Dhivehi Insurance has held an information session for the construction sector as part of their ‘Insurance Insights Seminar Series.’
The seminar held at Champa Central Hotel was chaired by the Minister of Environment and Energy, Thoriq Ibrahim. Minister Thoriq stated that the government was working tirelessly to develop the construction industry in the country.
The minister stated that Maldivian companies in the construction sector were in need of better insurance schemes – especially since they work as sub-contractors on numerous mega projects alongside foreign constructors.
“We always hear about complaints from neighboring residents that their properties are being damaged whenever a construction site is being dug. We need a better mechanism to monitor and insure such processes,” Minister Thoriq stated.
He added that consultancy agencies working with the construction sector should also have the benefit of insurance premiums available to them.
He urged the construction sector to be mindful of the regulations that govern the construction sector, and to be mindful about the environmental impacts of every project.
“It is important that everyone complies with the EIA reports and not try to take shortcuts. If we do not sustain the environment, there won’t be a tourism or fisheries sector in the Maldives. This will lead to challenges to the construction sector as well,” Minister Thoriq stated.
Managing Director of Dhivehi Insurance, Abdul Wahid stated that the company aims to provide excellent service to the sectors. He added that they will introduce insurance policies for the construction sector soon.
As such, Dhivehi Insurance is currently working on introducing a credit bond to enable easy purchase to construction materials. Wahid said that the bond is available for customers even now.
“We have great securities from abroad for our products and we are working with and providing insurance with these securities. This means that we can insure big projects and cater to specific requirements,” Wahid said.
The Insurance Insights Seminar was the third of its kind. Industry experts from different countries also took part in the seminar.