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A severe penalty for not respecting the mandatory covers CAR and decennial liability

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Magazine Issue: 
Women and the rush to insurance [3]
Magazine date: 
Apr 2015

The underwriting of new mandatory covers Contractor’s All Risks (CAR) and decennial liability should boost the turnover of construction insurance in Morocco.

In 2014, the cumulative premiums generated by the CAR and decennial liability policies only amounted to 378 million MAD (42 million USD). They represent only 2% of non life underwritings in the past year.

To overcome this situation, the authorities henceforth proceed to strict controls to enforce the law.
In case of violation, the building owners will face heavy fines of up to 100 000 MAD (10 372 USD).

Wed, 13/05/2015 - 11:55

Source URL: https://www.atlas-mag.net/en/article/a-severe-penalty-for-not-respecting-the-mandatory-covers-car-and-decennial-liability

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