The adoption of the Regulation on the Conditions and System of the Compulsory Design and Construction Insurance will be a guarantee against damages which are caused because of poorly executed work on the part of builders and designers

The adoption of the Regulation on the Conditions and System of the Compulsory Design and Construction Insurance will be a guarantee against damages which are caused because of poorly executed work on the part of builders and designers, said the Regional Development and Public Works Deputy Minister Savin Kovachev at the press conference following the adoption of the Regulation by the Council of Ministers. Builders, consultants, designers, supervisors, as well as persons who make an assessment of the investment projects congruence, are subject to compulsory insurance for damages caused by them. They must underwrite insurance for the period in which they take part in activities and 5 years after they terminate those activities. The Regulation also addresses buildings which were erected up to 5 years ago. The Regulation defines the minimum amount of the insurance premiums that will be paid. They vary from 50 to 600 leva per annum, clarified Deputy Minister Savin Kovachev. He added that those sums will not bring about a more expensive construction and they comprise around one thousand of the damages which are going to be repaired under an insurance event. The Regional Development and Public Works Minister will supervise the observance of the Regulation. The opinion of the Insurers Union as well as that of participants in the construction process has been considered in drawing up the Regulation. The Regulation will take effect immediately after being promulgated in the Official Gazette. PR & International Relations Directorate