Memorandum of Understanding between Nizam Engineering Organization and Razi Insurance Company

Memorandum of Understanding between Nizam Engineering Organization and Razi Insurance Company

1- Professional liability insurance for supervising engineers, designers, accountants and construction executives (with 80% discount)

2- Third party car insurance policy (with 7.5% + 2.5% discount)

3- Car body insurance policy (with 70% discount)

4- Employer’s liability insurance for construction workers and construction third parties (with 70% discount)

5- Construction quality guarantee insurance (with 30% discount)

6- Civil liability insurance for elevator owners (with a 50% discount)

Introduction of professional liability insurance policy for supervising engineers, designers, accountants and construction executives

In this insurance policy, the professional liability of the insured (engineers) towards the property, owner, builder, investor, operator, nearby neighbors, urban and municipal facilities, legal authorities, executive staff of construction projects (including workers, office persons , contractors, managers) and third parties are covered.
This means that if as a result of negligence, malpractice, error, negligence or professional mistake of the insured (engineers) regarding supervision or calculations or design in the fields of structures, architecture, mechanical facilities, electrical facilities, mapping supervision, gas monitoring, building contractors, life and financial damage is caused and the insurer (engineers) is recognized as responsible for compensation, as well as the responsibility of supervising engineers and designers and accountants for the buildings resulting from his professional activity who obtained his graduation in the previous years and or buildings whose completion has not yet been issued and are in operation, or buildings whose construction has not been completed, or is in progress, or has been left unfinished, damages caused to the insured (engineers) covered by this insurance policy is

This insurance policy includes all the past activities of the organization’s engineers until now (without setting a time limit).

This insurance policy includes natural disaster coverage.

All approved and executed plans will be included in this insurance policy.

The insurer is obligated to pay damages if an accident leads to damages during the validity of the insurance policy.

Obligations of the insurer during the policy period:

– Death and disability compensation: 5,600,000,000 Rials

– Compensation for medical expenses: 200,000,000 Rials

– Financial compensation: 500,000,000 Rials

Excess covers:

– Claims of the Social Security Organization (Note 1 of Article 66 of the Social Security Law) up to 500,000,000 Rials

– Payment of damages without a court decision.

– In case of an increase in the rate of insurance for the coming years, it will be paid by the insurer for a maximum of three years.

Razi-Batahai Insurance Consultants Group

  Excellent expert in insurance matters

Address: Kermanshah, Seyyed Jamaluddin Asadabadi Blvd.

Phone: 38214159 – 38214169

This post is written by Amir_Mirveisan