Third-party insurance is a product of insurance buyer’s liability for third parties arising from negligence causing damage to people and property.
Accordingly, from July 1, construction contractors, in addition to having to buy compulsory insurance for construction workers on the construction site as before, must also buy compulsory insurance for civil liability for employees. third-party.
Third-party insurance is a product of insurance buyer’s liability for third parties arising from negligence causing damage to people and property. Some unintentional errors such as driving a vehicle to cause an accident, construction work affecting third-party properties, negligence in construction design affecting the work …
According to Decree No. 119/2015/ND-CP, the Government stipulates that the third party here includes all people, surrounding properties, property and people walking around the construction area who suffer bodily damage. body, life and property related to the construction design, construction survey.
The term of compulsory insurance for civil liability with a third party is a specific period from the start date to the end date of the construction period based on the construction contract and stated in the insurance contract.
At that time, the insurance enterprise shall be responsible for indemnifying the construction contractor for the sums which, according to the provisions of law, the construction contractor is responsible for indemnifying the third party for the damage. in addition to the contract for health, life, property directly incurred during the construction process and relevant legal costs (if any) within the scope of insurance liability as agreed in the insurance contract. .
The minimum insurance amount for damage to health and life is VND 100 million for one person in one case and there is no limit to the number of loss cases.
The minimum insurance amount for property damage and related legal costs (if any) is determined as follows: For works valued at less than 1,000 billion VND, the minimum insurance amount for with property damage and related legal costs (if any) of 10% of the value of the work for the entire insurance period and unlimited number of loss cases.
For works valued at VND 1,000 billion or more, the minimum insurance amount for property damage and related legal costs (if any) is VND 100 billion for both the insurance period and Unlimited number of losses.