Insurance of Road Projects

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Insurance of Road Projects

Ministry of Road Transport & Highways Insurance of Road Projects Posted On: 28 JUL 2022 5:20PM by PIB Delhi There is provision for vari

Ministry of Road Transport & Highways

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Insurance of Road Projects

Posted On: 28 JUL 2022 5:20PM by PIB Delhi

There is provision for various insurances to be undertaken by the contractor at its own cost in highway development projects. As per the provision of the Agreement, the contractor/concessionaire is required to maintain following insurance for any loss and damages from the appointed date till the date of issue of the Completion Certificate.

(i) Insurance of works, plants and machineries

(ii) Insurance of contractor’s equipment and documents

(iii) Insurance for Contractor’s Defect liability

(iv) Insurance against injury to persons and damage to property.

Section 161 (as stands amended) vide Motor Vehicle (Amendment) Act, 2019, made provisions to enhance compensation in case of hit and run motor accident from Rs. 12,500/- to Rs 50,000/- for grievous hurt and from Rs. 25,000/- to Rs. 2,00,000/- in case of death. The Ministry has notified a new scheme as Compensation to Victims of Hit & Run Motor Accidents Scheme, 2022, vide notification GSR 163 (E) dated 25th February 2022. The implementation of this Scheme is pan-India. Ministry has also published rules, vide notification GSR 162 (E) dated 25th February 2022, regarding creation, operation and sources of the Motor Vehicle Accident Fund, to be used for providing compensation in case of Hit & Run accidents, treatment for accident victims and any other purpose, as may be specified by the Central Government.

Total number of road accidents occurred under category of hit and run in country during the period from 2015 to 2020 is given in table below.

Type of Collision

2015

2016

2017

2018

2019

2020

Hit and Run

57083

55942

65186

69822

57987

52448

This information was given by the Union Minister for Road Transport and Highways, Shri Nitin Gadkari in a written reply in the Lok Sabha.

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