Κ. Makedos: TMEDE actively contributes to the mitigation of the difficulties caused by the pandemic to its Credit Beneficiaries-Members

The Engineers and Public Works Contractors Fund (TMEDE), following a decision of the BoD and a respective recommendation by its President Konstantinos Makedos, from July 1st to September 30th, has reduced by 30% the Good Performance Letter of Guarantee commission for its Credit Beneficiaries-Members’ active contracts.

In addition, TMEDE, since August 1st, 2020, has extended the insurance coverage of its members. Furthermore, it has significantly renewed and improved the specialised insurance coverage, tailored to the specific risks of the engineering and design sectors. In addition, it has introduced a new insurance benefit in case of surgery.

 Konstantinos Makedos, the President of the Engineers and Public Works Contractors Fund, stated the following:

TMEDE stands by its Credit Beneficiaries-Members once again, significantly expanding its contributory benefits. It stands by them in another critical period for freelancers, small and medium-sized enterprises, Greek Engineers. The Fund is actively contributing to mitigate the difficulties caused by the pandemic to its Credit Beneficiaries-Members.

By combining a significant reduction of the Good Performance Letter of Guarantee commission, an improvement of the Group Insurance Policy, also adding a new insurance benefit, with the uninterrupted digital guarantee and credit services provided and active participation in the European Association of Guarantee Institutions – AECM, our goal is to transform TMEDE into a modern and stable pillar of support and development for the engineering and design sectors and the country.

Renewal of Group Life-Accident-Health Insurance Policy

TMEDE is improving further the insurance protection services provided to its credit beneficiaries–members. In this context, it has upgraded the benefits of the Group Insurance Policy for next year – keeping the total amount of premiums unchanged – to consolidate further the feeling of security among its members.

The Insurance Policy improvements are moving in two directions:

1. A)The existing daily hospital allowance has increased from €40to €60, whereas the waiting period is reduced from three to two days.

Moreover, from August 1st, 2020, the daily hospital allowance will be paid to all insured persons hospitalised for at least two days for the total number of days they stay in the hospital. It is reminded that the daily hospital allowance amounts to €60.

1. B)A new benefit in the event of surgery is introduced, payable to all insured persons hospitalised for at least two days undergoing surgery. It is a one-off amount, scaled according to the complexity of the operation. The maximum benefit amount is €800 per case. It should be noted that no proof of expenditure is required, as this benefit is an allowance.

It is reminded that the Group Insurance Policy which TMEDE signed for its Active Members–Credit Beneficiaries – based on its statutory provisions and following a public open tender-with the largest insurance company in the world, ALLIANZ, as the contractor, is based on two pillars: “Professional Liability” and “Life – Health”.

“Professional Liability”: The credit beneficiaries and/or companies are covered within Greece for the projects and/or services they offer as Engineers and for which a Good Performance Letter of Guarantee has been issued as from the programme start date. Insurance benefits cover the following:

• Professional Civil Liability of Engineers for the design, supervision or provision of design – supervision services
• Project Liability, which includes General Civil Liability and Employer’s Civil Liability.

“Life-Health.” Credit Beneficiaries are covered 24/7, in Greece and abroad, with benefits that include:

• Compensation in case of death, permanent, total or partial disability
• Daily hospital allowance for sickness or accident
•  Surgery allowance