Motor/ accidnt insurance

Motor insurance is mandatory in many countries. It is dsigned to take care of those who may get injurd in an accident. This insurance also includs compensation againist damage of vehicles, but it is not mandatory.

Motor/ accident insurance may have the following coverags:

·       Liability arising in respect of death or injury of any person, owner of the vehicles in the carriage.

·       Liability incurred in rspects of damage to any property of third party.

·       Liability in respect of demage of vehicle

Generally, two types of motor insurance policies are avaliable for all types of vehicles: third party liablity policy and comprehensive damage losses policy. Under third party liability policy, the insurer indemnifies the insured against all sums which he/she may become legally liable to any person includeding occupants of the insured vehicles. Onthe other hand, comprehnsive damage losses policy covers an entire range of risks including fire, explosion, self-ignition, lightening, terrorist activity, malicious act riot and strike.

Alternative Packeges of Non-Life Insurance

Beside marine, fir and motor/ accident insuranc, the non-life insuranc offrs som other alternative packages as discussed below:

1.   Commerical package insurance

2.   Liability insurance

1.Commerical package insurance

If two or more policy are combined into a packag, it is called commerical package insurance. It combins both commrical proprty and liability insurance and also called commerical multiple perils insurance.In others words, it is the combination of two or more policies that covers risk of loss in a package against various sources.This also covers the risak of loss in commerical property by fire. Business organization like banks, hotels, business apartments, departmental stores, super markets, retail stores etc. can purches commrical packag insurance policy againast various kinds of risk. Business organizations use various kinds of valuable property such as land, business apartments, buildings, machinaries, equpement, furniturs and so on.Some unexpected result may arise causing in destruction in this properties. Beside damageof the properties, the business organazation may have to bear an unexpected resulting from unanticipated events. Risk of these types can be transferred to insurance company through the purchase of commerical package insurance.

2.Liabilitiy insurance

liability insurance is concrned with the work place and issues arising out of working conditions,death, accident at work, and unforseen incidnts while in employment. This also includes the third party liability of manufacturers towards their customers as well as similar liability of professionals towards user of their services. The liability insurance covrs the following liabilities:

·       Employee liabilities lated to working conditions.

·      Non-industrial risk rlatd to non-industrial but mainly commerical entrpries.

·      Employee state insurance liability related to injury to any employee while at work.

·      Properssional liabilitiesthat arise from the practice of a particular professional.

·      Product liabilities that arise from the sale of products to customers and resulting damage to any customer due to fault in the product.