Morocco Enhances Mandatory Construction Insurance: Essential Updates for 2024 Unveiled
As Morocco strides towards enhanced building safety and quality standards, new regulations set to take effect on December 30, 2024, will revolutionize the construction insurance landscape. The Insurance and Social Welfare Supervisory Authority (ACAPS) and the Moroccan Insurance Federation (FMA) have mandated comprehensive “worksite risks insurance” and “ten-year civil liability” coverage for all construction projects. This necessity not only meets the real estate insurance requirements for projects exceeding three floors or 800 square meters but also aligns with evolving Moroccan insurance regulations, ensuring robust protection against construction defects and guaranteeing compliance with strict building safety standards in Morocco.
Overview of Mandatory Construction Insurance in Morocco
Starting December 30, 2024, Morocco will implement mandatory construction insurance focusing on “worksite risks” and “ten-year civil liability.” This regulation aims to improve construction and real estate standards across the nation.
The initiative from the Insurance and Social Welfare Supervisory Authority (ACAPS) alongside the Moroccan Insurance Federation (FMA) signals a significant shift in how construction projects will be protected in Morocco.
Who is Affected by the New Insurance Regulations?
The mandatory insurance requirements specifically target architects, engineers, and contractors involved in construction projects. They must secure a ten-year civil liability insurance certificate.
This certificate is necessary to obtain essential licenses, including residential licenses and conformity certificates, emphasizing the importance of compliance in the construction industry.
Coverage and Duration of the Insurance Policy
The ten-year civil liability insurance covers damages that may threaten the construction’s stability, such as defects or the use of substandard materials.
Applicable to various types of buildings, including residential, commercial, and industrial structures, the insurance takes effect immediately upon completion.
Impact on Building Safety Standards
This regulatory improvement is designed to enhance safety standards and the overall quality of construction in Morocco’s real estate market.
By mandating insurance coverage, it aims to reduce risks related to building collapses and ensure long-term protection for occupants and investors.
Next Steps for Stakeholders in the Construction Sector
Builders, contractors, and architects must prepare to comply with the new requirements by securing the necessary insurance before the deadline.
It is crucial for stakeholders to understand the implications of these regulations on their current and future projects in Morocco.
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Frequently Asked Questions
What is mandatory construction insurance in Morocco?
Starting December 30, 2024, Moroccan regulations require mandatory ‘worksite risks insurance’ and ‘ten-year civil liability’ insurance for construction projects. This insurance protects against damages affecting building durability.
Who needs ten-year civil liability insurance?
Engineers, architects, and contractors must present a ten-year civil liability insurance certificate to obtain licenses for projects exceeding three floors or 800 square meters.
What do Moroccan building safety standards entail?
Moroccan building safety standards aim to enhance quality and safety in the construction sector, ensuring compliance for industrial and residential developments and protecting beneficiaries.
