Latest news with #&T
Time of India
21-05-2025
- Business
- Time of India
L&T moves SC to halt bidding on Rs 14,000 cr Maharashtra tunnel project
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Larsen & Toubro on Wednesday moved the Supreme Court seeking a stay on the opening of the financial bids for the Rs 14,000-crore Thane-Ghodbunder to Bhayander tunnel and elevated road projects in Maharashtra On Tuesday, the Bombay High Court while rejecting Larsen & Toubro Ltd's petition for stay had asked the Authority to preserve the price bids that were submitted electronically in the tender for two weeks so as to allow the infra company to appeal to the Supreme two mega infrastructure projects undertaken by Mumbai Metropolitan Region Development Authority ( MMRDA )will link Thane and Mira-Bhayandar through a five km long twin tunnels of 14.6 metres diameter from Gaimukh to Fountain Hotel junction at Shilphata worth Rs 8000 crore, and an elevated creek road bridge of 9.8 km worth Rs 6,000, will connect Bhayandar to Ghodbunder Road in Thane. The proposed bridge would be the second-largest in the region after the Mumbai Trans Harbour Link, also known as Atal Setu.L&T in its appeal told the SC that it had not been informed about the status of its bids and it came to know about its disqualification only during the hearing of the petition on May 13. "The actions of MMRDA reek of malafide and are in contravention to the principle of natural justice and defeat the L&T's legitimate expectation to be fairly and can not be sustained,' the appeal filed through counsel Raunak Dhillon SC will hear the matter on to the appeal, there is a duty imposed on the Authority to adopt a procedure which is 'fair play in action.' The HC order 'fails to set-aside the unlawful and arbitrary tender process carried out by the respondents despite coming to a categorical finding that the tender conditions were prima facie in breach of the guidelines issued by the Public Works Department, Maharashtra as well as the Central Vigilance Commission, Dhillon stated.L&T was one of the bidders for the project and had submitted its technical bid in December. Since then, it had been waiting for the outcome. Recently, it learnt that the Authority had sent letters to some bidders to remain present for opening of the financial bids on May 13. However, L&T did not receive any such intimation, it alleged.
Yahoo
27-03-2025
- Business
- Yahoo
‘Don't wait until you get canceled': Bay Area homeowners could lose insurance coverage for having this 1 outdated electrical system — here's why it's a risk and how to stay insured
California homeowners are already struggling to maintain homeowners insurance, as wildfires, extreme weather and aerial drone images can increase the risk of policy cancellation. Now, ABC 7 News reports that Bay Area homes with knob-and-tube wiring — a dated electrical system — face an even greater risk of cancellation. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Americans with upside-down car loans owe more money than ever before — and drivers can't keep up. Here are 3 ways to cut your monthly costs ASAP "If we put it on the application, we are going to get declined," Jerry Becerra, an insurance broker at Heffernan Barbary Insurance Services, told ABC 7 News. "I tell people it's best to be proactive. If you've got knob-and-tube in your building, don't wait until you get canceled." Most homes in San Francisco were built before the 1950s and have knob-and-tube wiring, creating a massive headache for many homeowners. So, why is this a risk? Knob-and-tube (often shortened to K&T) wiring is an outdated electrical wiring system used in homes built from the late 1800s to the mid-20th century, according to the International Association of Certified Home Inspectors. It consists of single-insulated copper wires running through ceramic tubes connected to ceramic knobs installed on wood beams of the home. While it was considered safe when installed, K&T lacks a grounding wire, making it more susceptible to electrical faults and fire hazards, especially when modified or covered with insulation. Many insurers consider it a liability, leading to higher premiums or outright policy cancellations. Without insurance coverage, homebuyers cannot get a mortgage unless they use the California FAIR plan, a last-chance insurance option provided by the state. The FAIR plan is more expensive and offers limited coverage for most homeowners. However, some Californians argue that K&T is safe. John Peters, a long-time electrician, has K&T in his home and insists it's not a problem. "I have it in my house, I'm going to keep it there, I hope, forever," Peters told ABC reporters. Even the fire department reports no increase in risk. ABC 7 News spoke to the fire department, which shared this statement: "The department has not seen trends in knob-and-tube electrical wiring residential structure fires, according to our fire department investigators." However, insurance companies insist K&T is a fire risk and are refusing to cover homes with this type of wiring. Becerra told ABC reporters that homeowners who do nothing to update their knob-and-tube wiring can be sure of one outcome: "They're going to get canceled or declined." Read more: Are you rich enough to join the top 1%? Here's the net worth you need to rank among America's wealthiest — plus 2 ways to build that first-class portfolio If your home still has knob-and-tube wiring, it's best to get ahead of the problem. Start by finding out if insurers are canceling policies for K&T homes in your area. In some states, insurers may offer coverage as long as most of your electrical wiring has been updated, even if some knob-and-tube remains. If you're concerned about coverage or want to reduce your risk, here are some steps to take: Get an inspection: Have a licensed electrician assess your wiring. Some older systems are still safe, but if they are deteriorating or overloaded, replacement may be necessary. Consider upgrading: Replacing K&T with modern wiring can make your home safer and may help you qualify for lower insurance rates or discounts. Some insurers require proof of replacement before renewing coverage. Shop around for coverage: Not all insurers have the same policies regarding K&T wiring. A broker may help you find a provider willing to insure your home while you plan upgrades. Look for other outdated systems: Old plumbing, aging roofs and outdated heating systems can also lead to higher premiums or coverage issues. Addressing these can improve safety and potentially lower insurance costs. Install modern safety features: Smoke detectors, fire extinguishers and whole-home surge protection can help offset insurance concerns and demonstrate that your home is at lower risk. California homeowners should act now — waiting until cancellation could leave you scrambling for coverage or uninsured. If you live in other states, research insurance policies and find out if K&T could cause issues down the road. Addressing problems now can save you money and stress in the long run. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
