Kolkata: United India Insurance, the insurer of the Vivekananda Road Flyover, is likely to send its inquiry team on Saturday.
This has assumed significance because the amount of compensation the victims will get will be determined by the survey team. The insurance cover for the flyover is likely to be between Rs 190 and Rs 200 crore. The initial construction cost was Rs 164 crore when IVRCL started work in 2009. But the policy takes into account the value of the asset after completion. All the victims are entitled to get the benefit of this insurance and one doesn’t need to have any policy.
An official of this Chennai-based insurer said IVRCL, the contractor, has informed the Hyderabad office of the firm regarding the flyover collapse on Thursday evening. “We will soon send a survey team for a probe. It seems that the policy is in force,” the official said.
A contractor all risk policy was taken by IVRCL in 2009 when the construction was started. Such policy is mandatory for any bridge or flyover under construction. The general tenure of these policies is seven years but it can be extended depending on the requirements.
Rahul Agarwal, the founder director of Ideal Insurance Brokers, said such policy has two components. “There is a cover for damage of the property and there is a third party cover as well. For loss of life and injury due to any accident involving a flyover under construction, the policy provides cover for death and injury,” he said. An official of city-based National Insurance Company (NIC) said there is a Rs 25 crore third party cover in such policies. However, the amount can be reduced if the contractor wants to do so. But this cannot be less than Rs 10 crore. “This amount is payable to all those, who are not employees of the contractor or sub contractors. For employees, every contractor has to take cover separately,” he added. The official explained that apart from death, a person with loss of limb or any other organs will get compensation from this kitty.
According to him, NIC has also started the process of assessing whether any of the deceased or injured had Pradhan Mantri Swasthya Bima Yojana (PMSBY). Under this scheme, there is a personal accident cover of Rs 2 lakh which one can be availed by paying Rs 12 per year. “There is a provision of Rs one lakh for permanent disability as well,” he added.
Life Insurance Corporation (LIC) has decided to set up a help desk for the victims. “If we get claim related to this tragedy, we will settle the same in 24 hours,” said P K Dasgupta of LIC.According to him, there are provisions of permanent disability in some policies which would be offered to the injured if any of them have such policies. The state government has already offered Rs 5 lakh compensation for death, Rs 2 lakh for serious injury and Rs one lakh for minor injury.GraphWhat the victims can get
1. The state government compensation- Rs 5 lakh for death, Rs 2 lakh for major injury, Rs 1 lakh for minor injury
2. Rs 10-25 crore compensation pool from the contractor all risk policy for the flyover. United India Insurance is the insurer of IVRCL for the flyover. This is the biggest chunk but depends on enquiry report of insurance surveyors
3. Personal accident benefit from PMSBY- Rs 2 lakh for death, Rs 1 lakh for disability (subject to the fact that victim has the policy)
4. LIC policy–the amount depends on the policy, benefit for both death and disability in some policies.
How to get it
Both LIC and NIC are saying that hospital death certificate along with the policy will do. In case of disability newspaper reports and identification by a near relative or hospital will do along with policy.
The state government will soon publish a list of victims
LIC helpline no—033-2212-4173, 033-2419-8845