MISCELLANEOUS INSURANCE
Introduction :
Insurance not falling under fire insurance and marine insurance is considered as miscellaneous insurance as per the insurance. Act 1938. The
four public sector general insurance companies and some private general insurance
companies have brought to light a number of miscellaneous insurance policies is
cover a variety of other risks. The most important forms of miscellaneous insurance are: Motor insurance, Legal liability insurance, Business
insurance, Hospitalisation insurance, Social sector insurance, Engineering
insurance, Rural insurance, and other insurance. Let us discuss all
these insurances, one by one in the
pages to come
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. 1. MOTOR INSURANCE : The owner of a motor vehicle is exposed to various types of risks. These
risks fall into two groups. First those of damage to , or loss or destruction
of the motor vehicle itself and second, that of being called upon
to pay damages for injuries which may be done to others through the use, ownerships or maintenance of the motor vehicle. The
first
or risk may further
be classified as follows:
(1) Destruction by
fire, internal or external in origin,
(2) Theft,
(3) Injury through collision with some other object moving
or fixed or through upset.
(4) Other damages to motor vehicles as by breakage of glass, damage in
flood, or while being transported. The second type of risk is the liability
of the insured to third parties arising out of a accidents caused by the use of
a motor vehicle on the road. The liability may be for death or bodily injury or for damages to property.
The risk also vary accordingly to the
class of vehicle. E. g. in a passenger automobile. the liability may be for
death of or injury to
passengers or in a common carrier, the
liability may be loss of or damage to the property carried. In order to
safeguard the owner of a motor vehicle
from the above mentioned risks a special insurance,
has been
conceived known as marine insurance