amount.

Decree 23 discusses the minimum mandatory fire and explosion insurance amount, which is the monetary value calculated according to the market price of the types of assets at the time of entering into the insurance contract, including:

- Houses, constructions, and assets attached to houses, constructions; machinery, equipment.- Various goods, materials (including raw materials, semi-finished products, finished products).

If the market value of the assets cannot be determined, the mandatory fire and explosion insurance amount is agreed upon by the parties as follows:

- For houses, constructions, and assets attached to houses, constructions; machinery, equipment, the insurance amount is the monetary value of the assets based on their residual value or replacement value at the time of entering into the insurance contract.- For various goods, materials (including raw materials, semi-finished products, finished products), the insurance amount is the monetary value of the assets based on valid invoices, documents, or related materials.

More details can be found in Decree 23/2018/ND-CP effective from April 15, 2018.

-Thao Uyen-

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