Infrastructure
The infrastructure industry encompasses the essential physical systems that support a country, city, or organization, enabling it to function. These systems include transportation, communication, power, water, and sanitation, among other crucial facilities. The industry is a key driver of economic development, enhancing connectivity, trade, and overall quality of life.
A nation's infrastructure must be developed if its other sectors and overall economy has to expand. The nation's economy's main engine is the infrastructure sector. As it entails manufacturing and industrial growth, the increased spending in this sector multiplies overall economic growth.
As we understand from the above that Infrastructure is key driver to any nation's social and economic success and hence, it is pertinent to manage the financial risk faced by this industry in an effiecient manner. Insurance is one such risk management technique which assists in transfer and spread of risks thus maintaing the economic balance of the nation.
In this section, we will look at the Insurance offerings for the Infrastructure Industry !!
1. Civil Engineering Completed Risks Insurance - To safeguard prinicpals, owners, financiers and lenders from the potential financial loss arising out of physical loss or damage to operational infrastructures like rail, roads, bridges, dams, tunnels, airports, shipping ports, etc. from the risks of fire, flood, storm, earthquake, collapse, Lightning and like.
2. Property Insurance - To safeguard prinicpals, owners, financiers and lenders from the potential financial loss arising out of physical loss or damage to operational infrastructures like buildings, commercial complexes, factories, warehouses, hospitals, hotels, etc. from the risks of fire, flood, storm, earthquake, collapse, Lightning and like. Various forms are available in the market (depending upon value and coverage) such as Bharat Griha Raksha, Bharat Sookshma Udhayam (Micro), Bharat Laghu Udyam (MSME), Standard Fire & Special Perils, Property All Risks, Industrial All Risks and Large Mega Risks.