According to the provisions of Decree No. 282 of February 2019 and Decree No. 1687 of 2020, from 1 January of this year ten years insurance Mandatory for all builders in the country.
This insurance emerges as one of the mechanisms to respond to landlords or third parties affected by an event that threatens a building and could trigger events such as the events with Edificio Space in Medellín in 2014 or Edificio Blas de Lezo in 2014. Cartagena in 2017.
In this sense, and considering that it is now mandatory, Seguros Mundial plans to issue a ten-year insurance policy between $1,200 and $1,800 million in 2022.
“We had this insurance in our portfolio for over two years, at the time it was a voluntary policy that builders adhered to to show their investors that all is well and to give them peace of mind in the face of a possible contingency, but it was not a very common policy since insurance culture.
“The number of volunteers is very low in our country,” said Juan Enrique Bustamante, president of Seguros Mundial.
This insurance aims not only to protect the interests of the buyers, but also to protect the assets of the person who is building or transferring the house. According to the company, those who purchase this insurance receive the full value of the reconstruction in case of loss.
“For more than two years in Colombia, companies in the insurance industry have prepared themselves to offer the ten-year insurance solution to all builders in the country; and Seguros Mundial, over these years, have managed to develop coverage by designing a Ten-Year insurance according to the needs of the market”, Bustamante concluded.
Source: Lare Publica
