Property insurance compulsory

Property insurance compulsory
By Sudhakar Dokhane
Past President PEATE
Recently government of Maharashtra has amended the Bye Law with new mandatory provisions. Bye Law 161 says “The society shall insure its building and property necessarily against risk of fire and earthquake.”
The Govt. is also considering compulsory technical audit of the building constructed prior to15 years; wherein the society has to get premises inspected from the consulting Structural Engineers the society has to carry out necessary repairs under his supervision. However it is advisable to get building inspected, checked and to carry out timely repairs to keep building in healthy condition.

Insurance of buildings
There is lack of awareness for protecting immovable properties through adequate Insurance cover. No matter risks of natural calamities and fire are rare, but when it struck it costs not only a loss of property but some time human lives also. In such circumstances damaged properties can not be restored immediately without substantial financial help. Insurance cover is one of the assured financial assistance. This cover is provided General Insurance Companies by giving insurance protection. All the financing institutions insist for adequate insurance of property while advancing loan to individuals or companies for the construction of buildings; to protect their interests. Never forget that, comparatively the premiums for such general insurance cover are much less and definitely within limits of individuals, society or company as the case may be. Considering risks involved it is advisable that one should protect their property with adequate insurance cover for all the times.
The general insurance companies issue policies against the risks of:
i) Natural calamities like earthquake, Floods etc.
ii) Fire by short circuits and any other reasons.
Following Insurance Companies offer insurance cover in the matter:
1) General Insurance Corporation of India
Central Agency (Head Quarters)
“Suraksha” 170, Jamshedji Tata Road,
Churchgate, Mumbai-400020 Tel. 2833046
2) Subsidiary Companies
i) National Insurance Company Ltd
12, Jamshedji Tata Road,
Churchgate, Mumbai-400020

ii) Oriental Insurance Company Ltd.
12, Jamshedji Tata Road
Churchgate, Mumbai-400020

iii) United India Insurance Co. Ltd
Mumbai Regional Office,
Assurance Building,
Stadium House, Veer Nariman Road,
Churchgate, Mumbai -400020.

iv) New India Assurance Co
Head office 87, New India
M G Road, Fort,
Mumbai-400001.