Kochi

Insurance scheme for damaged buildings at Maradu

Setting off alarm bells: The crack that developed on the landing of the staircase of a building located next to Alfa Serene, one of the Maradu apartments ordered by the Supreme Court to be demolished.

Setting off alarm bells: The crack that developed on the landing of the staircase of a building located next to Alfa Serene, one of the Maradu apartments ordered by the Supreme Court to be demolished.   | Photo Credit: Thulasi Kakkat

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The ₹120-crore scheme to cover buildings near flats for 2 months after demolition

The proposed ₹120-crore insurance scheme for Maradu residents will cover blast-related damage to installations for a period of two months after the demolition of apartments.

The authorities are also working on a proposal to ensure insurance coverage for the structures at least a month before the actual demolition. The extent of the coverage will be finalised shortly. However, there will be no restrictions on the distance to which the coverage will extent, officials said.

Since it is probably the first-of-its-kind insurance scheme in the country and involves several finer legal and technical issues, the authorities are on an uphill task of incorporating various provisions into the terms of the agreement. It is learnt that the draft agreement will be ready by the first week of December. The premium for coverage may come up to ₹30 lakh, and negotiations on it are on with various agencies, officials said.

They added that the scheme may not cover small cracks and damage but will indemnify losses that may happen to service networks like telephone towers and other installations. The clarification by the authorities comes at a time when some local residents are complaining about damage being caused to their houses near the apartments.

Those staying near the said apartments may be temporarily shifted to safer places for a few months.

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Printable version | Dec 16, 2019 1:08:10 AM | https://www.thehindu.com/news/cities/Kochi/insurance-scheme-for-damaged-buildings-at-maradu/article30119969.ece

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