Construction Workers Have Insurance Of At Least VND 100 Million

From March 1, the minimum insured amount for insured workers on the construction site is VND 100 million / person/case.

You can read more information at Vietnam Real Estate Law

Ministry of Finance has just issued Circular 329, guiding the implementation of Decree 119 on compulsory insurance in construction investment. Accordingly, the owner or contractor must buy insurance for the building during construction.

The minimum sum insured in the case of insurance for laborers on construction site is VND 100 million / person/case.

Circular 329 also states that insured objects for construction workers are the civil liability of construction contractors in accordance with the law.

The owner or contractor is required to buy insurance for the building during construction

Insurance enterprises shall have to pay compensations to contractors for construction of sums of money which construction contractors shall have to compensate for laborers who are injured or die due to labor accidents or occupational diseases. incurred by performing construction work on site.

The duration of insurance for laborers performing construction works commences from the date of performing the construction work at the construction site to the end of the work warranty duration according to the provisions of law. The determination of specific insurance periods for employees based on the labor contract.

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The Decree also stipulates that the consultancy contractor must buy professional liability insurance for construction investment consultancy for construction survey or construction designing work of level II construction works. Construction contractors must purchase insurance for construction workers on site.

The minimum insured amount is the full value of the works upon completion but must not be less than the total value of the construction contract. For professional liability insurance for construction investment consultancy, the insured sum must be at least equal to the value of the consultancy contract or design contract.

For construction insurance during the construction period, the insurance enterprises shall have to pay compensation for the damage caused by the construction works arising from all risks.

The insurer shall indemnify the investment consultancy contractor for the construction of funds for which the consultant contractor is liable for the loss of the third party and related expenses arising from the performance of construction investment consultancy work.

 In case of incidents, insurance enterprises shall have to pay compensations to construction contractors for the sum of money which contractors have paid to laborers who have suffered injury or death due to labor accidents, occupational disease.

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