| Total sum insured under the cover is approximately $7 billion, spanning 19 projects, which BHEL currently have in their order books, with a provision to attach more projects, which may be procured during the policy period. The initial premium is estimated at Rs 42 crore. |
| Industry sources say that this type of insurance cover is unique in the Indian Insurance industry in that it provides uniform coverage and rates for similar projects, and the customer is aware of the insurance cost well in advance. It is understood that this arrangement has resulted in substantial savings in premium outgo for BHEL, because of the packaged placement. |
| BHEL was negotiating with the industry for the past two years for such type of cover, and National Insurance has won this prestigious business having procured terms from the international market with the support of a reputed Reinsurer. |
Top Section
Explore Business Standard