The long-awaited demolition of the Noida Supertech Twin Towers finally took place on Aug 28 with much rubble and excitement in the air.
Considered the largest building demolition ever seen in the country, the 12 second implosion was the culmination of a 9-year legal battle over the illegal construction of the two buildings back in 2009.
The Supreme Court-ordered demolition is reported to have cost ₹20 Crore.
As with any building deconstruction, there is always the risk of collateral damage to nearby structures. And one way this risk was controlled by the twin tower demolition contractors was through Insurance!
Demolition Insurance is a customised liability policy that protects demolition and deconstruction contractors from the risk of third-party property damage or injury.
The twin tower demolition was reportedly insured for a whopping ₹100 Crore. This insurance cover was designed to reimburse the contractors for any physical damage to surrounding buildings, glass windows, cars, or other property during the demolition exercise.
Although the blast ended in a triumphant success, with the surrounding buildings only getting a share of the concrete dust, Demolition Insurance was nevertheless essential.