Which project must buy insurance?

Which project must buy insurance?

According to Ms. Ngo Thi Thu Hien (in Da Nang), the Decree 119/2015 / ND-CP stipulates that the project is required to prepare an environmental impact assessment report according to the contents in Appendix II and III of the Decree. Decree 18/2015 / ND-CP that belongs to the compulsory insurance purchaseproject.

The insurance premium of the project will follow the Circular 329/2016 / TT-BTC of the Ministry of Finance. Ms. Hien consulted the above Circular but she did not see the regulations on compulsory insurance premiums for mountainous transport works less than 50 km and passing through the national park. Ms. Hien would like to ask the authorities to answer this issue.

Regarding this issue, The Ministry of Finance gives the following opinions:

According to Point b, Clause 1, Article 4 of the Government's Decree No. 119/2015 / ND-CP of November 13, 2015, compulsory insurance in construction investment activities (the Decree No. 119/2015 / ND) -CP):

1. Except for construction works related to national defence, security and state secret, project owners or contractors that fall within the case in which construction insurance premiums have been included in the contractual price must buy construction insurance which is valid during the construction period with respect to the following construction works::…

b) Construction projects having significant environmental impacts that belong to the list of projects subject to environmental impact assessment under the provisions of the Appendix II and III of the Government's Decree No. 18/2015/ND-CP dated February 14, 2015 on the scheme for environmental protection, strategic environmental assessment, environmental impact assessment and the plan for environmental protection in association with written amendments, modifications or substitutions (if any)”.

We recommend Ms. Hien to determine whether construction works are subject to compulsory insurance in construction investment activities as prescribed in Clause 1, Article 4 of the Decree No. 119/2015 / ND-CP.

In case the construction works are subject to compulsory insurance in construction investment activities, as prescribed in Clause 1, Article 15 of the Circular No. 329/2016 / TT-BTC:

1. The premium of construction works in the construction period is determined in Annex 7 attached here to be specific:

a) If the insured construction works valued at less than 700 billion dong, whether including the cost of installation of less than 50 % of the total value of insured work items or not, the premiums shall be determined in accordance with point 1, clause 1, Annex 7 attached hereto.

b) If the insured construction works valued at less than 700 billion dong, including the cost of installation of at least 50 % of the total value of insured work items, the premiums shall be determined in accordance with point 1 clause, Annex 7 attached hereto.

c) For any construction works beyond point 1 clause I and point 1 clause II Annex 7 attached hereto or construction works valued at 700 billion dong or more, the insurer and policyholder shall reach an agreement on insuring clauses, policy wording, premiums and deductible on the basis of proofs certifying that the ceding company receives insurance ceded under the same insuring clauses, policy wording, premiums and deductible as those application to the insurer and policyholder foreign ceding companies and organizations shall be those ranked at least BBB by the Standard & Poor’s or B++ by A.M.Best or the equivalent rank in the immediately preceding year of the ceding year by qualified and experienced rating organizations.

Foreign reinsurance enterprises and foreign reinsurers must be ranked at least "BBB" by Standard & Poor's, "B ++" by AMBest or equivalent ranking results of organizations with functions , other ranking experience in the most recent fiscal year of receiving reinsurance ”.

Where construction works are not required to buy compulsory insurance in construction investment activities, organizations and individuals may comply with Clause 7, Article 3 of the Decree No. 119/2015 / ND -CP 11/13/2015.

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