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Construction Quality Insurance Finalized

Construction Quality Insurance Finalized  Construction Quality Insurance Finalized

The directives for implementing construction quality insurance have been finalized, which require builders to guarantee the quality of construction for 10 years, said the head of Central Insurance of Iran’s Department for Planning and Development. The Fifth Five-Year Development Plan (2011-16) required builders to guarantee buildings against any losses caused by the flawed construction of buildings, Hassan Reza Abbasianfar was also quoted as saying by Banker.ir. Construction quality insurance is set to cover any losses resulting from unprofessional architecture and design standards as well as using low-quality materials. According to the directives, representatives from insurance companies should inspect the process of construction. Abbasianfar said the coverage also includes losses caused by hidden faults in buildings.

 

Financialtribune.com