Tasmac to opt for insurance policies for stock worth Rs 18k crore

The value of stock to be insured will be Rs 18,800 crore. In addition, fire and burglary insurance policies are to cover stock worth about Rs 500 crore. Tasmac’s move comes against the backdrop of incurring losses of more than Rs 50 crore every year due to instances like burglary.

A senior official from Tasmac told DT Next that despite several measures to prevent thefts, miscreants find ways to steal money and liquor. “In 2017-2018, Tasmac incurred losses worth Rs 520 crore due to burglary and ransacking,” he added.

According to him,at present, money in transit, money in safes and fidelity guarantee policies are with respect to corporate offices, five senior regional manager offices and 43 IMFS depots.

Stating that Tasmac is in the process of selecting an IRDA approved nationalised insurance company, he added that the policies will be valid between November 1, 2018 to October 31, 2019. The official also said that  annual value of stock in transit will be around Rs 3,570 crore under within 80 km distance and Rs 15,230 crore under above 80 km distance. 

He said transit losses since 2013-2014 was 0.10% and was worked out to about Rs 500 crore value of stock. As per the plan, marine insurance (Declaration Policy), premium for every month will be paid in advance to the insurance company, which will be shortlisted by October. 

“Premium for imported foreign liquor, foreign beer, foreign wine and Scotch whisky at all Tasmac IMFS depots will be worked out and paid in advance at the beginning of the year,” he said. The official added that the State is also thinking of a life insurance policy for Tasmac employees, who work in depots and liquor outlets.