Detailed regulations on compulsory purchase of civil liability insurance for third parties in construction

The Government has just issued Decree 20/2022/ND-CP amending and supplementing a number of articles of the Government’s Decree No. 119/2015/ND-CP dated November 13, 2015 stipulating compulsory insurance in business activities. construction investment.

Specifically, on subjects who must buy compulsory insurance in construction investment activities, the Decree amends and supplements Clause 3, Article 4 as the next follows. Construction contractors must purchase compulsory insurance for their employees. construction on site and compulsory CIT insurance for third parties.

The minimum insurance amount for damage to health and life is 100 million VND for one person in one case and there is no limit to the number of loss cases.

For works valued at less than VND 1,000 billion, the minimum insurance amount for property damage and related legal costs (if any) is 10% of the value of the work for the entire insurance period and there is no limit to the number of loss cases.

For works valued at VND 1,000 billion or more, the minimum insurance amount for property damage and related legal costs (if any) is VND 100 billion for both the insurance period and there is no limit to the number of loss cases.

This Decree takes effect from July 1, 2022.

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