Saudi Arabia will start providing decennial liability insurance services to cover inherent construction defects, Okaz newspaper reported, citing Adel Al-Issa, the official spokesperson for insurance companies.
The new insurance services will encourage insurers to design new products that cater for contractors’ demands going forward.
Local insurance firms are waiting for issuance of the regulations governing the decennial liability insurance industry by the Ministry of Municipalities and Rural Affairs, Al-Issa said.
The new policies will cover construction defects, due to lack of quality or unintentional errors within ten years starting from the project delivery date.
Comments
{{DisplayName}}
{{ElapsedTime}}