Responsibility to buy compulsory insurance in construction investment in Vietnam

by BichNgoc

What means of insurance in construction investment activities? Responsibility of investor? It is extremely important to buy insurance for construction works, survey work, construction design and employees, to ensure the safety of assets as well as employees during the implementation process. investment projects. LSX Lawfirm will give you an article about: “Responsibility to buy compulsory insurance in construction investment in Vietnam”, as follows:

The Construction law 2014

Insurance in construction investment activities in Vietnam

Insurance in construction investment activities covers:

a/ Work insurance during the construction;

b/ Then, construction investment consultancy professional liability insurance;

c/ Insurance for construction supplies, materials, means, equipment and laborers;

d/ Then, civil liability insurance for third party;

dd/ Finally, construction work warranty insurance.

Related article: Foreign investors do business in construction services in Viet Nam

Issuing construction permits for foreign contractors

Basic principles of construction investment activities in Vietnam

Responsibility to buy compulsory insurance in construction investment in Vietnam

Firstly, Project owners shall buy work insurance during the construction for works affecting the community safety, environment, works with particular technical requirements and complicated construction conditions.

Secondly, consultancy contractors shall buy construction investment consultancy professional liability insurance for construction survey and construction design of construction works of grade II or higher grade.

Thirdly, Construction contractors shall buy insurance for construction workers working on the construction sites and civil liability insurance for third party.

Finally, the Government shall detail the responsibility to buy compulsory insurance, the conditions, premium levels and minimum insurance money which the insured and insurers are obliged to comply with.

Related questions about “Insurance in construction investment activities in Vietnam”

Construction investment activities means?

Construction investment activities means a process of conducting construction activities including construction, repair and renovation of a construction work.

The insurer is not liable?

The insurer is not liable for the following losses:
Loss:
-Arising from willful acts;
-Be not incidental;
-Cannot be quantified in monetary terms;
Catastrophic damage;
Loss arising in the event that the policyholder does not have an insurable interest.

Construction investment project means?

Construction investment project means a collection of proposals concerning use of funds for construction, repair or renovation of a construction work with a view to developing, maintaining and raising the quality of the work or product or service within a given duration at specified costs. At the stage of investment construction project preparation, the project shall be demonstrated through the construction investment pre-feasibility study report, the construction investment feasibility study report or construction investment economic-technical report.

Contact LSX Lawfirm

Finally, hope this article is useful for you to answer the question about: “Responsibility to buy compulsory insurance in construction investment in Vietnam”. If you need any further information, please contact  LSX Law firm : +84846175333 or Email: hoangson@lsx.vn

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