Insurance will be on the project’s value
Representational image
Chennai: The Chennai Metropolitan Development Authority (CMDA) is all set to make flat insurance mandatory in Chennai. If everything goes according to plan, the announcement is likely to be out on Tuesday.
Sources said the insurance will be on the project’s value and will be a comprehensive scheme that will meet all third-party liabilities. “It’s a long thought decision keeping in mind everyone’s interest, especially the consumer who is left traumatised the most when the disaster strikes or something goes wrong,” sources said.
For instance, people who have invested lakhs of rupees in the ‘doomed’ under-construction building in Moulivakkam that claimed around 60 casualties are still paying EMIs to banks for the loans raised and see no way out in getting their money back. A proper insurance in place will root out such struggles and will bring-in a sense of security for the buyer, the source said.
Meanwhile, it is told that National Cooperative Housing Federation of India Limited has finalised a master policy with United India Insurance Company Ltd. for purposes of insuring buildings of Cooperative Housing Societies all over India. This master policy covers ten risks, including fire, earth quake, riot, strike, malicious damage, aircraft damage, flood & storm, burglary/housing breaking cover, third party liability and domestic servant liability one for each house/flat.
( Source : deccan chronicle )
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