The Council of Government has approved the implementing texts to the Insurance Code relating to decennial liability insurance and construction all risk insurance.
The revisions, approved at a meeting on 19 November, authorises the government agency in charge of finance to determine details such as the minimum insurance cover for damage to building structure and the methods for determining the minimum amount of liability cover relating to construction sites, etc, Mr Saaid Amzazi, a government spokesman said in a media release.
The implementing texts, set out in a decree, have long been awaited by insurance companies wishing to boost their turnover and by builders and project owners bearing construction or building risk. Once gazetted, the implementing texts will take effect and introduce more order to the construction sector.
The decree also proposes that the government authority in charge of construction and housing be informed of any case of suspension or termination of a construction risk insurance contract or a decennial liability insurance policy.
In addition, during its meeting, the Government Council examined a draft decree relating to a basic compulsory health insurance scheme and the establishment of a pension scheme for the benefit of professionals and the self-employed, such as architects.