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May 15, 2013
Bahrain Kuwait Insurance Company (BKIC) today conducted a Seminar on Construction Insurance at Hotel Regency Intercontinental, Manama. The event was well attended by representatives of all major industrial companies in public and private sector, representatives from various Ministries as well as leading contracting companies.
The Seminar was conducted in three segments to cover the view points of Owners, Contractors and Insurers- who have to work in unison to manage the risks associated with construction projects. In his key note address, Mr. Waleed Mahmood, General Manager of BKIC outlined the relevance of the seminar to current times when the Government is embarking on projects of social & economic importance. He stated that insurance plays a vital role in economic development and that proper understanding of the insurance contracts would enable the Owners and Contractors to manage their risks efficiently.
Mr. Narayanan Seshan (BAPCO) spoke on the critical aspects of insurance that the owner of major contract should be conscious of. Mr. Hemant Joshi (NASS group) dwelt on the practical considerations for a contractor for managing insurance of contract works and liabilities. Mr. Thomas Schuster (Munich Reinsurance co.) gave a detailed presentation on the Theory and Practice of Construction insurance stressing on practical situations that his company deals with world over.
The seminar helped establish BKIC's position as market leader not just in terms of Premiums but also in terms of knowledge and commitment to the community.