MANDATORY INSURANCE FOR BUILDERS
Shri Varun Soni reported in Financial Express that the Government is planning to introduce mandatory insurance for builders.
The ostensible object is to ensure structural soundness of buildings against earth quakes and fires; reduce insurance costs to citizens.
There is a proverb in Telugu. "Taad`i cett`u emduku ekkaavamt`ee, duud`a gad`d`i koosam annad`at`a.) Anecdote: A person climbed a palm tree and was sitting there. Passers by asked him why he climbed the palm tree. He replied that he was searching for fodder for the calf. Will fodder be available on a palm tree? The Govt. is like the fellow who climbed the palm tree.
The Govt. is under pressure from the insurance lobbies, most of which today are dominated by foreign insurance companies or their joint ventures. Somebody turned the screw in Urban Development Ministry. If structural soundness is foremost in the minds of the Government, several Government Departments and Agencies today have powers to inspect the buildings and ensure that the precautions are taken. In fact an occupation certificate is to be given only after all the safety requirements are conformed with. The Departments particularly the City Corporations even have power to demolish the buildings. How many buildings have been properly inspected and building safety norms enforced? How many non-complying buildings have been demolished? The real structural weakness is in the Government to enforce safety. One of the most corrupt countries in the world, India can never ensure safety of buildings, except on paper. The fate of the citizens can be safely left to the Gods and Goddesses of all religions. Anyway, wives pray for the safety of their husbands and families.
Expecting the insurance companies to discharge the duties of a Govt. is naive.
When a real earth quake occurs in India, how many insurance Companies are going to honor the claims without demur, can be a matter of conjecture. The small print will then come to the fore.
The checkered history of foreign and private insurance Companies in India, the people may forget. But history does not forget.
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