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ARTICLE · 21 AUGUST 2024

NHAI Organises Workshop For Implementation Of Insurance Security Bond For NHAI Contracts

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NHAI, on May 15, 2024, organised a workshop to encourage concessionaires and insurance companies to adopt Insurance Security Bond ("ISB") as a form of performance security and bid security.

IndiaTransport
Vishnu Sudarsan
Vishnu Sudarsan
Ashish Suman
Ashish Suman
Kartikeya G.S.
Kartikeya G.S.
Ayan Sinha
Ayan Sinha
Shruti Maheshwari
Shruti Maheshwari
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NHAI, on May 15, 2024, organised a workshop to encourage concessionaires and insurance companies to adopt Insurance Security Bond ("ISB") as a form of performance security and bid security. This was organised after MoRTH, on March 15, 2024, amended the model concession agreement for BOT (Toll) projects permitting the concessionaires to furnish performance security in the form of an ISB issued by an insurance company authorised by IRDAI. As of May 15, 2024, NHAI received 164 (one hundred and sixty-four) insurances consisting of 20 (twenty) ISB for performance security and 144 (one hundred and forty four) ISB for bid securities. The attendees of the workshop deliberated upon various challenges in adoption of ISB and the possible measures that can be implemented to ensure for faster adoption of ISB.

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