Qatar Rail Awards Project Wide Construction and Liability Insurance to QIC-Led Consortium
Qatar Railways Company (Qatar Rail), the company which is overseeing the construction of the much-anticipated integrated railway network, has awarded one of the largest ever single project tunneling and rail construction insurance policies to an six-member consortium of Qatari National Insurance Companies, led by Qatar Insurance Company (QIC), with additional capacity from international reinsurers and QFC registered insurers. This is the most prestigious and the largest insurance program on infrastructure in Qatar and one of the largest risk covers related to railways ever placed in the world. The awarding of the contract came after Qatar Rail adopted owner controlled approach to insurance procurement, Qatar Rail said in a press release issued here Sunday. The National Insurance Consortium will provide Construction All Risks and Third Party Liability insurance to Phase 1 of Doha Metro Project. The other five members of the consortium are Qatar General Insurance and Reinsurance Company, Al Khaleej Takaful Group, Doha Insurance Company, Qatar Islamic Insurance Company and Al Koot Insurance and Reinsurance Company. QFC-registered companies Doha Bank Assurance Company and SEIB Insurance and Reinsurance Company also participate on the program. “We, at Qatar Rail, believe that a strong public private partnership (PPP) will further strengthen the domestic economy and our model translates Qatar National Vision 2030 into achievable actions through our projects that are essentially based on PPP. The Doha Metro, which is being build in a phased manner, offers immense potential for private sector investments, particularly in the construction and operations and maintenance, across different development stages”, commented Engineer Abdullah Bin Abdulaziz Turki Al Subaie, the Managing Director of Qatar Rail.
Source : Qatar News Agency