Insurance in Construction Investment Activities
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Insurance in construction investment activities includes:
a) Insurance of works during the construction period;
b) Professional liability insurance for construction investment consultancy;
c) Insurance for materials, equipment, construction vehicles, and workers;
d) Civil liability insurance for third parties;
đ) Warranty insurance for construction works. -
The responsibility for purchasing compulsory insurance in construction investment activities is prescribed as follows:
a) The project owner shall purchase insurance of works during the construction period for works affecting community safety, the environment, works with specific technical requirements, or with complex construction conditions;
b) Consulting contractors shall purchase professional liability insurance for construction investment consultancy in respect of construction survey and design work for construction works of grade II or higher;
c) Construction contractors shall purchase insurance for workers working on construction sites and civil liability insurance for third parties. -
Project owners, consulting contractors, and construction contractors are encouraged to purchase types of insurance in construction investment activities, except in cases prescribed in Clause 2, Article 9 of the Law on Construction 2014.
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The Government shall provide detailed regulations on the responsibility for purchasing compulsory insurance, conditions, premiums, and minimum insured amounts which organizations and individuals participating in insurance and insurance enterprises are obliged to comply with.
Legal grounds:
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Article 9, Law on Construction 2014;
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Clause 5, Article 1, Law on Amendments to the Law on Construction 2020;
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Chapter IV, Decree No. 67/2023/ND-CP on compulsory civil liability insurance of motor vehicle owners, compulsory fire and explosion insurance, and compulsory insurance in construction investment activities.
