Miscellaneous Insurance

3. Miscellaneous Insurance

a) Motor insurance: Under this insurance, vehicles on roads had such as motors, trucks, cars, vans, motorcycles, scooters etc are insured. If the insured vehicles are lost or damaged or become the victim of accident, the insurance company compensates for the actual loss or the amount of the policy, whichever is lower. If the insured vehicle causes damage to any other vehicles the insurance company will compensate to the owner of other vehicles.

b) Fidelity Guarantee Insurance: This insurance policy protects against the loss caused by embezzlement, dishonesty and fraud of employees. In order to protect itself from losses caused by these misshapenness, the insurance company guarantees to compensate for the loss caused by dishonesty of employees.

c) Aviation Insurance: An insurance police, issued for the compensation of the loss and damage of an aeroplane due to accident, is called aviation insurance, under this insurance, the liability for the loss of the third party, the legal liability for the injury and death of passengers in accident and other liabilities under the insurance policy are covered.

d) Employee liability insurance: Workers work in a factory may be subjected to any accident at any time while working in a factory. In case of partial loss of the employees as the provision of factory act. If the factory owner desires, he can get the risk insured with the insurance company. In case of insurance, the insurance company will have to compensate the employee.
So, the insurance intending to give the compensation to the employee in the cause of accident is called the employers liability insurance. All have to accept the fact that this insurance is very important from the social and economic point of view. The genesis of employers' liability insurance can be traced to the industrial development.