In-house insurance on the horizon for Bahamian contractors

In-house insurance on the horizon for Bahamian contractors

NASSAU, BAHAMAS- Once an official contractors board has been established, contractors will be able to take advantage of in-house insurance.

The announcement came Wednesday from Ministry of Works Registrar Omar Archer, who was present at The Bahamas Contractors Association’s monthly meeting at the west location of the Poop Deck Restaurant.

“I was in confirmation last week and also yesterday with a few insurance companies outside of the U.S. and the United Kingdom, to ensure that once that board has been established, we will provide in-house insurance for all contractors,” Archer revealed.

He added that while he did not want to be presumptuous in giving an exact date, the in-house insurance should take effect within a two-week period.

“After waiting some 60-plus years [for in-house insurance], two weeks is a rather short time to wait,” said Archer in response to a question about the date of implementation.

Michael Pratt, president of the  BCA also expressed at Wednesday’s meeting that as the amended Contractors Act comes into effect, they expect major changes for the industry, which will put Bahamian contractors first.

“In addition to advocacy and networking opportunities, we will continue to do a lot of educating as this is another area that we fall short in,” Pratt said. “A lot of our contractors have not had opportunities and access to educational courses.

“We have packaged a number of courses to make accessible for them.”

The appointment of a Construction Contractors Board is expected to ensure that the construction industry is properly policed.

Archer told Eyewitness News Online earlier this week that once a contractors board is formalized, foreign contractors will have to follow strict guidelines.