"Takaful and insurance-related buying decisions in this part of the world seem to be largely made as an afterthought," said Gopi Rao, general manager of Solidarity General Takaful Company, a subsidiary of Solidarity Group Holding. "This is a particularly dangerous practice that leaves everyone involved open to completely unnecessary risk," he said.
"Managing insurable risks in the mortgage industry is an all-important key to success," said Mr Rao. "The first step in that direction, for both lenders and borrowers, is to accurately assess and fully appreciate all the key insurable exposures faced, as well as the various coverage options and benefits.
"In addition to the perhaps obvious risks to property, such as the risk of loss or damage by, for example, fire, natural perils, riot, strike, malicious damage or collapse, the industry must also consider risks during construction - including the risks faced by contractors."
Source : Gulf Weekly