There are not many takers for decennial liability insurance despite the UAE Civil Code stipulating that contractors are liable to compensate the employer for 10 years from the date of delivery, if the building suffers any collapse, or there is a defect that threatens the stability and safety of the building. Experts and insurers say making it mandatory will protect people and improve construction quality.
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New products such as surety insurance – guarantees for contracts and other financial obligations – are set to grow with construction companies in the Middle East staring at major debt obligations accentuated by delays in government payments. Ms Manika Dhama of Cavendish Maxwell foresees further pain to the construction industry which will enhance the scope for more insurance products.
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Looking at risk management in the construction industry in the Middle East, Ms Hema Padmanabhan of ADNIC identifies ways to reduce costs and delays and implement effective risk-management plans.
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