Asian News - Vietnam: Construction insurance to be mandatory wef 10 February
Source: Asia Insurance Review | Jan 2016
Contractors are now obliged to purchase insurance for complex projects and their construction workers, according to a new government decree on mandatory construction insurance, which will take effect on 10 February this year.
The affected projects include any construction work that may affect community safety or the environment and work that is subject to special technical requirements, reported Viet Nam News. The new regulation was adopted recently following a series of labour accidents.
Under the law, the insurance coverage period runs from the time the workers start their jobs on the construction site until the project is completed. The specific insured days will be determined by the labour contract.
The insurance company will reimburse the contractors for any compensation owed to the labourers in cases of injury, work-related accidents, and occupation-related diseases. The minimum compensation is VND100 million (US$4,450) per person in each case.