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ShareMumbai: Now that the Bandra-Worli Sea Link has become the new priced possession of the city, the MSRDC will be taking utmost care to keep the bridge protected. The corporation will be insuring the bridge against all types of threats.
RM Pandav, MSRDC financial advisor, said: "The corporation pays an annual premium of Rs5 crore for insuring its assets to one of the companies of General Insurance Corporation of India. The cost of allfive packages of the sea link project is Rs1,634 crore. Since we have started 50% of the sea link, the cost of insurance would be close to that amount," Pandav said. M Ramdoss, chairman and managing director of Oriental Insurance company told DNA that MSRDC has not approached any insurance company till now.
KC Mishra, head of National Academy of Insurance (Pune), said most such projects are insured in a three stage insurance system. "The first stage is called as insuring the property cost. This gives cover against fire and engineering damage. The second stage is called the malicious damage. Any person with a vicious intention damaging the sea link road by scrubbing orspilling acid or oil and causing damage is covered in this stage. The third stage is the terrorism cover which provides protection against any possibility of a terror attack. The insurance for first two stages can be obtained independently. However, for obtaining the third stage, first two stages will have to be bought," Mishra told DNA.
