Mr Makedos:

Better insurance coverage at a lower cost for our Active Members

From December 1, 2021, the Engineers and Public Works Contractors Fund (TMEDE), in the context of its continuous efforts for specialised, tailored insurance policies adjusted to the specific risks of the engineering professions, increased coverage for its Active Members.

In particular, the new insurance benefits, which, on certain occasions, are quadrupling the amount of compensation, are linked to Group Insurance Policies, elaborated by TMEDE for its Active Members – Beneficiaries, under its statutory provisions. Thus, following a public open tender, ALLIANZ was selected for the Group “Professional Civil Liability” policy, whereas INTERAMERICAN for the “Life-Health” one.

The Funds concrete strategy is to offer value-added services to its members; thus, it further strengthens the group insurance protection it provides. In particular, the new policies significantly enhance the benefits for the coming year while achieving a 32% reduction in the overall premium costs.

On the occasion of the new developments, the President of the Engineers and Public Works Contractors Fund, Mr Makedos, pointed out: 

TMEDE is always a step ahead in its efforts to meet the ever-changing needs of its Beneficiaries – Members significantly enhancing its contributory services. It acts as an active ally for freelancers, small and medium-sized enterprises, Greek Engineers and Scientists. Furthermore, it provides value-added services that reinforce the performance of its members.

In this context, and particularly for the Group Insurance Policies we provide to our members, we have significantly upgraded the compensation amounts while substantially reducing premium costs by 32%. These initiatives, along with the digital guarantees and credit we provide, our active participation in the ‘European Association of Guarantee Institutions’ (AECM) and the strategic alliance with the Hellenic Development Bank, prove that TMEDE is a modern and stable pillar supporting the construction-design industry and the country to move forward.

The Insurance Polices in detail

Α. “Professional Liability”: In the new group insurance policy with ALLIANZ, the individual beneficiaries and/or the companies are covered in Greece for the works and/or services they offer as Engineers and for which they have issued a Performance Guarantee, from the date of commencement of the policy. The insurance benefits intend to cover the following:

• Professional Civil Liability of Engineers for design, supervision or provision of design – supervision services.
• New coverage for claims arising from loss of documents.
• Project Liability, which includes General Liability and Employer’s Liability.
• New Third-Party Liability Coverage for fire, explosion, short circuit, and Forklift Trucks.

 

Β. “Life-Health”: In the new INTERAMERICAN group insurance policy, the individual beneficiaries and/or companies are covered 24/7 in Greece and abroad for the following:

– Compensation for accidental death, permanent, total or partial disability.

– Daily hospital allowance for illness or accident.

Two main improvements are introduced :

• The Daily hospital allowance increases from €60 to €70.
• The existing insurance coverage for surgery increases as the lump sum escalates up to €1,000 per case maximum, depending on the complexity of the surgery.