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Volume 1, Issue 1

April 18, 2006

Page 4

IIA Organizes Insurance Seminar

The IIA (Qatar Chapter) has organized a presentation on :Project Finance in Qatar: an Insurer’s Perspective” at the Diplomatic Club. The Qatar Insurance Company (QIC) sponsored well- attended seminar had as presenter P E Alexander, working as Assistant GM (Corporate) at the QIC. Alexander heads at the underwriting division. Alexander elaborated on the types of insurance such as cover during construction, builders all risks/third party liabilities, advance loss of profit due to delay in start up, marine transit cover etc. The presenter described how insurer and reinsures play different roles for undertaking risk related to owners, developers, operators, consultants, contractors. JV partners and financers. Alexander mentioned that in the prevailing scenario, financers ensure adequacy of insurance. As lenders, their concerns are the rating of insurance or reinsurance companies, scope and continuity of cover, cancellation clauses etc. Alexander further elaborated how project finance and lenders involvement has affected the relationship between the parties under an insurance contract. The president of the chapter, William Vaughn, mentioned that the IIA Qatar Chapter membership has reached 220 and during the term 2005-2006

will expire on 31st March and recommended members to get certified at the earliest. The IIA Qatar Chapter celebrated the enrolment of 200th member Khalid Al-Naimi, a Qatari national working in Qatargas. Membership Chairman Rajeswar Sundaresan presented a special plaque to the new member. Oliver Nordal Vice President proposed a vote of thanks and presented a memento on behalf of the chapter to Alexander. Assad Kanaan, Chairman Seminars coordinated the event for the chapter.

(from June 05) added 100 new members. he reminded that registration for the May 20206 CIA examination

Sundaresan presenting a plaque to Al-Naimi on his joining the IIA as its 200th member in the presence of chapter president Vaughn.

Alexander

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