Professional and Directors Liability Insurance in Vietnam
Professional Liability and Director indemnity are mostly requested for compliance reasons when dealing with Multinational companies MNE. Seek protection and indemnity.
Professional and Directors Liability Insurance in Vietnam
If you are a surgeon, an architect, an auditor, a travel agent or even a Financial advisory - like ourselves - you may be requested by your clients to have à professional indemnity insurance. Your clients/ stakeholders may want to get indemnity for malpractice.
Professional and Directors Liability is low demand and high risk in Vietnam
Professional Liability Insurance for doctors, accountants, CEO, travel agents, architects are in rare demand as those are not compulsory as those would be in more developed countries. Only 1 insurer would cover for professional risk. There are no laws nor compliance regulations to impose professional insurance, therefore demand and offer are low. As the business laws are new, the professional liability is enforced by contractual agreements. The liability on death of bodily injury is based on 30-months salary and material damages are usually repaired at cheap labour costs. Due to very little demand, insurers have not developed the corresponding offer. On the other hand, for surgeons and architects for instance there are very few professional experts to ascertain responsibility. In a court of the law it ends up with a small penalty to indemnify the victim.
