Insurance Premium Rates for Fire and Explosion Coverage Effective from April 15, 2018

17:38, 10/07/2024

On February 23, 2018, the Government of Vietnam promulgated Decree 23/2018/ND-CP regulating mandatory fire and explosion insurance.

insurer and establishments with fire and explosion hazards when entering into a fire and explosion insurance contract, the premium rate agreed upon in the contract must comply with the following regulations:- In case the total insured amount of assets at a location is below VND 1,000 billion, the insurance premium rate stipulated in Clause 1, Section I, Appendix II of Decree 23/2018/ND-CP shall apply;- If the total insured amount is VND 1,000 billion or more, both parties may negotiate the insurance premium rate based on legal regulations and subject to the acceptance of the reinsurer.Note, in cases where the total insured amount is below VND 1,000 billion, based on the risk level and insurance premium rate as stipulated, both parties may negotiate an increase in the insurance premium rate for each establishment with fire and explosion hazards.[Decree 23/2018/ND-CP](https://lawnet.vn/vb/nghi-dinh-23-2018-nd-cp-bao-hiem-chay-no-bat-buoc-58197.html) officially takes effect from April 15, 2018.

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