New Delhi, Apr 23 (UNI) The Oriental Insurance Company Ltd today said it will provide comprehensive project insurance to Tata Power's Ultra Mega Power Project (UMPP) at Mundra through its Mumbai Regional Office.
The exclusive SPV set up for implementing the project, Coastal Gujarat Power Ltd, is a wholly owned subsidiary of Tata Power Company Ltd.
The project envisages the construction and commissioning of a Coal based Ultra Mega thermal power plant with a nominal capacity of 4,000 Mega Watts, with five units of 800 MW each.
The preliminary work on the project has already commenced and the project is expected to be fully commissioned in 2012.
The project has been comprehensively covered by a seamless insurance cover, commencing from the time the equipments leave the suppliers' warehouses in India or any other part of the world and continues throughout the period of transit upto the project site, the storage thereat and during the entire period of erection and final commissioning of the plant, a statement said.
The entire project has been insured against all risks arising out of the various activities at site, as well as against natural calamities and third party liability.
''The Reinsurance support to this project, which has been overwhelming, has surpassed all expectations and has even been oversubscribed,'' the statement said.
The Reinsurance Brokers involved in the finalising of the covers are AON Global Insurance Services Pvt Ltd.
Oriental proposes to engage professionals at the project site to monitor the progress of the project on a continuous basis, which is very essential not only for minimising losses at site but also for evaluating claims that may arise on account of Advance Loss of Profits, the statement added.
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