Regulations on compulsory insurance validity period in construction investment activities in Vietnam

This is a notable 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.

thoi han bao hiem bat buoc dau tu xay dung, Nghi dinh 119/2015/NĐ-CP

According to the Decree No. 119/2015/NĐ-CP of Vietnam’s Government, the validity period of construction insurance during the construction progress means the specific time period from the opening date to the closing date of construction activities with reference to the investment decision (even including any modification or amendment if possible) issued by a competent authority and agreed upon in an insurance contract.

Professional liability insurance for construction consultancy service shall be valid from the date on which agreed construction consultancy service is rendered to the date on which the warranty term of construction works ends in accordance with laws.

Moreover, insurance for employees working at construction sites shall be valid from the date on which they start performing their work to the date on which the warranty term of construction works ends in accordance with laws. The determination of specific validity period of insurance for employees working at construction sites shall be consistent with their employment contracts.

Besides, this Decree also stipulates: “Insurance contracts for construction investment activities which have been underwritten before entry into force of this Decree shall be continued in accordance with laws as at the contract-underwriting date”.

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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