Amendment status not verified — confirm the current text below against the official source.
(1) A promoter shall insure with any general insurance company and obtain an insurance policy or policies covering the liability of any . loss or death caused by any defect in land or building, and shall keep the authorised officer informed of payment of premia from time to time against such insurance policy or policies. (2) The policy or policies as aforesaid shall cover the risks extending not less than ninety per cent. of the value or estimated value of building. (3) The insurance risks shall cover for a period of not less than five years from the date of making over of possession of the last saleable flat. (4) The liability of the insurance company shall extend up to the value of life and property lost or bodily injuries suffered but shall not exceed the insured sum. (5) For determining the quantum of value of life and property lost or bodily injuries suffered, the State Government may, by order, constitute a Tribunal headed by a Judicial Officer having experience of not less than seven years in judicial service and may also, by such order or subsequent order, provide for assessors, not less than two in number, for assisting the Tribunal in such determination. Explanation 1.—For the purposes of this section,— (a) "loss" shall include damages of a building or part thereof or any other properties lawfully stored therein or bodily injuries suffered by any person, whether a resident of such building or an outsider, and (b) "death" shall include death to any person, whether a resident of a building or an outsider, caused by any defect in land or such building. Explanation 11.—For death or bodily injuries, the value of loss for the purposes of compensation shall be determined in accordance with the provisions of the Motor Vehicles Act, 1988. 59 of 1988. 198 The West Bengal Building (Regulation of Promotion of Construction and Transfer by Promoters) Act, 1993. XX of 1993.] (Sections 13-15.)