Posted on September 25, 2011

SEIB Insurance and Reinsurance LLC (SEIB) held today a seminar on ‘Inherent Defect Insurance’ to an audience largely made up of key people from the real estate, construction, engineering industries along with lawyers, legal counsels and bankers. .  ‘Inherent Defects Insurance’ is an insurance policy tailored especially for the construction industry, whereby the policy covers  loss and damage caused by faulty design, faulty materials and faulty workmanship.

“Qatar will see unprecedented growth in the construction business as we move closer to the FIFA World Cup 2022,” said Mr. Farid Chedid, Chief Executive Officer of SEIB. “Naturally, the real estate industry as well as the government need to manage the risks related to  projects related to the hospitality sector, the stadiums or the infrastructure . .  Right now, more than ever, ‘inherent defects Insurance’ is relevant, taking into consideration the Qatari Civil Law on the strict liability of contractors and consultants for 10 years following the handover of completed civil engineering projects..”

Farid Chedid, CEO SEIB Insurance & Reinsurance LLC

Aside from Mr. Chedid, who opened the seminar with a few words, and Mr. Michel Dhe, Economic and Commercial Counselor at the French Embassy in Doha, who also delivered a welcome speech three specialists on the topic delivered  keynote addresses:  Mr. Roland Marie, from SOCOTEC, discussed ‘Technical Control and Inherent Defect Insurance’; Mr. Jean Tuccela of SCOR, ‘Features and Background of Inherent Defects Insurance’; and Mr. Habib Jaalouk, of Chedid Re, delivered his speech on ‘History and Legislation of Inherent Defects.’

Licensed by the Qatar Financial Center Regulatory Authority, SEIB Insurance (www.seibinsurance.com) provides tailor-made corporate and retail insurance solutions, and is especially known for handling complex risk cases.  For more information, please visit www.seibinsurance.com

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