Page 96 - Motor Insurance Ebook IC 72

The Insurance Times

England: Motor insurance in India has followed the
practice of Motor insurance in England. The difference
in practice in England presently is with regard to the
formation of a Motor Insurance Bureau (MIB)
comprising most insurers offering motor insurance,
though Lloyds underwriters are not members they
usually follow similar practices with regard to TP
Liability.

Liability for injuries to third party is unlimited. Property
damage is Str.1,000,000/-. However, insurers provide
wider property damage cover.

The MIB takes on responsibility to compensate Third
Parties for motor accidents involving vehicles that are
uninsured, or untraced. This is possible as they maintain
a fund contributed by all members. This is similar to
our system of Solatium Fund for Hit & Run cases. The
MIB goes further by paying for compensation where
the vehicle is uninsured i.e. identified vehicle with no
insurance.

Germany: Motor Third Party insurance in Germany is
based on the German Road Traffic Acts. The liability is
based on tort i.e. negligence of the driver of the vehicle
is required to be proved to claim compensation.
Insurance is compulsory.

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