Azerbaijani Insurance Company to Introduce Complex Construction work Insurance
Azerbaijan, Baku / Trend corr. U.Ismaylova / The Azerbaijani Az Sigorta for the first time has introduced a complex insurance covering construction work, which is not provided by any other Azerbaijani insurance company as yet, Khayal Mammadkhanli, Company's deputy Director General, said.
"As a huge amount of funds is demanded for the complex insurance the company intends to re-insure them through world re-insurance companies," Mammadkhanli said.
The 16-storey building collapsed in Baku on 28 August 2007. Later the implemented examinations revealed that neither workers nor people involved were insured.
The insurance companies who were interviewed by Trend stated that local insurance companies are not equippedto insure construction work. "Taking into consideration the current construction boom in the country, insurance companies should introduce insurance as compulsory obligation," Mammadkhanli said.
There are 29 insurance companies in Azerbaijan with the minimum paid authorized capital of AZN 700, 000.