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light-check Supplements to regulations on third-party civil liability insurance in construction investment activities

Decree No. 20/2022/ND-CP dated March 10th, 2022 of the Government on amendments to Decree No. 119/2015/ND-CPstatus2 dated November 13, 2015 of the Government on compulsory insurance for construction investment activities
Posted: 11/3/2022 7:23:20 AM | Latest updated: 26/5/2022 7:56:57 PM (GMT+7) | LuatVietnam: 5409 | Vietlaw: 562
VietlawOnline

One of the new noticeable points of this Decree is the supplements to regulations on compulsory purchase and compensation rate of third-party civil liability insurance in construction investment activities.

Accordingly, construction contractors must buy compulsory third-party civil liability insurance for a specific period from the start date to the end date of the construction time.

With regard to this type of insurance, the minimum sum assured regarding damage of health or life is 100 million VND/person/case. In case of damage of assets or related legal costs, etc. the minimum sum assured is 10% of the value of the works (for the works valued at less than 1,000 billion VND) and the minimum sum assured is 100 billion VND (for the works valued at 1,000 billion VND or more).

This Decree takes effect from July 1st, 2022.

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Effective Date 1-Jul-2022
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Published Vietlaw's Newsletter No. 562
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