Cover scheme against natural and man-made catastrophes
Morocco is getting endowed with an insurance scheme designed to protect people from natural and man-made catastrophes. The list of the natural events to be covered will be defined by regulatory channel on a proposal from the insurance and social security supervisory authority (ACAPS).
Terrorist acts, uprising riots and civil commotion whose intensity is deemed high, will also be covered. A number of events will, however, be ruled out. These are, in particular, damage and harm caused by the use of chemical, biological, bacteriological, nuclear agents or weapons, or caused by the dispersion of radioactive substances.
The plan plays out in a mixed fashion. A solidarity fund against catastrophic events, financed by the State and designed to compensate victims who are not insured, has been set up. On the other hand, insurance contracts covering property damage and motor third party liability will be subject to extended guarantees against the mentioned events in return for the payment of an additional premium.
More news
