On 8th December 2016, Chairman of Association of Vietnamese insurers has signed Decision No. 044/QD-HHBHVN on Approval of the insurance policy wording of Cargo, Hull and Property edited by Association of Vietnamese Insurers.
This is the result of the hard work throughout 2016 of the editing teams established by Permanent body of Association of Vietnamese Insurers (consisting of insurance experts from some insurers as proposed by the part-time committees). The editing work has solved the following issues: unify the name of clauses that have the same contents but insurers are using different names; unify and revise the terminologies, concepts that have been used in the Vietnamese insurance policy wording to comply with terminologies, concepts used in relevant legal documents; unify the translation of some clauses, expression of clauses in English into Vietnamese to ensure the clauses are conveyed in full meaning, not redundantly and with correct grammar in Vietnamese; unify the revision of wrong translations in the insurance policy wording in Vietnamese currently applied by the insurers.
The approval of the insurance policy wording of Cargo, Hull and Property has a very important meaning for non-life insurers in the market. With these insurance policy wordings, the insurers can refer to and apply uniformly. At the same time, in case of disputes, international courts and arbitration centers can refer to and do not require the insurers to get a notarized translation of the insurance policy wording in English. Insurers in the market highly appreciate and value this effort of Association of Vietnamese Insurers.