Construction Industry

The construction industry is the second largest industry in India after agriculture. It accounts for about 11% of India as GDP. It makes significant contribution to the national economy and provides employment to large number of people.

There are mainly three segments in the construction industry. The first is real estate construction which includes residential and commercial construction. The second is infrastructure building which includes roads, railways, power, etc. The third is industrial construction that consists of oil and gas refineries, pipelines, textiles, etc.

Construction is an essential part of any country’s infrastructure and industrial development. The construction industry, with its backward and forward linkages with various other industries like cement, steel bricks etc., catalyzes employment generation in the country.

There are many risks in any construction project. The majority of these risks are usually assumed by the contractor during the construction phase, who typically covers this exposure by taking out various insurance solutions for construction in India.

The construction activity involved in different segments differs from segment to segment. Construction of houses and roads involves about 75% and 60% of civil construction respectively. Building of airports and ports has construction activity in the range of 40-50%. For industrial projects, construction component ranges between 15-20%. Within a particular sector also construction component varies from project to project.

Following are some Insurance policy for Construction in India:

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