Construction

Infrastructure is created through construction and erection of new projects and facilities across industry segments to promote economic development and growth of the nation whether through private finance initiative or promoted by the government. New Projects and investments present great opportunities, but they involve a high degree of risk as well. Construction of Industrial facilities, building of mega structures and commercial establishments involve sophisticated as well as complex technical skills. The risk further increase when the projects have to be completed in tight deadlines for various economic reasons. Such projects therefore, face an array of unforeseen risks and exposures. Despite the care and skill employed in execution of these projects, unforeseen events can happen which may result in financial losses, costs and time overrun. Countless possibilities of human error, technical mishap, equipment failure and natural catastrophes can prove to be disastrous for the project. You therefore need insurance protection for contract works to protect assets, capital and investments, entrepreneurial spirit and provide stability.

Which are the Contract works that need Insurance?

Airports, Bridges, Hospitals, Schools, Colleges, Hotels, Commercial and Residential buildings, New Production lines, Warehouse, Ports, Power generation plants, Roads , Refinery, pipelines, water treatment plants, pumping stations, compressor stations, up gradation and renovation of existing facilities, additional downstream facilities, public utilities, and mass transportation systems etc.

Who has interest in Insurance of the Project?

Project companies, construction companies, independent power producers, financial institutions & lenders, project management companies, contractors, suppliers, design and consulting engineers have an interest in the safe execution of the project and protection of the capital and investments.

Against what risks are insurance covers required?

  • Physical Damage: Insurance against physical damage from any cause to the contract works, the contractors plant, machinery, equipment and temporary structures.
  • Third Party Liability: Insurance against liability for damage to property of third parties and death and/or bodily injury to third parties
  • Delay in start Up

The Insurance Solutions

Our Experts

Mr

Anil Varma

Director & President

   

A Chartered Accountant by qualification, Anil Varma, has over 33 years of experience both as an Insurer and Broker. He worked for the Oriental Gen Ins. Co., Pioneer Insurance & Bajaj GIC Ltd before joining Howden, holding senior positions in his tenure. In his career as an insurance professional he has dealt with many large property, energy and construction risks for mega clients and large claims on infrastructure and property. He has a vast experience in designing mega insurance programs and reinsurance placement of mega policies including terrorism.