God forbid, but if the Parliament house is wiped out, the government will not get a single penny as insurance claim.
The reason: like all the government properties, Parliament is uninsured.
Officials said that there is no plan at present to extend such a cover either.
LIC executives said that at present the company has also provided no group life insurance cover to members of Parliament. In any case most MPs do not have a personal accident insurance either.
The absence of an insurance for the Parliament building is because sovereign risks are not insured. According to officials, this is the usual practice in most parts of the world.
But while there is no bar, as part of the government policy its assets like cars do not posses any insurance cover.
The government-owned vehicles do not have to buy the third-party insurance cover that is mandatory for all other automobiles in India. The exemption is written down in insurance Acts.
