APARTMENT BUILDINGS, HOTELS MUST BUY COMPULSORY FIRE AND EXPLOSION INSURANCE
On February 23, 2018, the Government issued Decree No. 23/2018/ND-CP on compulsory fire and explosion insurance.
This Decree required facilities facing fire hazard such as apartment buildings, hotels, guest houses, hostels that have 5 floors or over; nursery schools, kindergartens which have 100 children or more; petroleum filling station has 1 pump or over... to purchase fire and explosion insurance.
Insured property is the property of the insured facility, including: Houses, works and properties on houses and works; machines, equipment; Goods and supplies. Insurance enterprises shall indemnify for any damage arises from fire and explosion risk with these property.
Insurance enterprises shall not be liable to indemnify in the following cases: Earthquakes, volcanic eruptions or other convulsions of nature; Damage occasioned by unexpected political, security or social order and safety events; Damage occasioned by malicious act of the insured; Damage to data, software and computer programs...
This Decree takes effect on April 15, 2018.
