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In accordance with law provisions, from July 01, 2022, construction contractors shall buy compulsory insurance for workers working on the construction sites and compulsory civil liability insurance for third parties.
Duration of compulsory civil liability insurance for third party is a specific span, counting from the date of starting to the date of finishing the construction time, based on the construction contract and written in the insurance contract.
For compulsory civil liability insurance for third parties:
- The minimum insurance sum for damage to health and life is one hundred (100) million dong/person/case, and there is no limit to the number of loss cases.
- The minimum insurance sum for property damage and related legal costs (if any) shall be determined as follows:
+ For a work valued at less than 1,000 (one thousand) billion dong, the minimum insurance sum for property damage and related legal costs (if any) is 10% of the value of the work for the entire insurance duration, and there is no limit to the number of loss cases.
+ For a work valued at 1,000 (one thousand) billion dong or more, the minimum insurance sum for property damage and related legal costs (if any) is 100 (one hundred) billion dong for the entire insurance duration and there is no limit to the number of loss cases.
This Resolution takes effect on July 01, 2022.
