Decree 97 fire and explosion insurance

As we know, the main purpose of insurance is to share and reduce the financial burden when unfortunate risks and accidents occur. Some common insurances include: health insurance. health insurance, accident insurance, travel insurance, car insurance,… and not to mention fire and explosion insurance – one of the products that customers trust and use in large quantities when there is a risk of fire. Explosions are always lurking and can happen at any time. Fire and explosion insurance is provided in two types: mandatory and voluntary, in which mandatory fire and explosion insurance is an insurance product that requires legal entities to participate in order to ensure individuals. , the organization has a minimum, effective level of protection against fire and explosion risks. And in the current Vietnamese insurance market, compulsory fire and explosion insurance is directly regulated by the Government Decree 97 fire and explosion insuranceto understand better, please join IBAOHIEM to the article below!

Decree 97 fire and explosion insurance is the abbreviation for Decree 97/2021/ND-CP, this Decree was issued to amend and supplement a number of articles of Decree 23/2018/ND-CP of the Government regulating fire insurance, forced explosion.

Because it is a document amending and supplementing a number of existing laws, most of the content of Decree 97 does not differ too much from Decree 23. Some regulations that you need to pay attention to are: :

Regarding the list of establishments assessed to be at risk of fire and explosion, listed in Appendix I of Decree 97 such as: Head offices of state agencies at all levels of 10 floors or more or with a total volume of Working blocks of 25,000 m3 or more; Theaters, cinemas, circuses with 600 seats or more; Garages with a capacity of 10 cars or more;… Therefore, if you are the owner of one of the establishments listed in this list, you are required to participate in mandatory fire and explosion insurance;

Decree 97 fire and explosion insurance There are regulations on the insured object being all assets of the facility that are at risk of fire and explosion, including: Houses, buildings and assets attached to houses and buildings; devices; Types of goods and supplies (including raw materials, semi-finished products, and finished products);

The scope of insurance that the insurance company will be responsible for compensating is for damages arising from fire or explosion and do not fall under the following exclusions: earthquakes, volcanoes, natural fluctuations; caused by political, security and social order and safety events; lightning strike,…;

The insurance premium paid is calculated according to the formula: minimum insurance amount x premium percentage. The insurance amount must be the total monetary value of the property according to the market price at the time of purchasing insurance, and the premium rate will apply differently depending on each case: bars and discotheques are 0 .4%; educational institutions is 0.05%; shopping centers is 0.06%,…

However, in addition to the above regulations, if the fixed terms do not meet all your needs, you can negotiate with the insurance company to expand insurance conditions, insurance amount, and insurance level. , based on Clause 2, Article 3 of Decree 23/2018/ND-CP.

Hopefully the article on IBAOHIEM has helped you better understand the regulations Decree 97 fire and explosion insurance.

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