Three types of buildings insurance that is compulsory to buy
It is said that the decree compulsory insurance in construction investment activities plays a very important part in the daily life especially for those whose work involves in building. In this post, we would like to introduce the 3 types of construction work that are required to purchase insurance.
Accordingly, except for the works related to defense, security and state secrets, an investor or contractor insurance in case works are included in the contract price to buy insurance during the project construction time for the following projects:
It is said that buildings, construction items that affect community safety are specified in Annex II of Decree 46/2015 / ND-CP dated 12/05/2015 of the Government on the quality management and maintenance works and writing up the amendment, supplement or replacement (if available). The building has a specific technical requirements and conditions for complex construction in accordance with the law on construction and other related laws.
Contractors must advise buying professional liability insurance investment consulting construction survey work for the construction, design build construction of grade II or higher. In terms of construction, contractors need to purchase insurance for construction workers on the construction site.
Term insurance works construction during the specific time period is calculated from the start to the end of the construction period based on the text of the competent authorities of investment decisions (including things adjusted and supplemented where applicable) and stated in the insurance policy. For insured buildings during construction, implementation insurer liable for compensation for the loss of construction all risks arising from, except for loss provisions.
The duration of professional consultants liability insurance for the prpose of construction investment starts from the date of implementation consultancy work to the end of the warranty period as stipulated by law.
An insurer will compensate the investment contractor the amount that consultants are responsible for compensation for third party losses and related expenses under the provisions of law arising from the implementation of the investment and construction consultancy, excluding loss provisions.
Terms about the construction insurance for workers on the site starting from the date of implementation of construction work on the site until the end of the warranty period as stipulated by law. The identification of a specific period of insurance to workers is identified based on labor contracts.
An insurer shall implement compensation to the contractor for construction of the sums which the contractor is responsible for compensation for injured workers, or workerswho die due to accidents and occupational diseases that are caused insurance responsibility.
Regarding the minimum amount of insurance, insurance for buildings during construction, a minimum amount of insurance is the full value of the project when completed, but it shall not be less than the total value of construction contracts, including value adjustments and supplements (if any).
For professional liability insurance construction investment advisory, insurance amount at least equal to the contract value consultancy, design. For construction insurance for workers on the construction site, the minimum insured amount is estimated to be 100 million / person / service. Specific compensation levels in case of injured workers, workers die due to accidents and occupational diseases is followed by the guidance of the Ministry of Finance.
