Circular No. 329/2016/TT-BTC dated 26 December 2016 of the Ministry of Finance on guideline for implementation of a number of certain articles of the Government's Decree No.119/2015/ND-CP dated 13 November 2015 on compulsory insurance for construction activities took effect as from 1 March 2017.
This Circular provides guidelines for the policy wording, conditions, schedules of premiums, financial regime and reporting regime for compulsory insurance for construction activities including construction works insurance, professional liability insurance for construction consultants (referred to as professional liability insurance) and construction workers’ compensation insurance. In addition, this Circular also provides guidelines on the implementation of the third-party civil liability insurance.
Accordingly, investors shall be obliged to buy the insurance for the whole project or for each work item in the construction period (Article 14). The minimum insurance premium rate shall comply with Appendix 7 issued together with this Circular, depending on types of construction works, scale and value of construction works.
Consultancies shall be obliged to buy the compulsory professional liability insurance prior to provision of consultancy services (Article 23). The minimum insurance premium rate shall comply with Appendix 8 issued together with this Circular, depending on value of construction works and value of consulting contracts.