The Rs 852-crore Bandra-Worli sealink may showcase the entrepreneurial streak and technological prowess of Indians, but when it comes to safety and insurance, the country still seems to lag behind.
The Maharashtra State Road Development Corporation (MSRDC), the legal owner of the 4.7 km iconic sealink, has yet to insured the city’s new landmark.
Project insurance is a multi-billion dollar business in the world with companies and governments insuring their businesses as well as infrastructure projects like bridges, buildings and flyovers.
The World Trade Centre in the US had an insurance policy of $3.5 billion (approximately Rs 16,770 crore).
Insuring an infrastructure project provides a two-fold cover: For material damage and third-party liability.
The owner can claim money from the insurance firm in case there is a loss of material due to risks such as fire or terrorist attack.
The insurance also provides cover against third-party liability risk.
This could have provided protection to the MSRDC against claims by people involved in accidents on the sealink.
But none of the MSRDC projects, including the sealink and flyovers, are covered.
“The sealink is not insured right now but we are looking to take an insurance cover soon,” MSRDC superintending engineer Vivek Ghanekar said.