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
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