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The construction insurance obligation in Benin

Real estate agents are obliged to insure their constructions, the cost of which is greater than 100,000,000 FCFA. This is what led officials from the General Directorate of Economic Affairs (Dgae) to initiate an extension workshop on September 7, 2018 in Cotonou. Make the public, developers and real estate agents sufficiently aware of decree 2016-54. This is the objective of this workshop aimed at the people of Benin. A decree that limits risks in the future. Taken since 2016, it took a click for the popularization of the decree to receive attention. It was the collapse of a bridge at the entrance to Malanville earlier this week. A situation which requires the popularization of said decree which requires the insurance of any construction whose amount exceeds one hundred million CFA francs.
Indeed, securing investment and promoting the insurance sector in Benin, are, among other things, the aim of Aristide Médénou, Director General of Economic Affairs (Dgae), through this workshop. This, he said, will put an end to the incidents linked to the collapses which have become frequent in the country. This will ensure compensation and other related damage. So this is the importance of construction insurance. According to Servais Adjovi, Director of Cabinet of the Minister of Economy and Finance, this option taken by the government allows the reconstruction of the lost heritage and covers all that will be damaged.
"Any natural or legal person, promoter, contracting authority, main construction company or any other stakeholder must take out insurance before the start of construction work. This insurance must cover the risks of damage to the work as well as the risks of damage caused by the construction operation ", stipulates article 2 of said decree. While waiting for the popularization campaign which is spreading in all the communes of the country, it must be said that this option taken by the government remains beneficial. Real estate agents are obliged to insure their constructions, the cost of which is greater than 100,000,000 FCFA. This is what led officials from the General Directorate of Economic Affairs (Dgae) to initiate an extension workshop on September 7, 2018 in Cotonou. Make the public, developers and real estate agents sufficiently aware of decree 2016-54. This is the objective of this workshop aimed at the people of Benin. A decree that limits risks in the future. Taken since 2016, it took a click for the popularization of the decree to receive attention. It was the collapse of a bridge at the entrance to Malanville earlier this week. A situation which requires the popularization of said decree which requires the insurance of any construction whose amount exceeds one hundred million CFA francs. Indeed, securing investment and promoting the insurance sector in Benin, are, among other things, the aim of Aristide Médénou, Director General of Economic Affairs (Dgae), through this workshop. This, he said, will put an end to the incidents linked to the collapses which have become frequent in the country. This will ensure compensation and other related damage. So that’s the importance of building insurance. According to Servais Adjovi, Director of Cabinet of the Minister of Economy and Finance, this option taken by the government allows the reconstruction of the heritage.