Oriental to offer insurance for Tata project

Mumbai: Oriental Insurance Company Ltd will be offering comprehensive project insurance for the Tata Power Project at Mundra in Gujarat. The reinsurance support for this project has been oversubscribed, said a press release.

The project has been covered by a seamless insurance plan which commences from the time the equipment leave the suppliers’ warehouses in India or any other part of the world, continues through the period of transit up to the project site and ex tends during the entire period of erection and final commissioning of the plant. The entire project has been insured against all risks arising out of the various activities at site, as well as against natural calamities and third party liability and storage threat.

Oriental Insurance plans to engage professionals at the project site to monitor the progress of the project on a continuous basis. “This is very essential not only for minimising losses at site but also for evaluating claims that may arise on account of Advance Loss of Profits”, the company said in the release.

The preliminary work on the project has already commenced and the project is expected to be fully commissioned by 2012.