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items that can be insured, and the interested person has to
select; based on the selection and sum assured sought,
premium is decided.
c) Machinery of factories, offices and industries may be
insured against breakdown, theft, fire and floods. Goods in
transit can be insured under a Marine / Air Cargo insurance
cover. Insurance coverage is available for loss or damage to
ships and aircrafts as well. The indirect loss caused due to
inability to use the property or assets as a result of peril,
called consequential loss, can also be insured.
4. Motor insurance
A Motor Insurance policy covers damage to the vehicle. Motor
insurance covers not only your vehicle, be it a motorcycle, a
car or a lorry, in case of accidents or theft; it also covers loss
of third party property/ life (while driving a vehicle, it is
possible that the vehicle hits someone and causes death/
injury or damage to someone’s property). The latter is called
Third Party insurance.
As per the law, the owner of the vehicle is legally liable to
pay compensation for any injury or damage to any person’s
life or property caused by the use of the vehicle in a public
place.
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