Hi All,
During these turbulent times of recession, what are the Insurance provisions for projects which are cancelled half way and are standing tall? Most of them are hazardous for the public (like open pits etc.,) and adjacent buildings (flying form work materials!!).....Is CAR policy still applicable for these projects (contractor is already de mobilized!!) There may be 1000s of materials lying in the basement worth millions, who will bear the cost of the Insurance for these (in case of any fire!!)?
There are several cases reported where insurance companies are receiving exorbitant claims for material damages, here how insurance companies can brace themselves from illegitimate claims?
Thanks for your suggestions.
During these turbulent times of recession, what are the Insurance provisions for projects which are cancelled half way and are standing tall? Most of them are hazardous for the public (like open pits etc.,) and adjacent buildings (flying form work materials!!).....Is CAR policy still applicable for these projects (contractor is already de mobilized!!) There may be 1000s of materials lying in the basement worth millions, who will bear the cost of the Insurance for these (in case of any fire!!)?
There are several cases reported where insurance companies are receiving exorbitant claims for material damages, here how insurance companies can brace themselves from illegitimate claims?
Thanks for your suggestions.