MISCELLANEOUS INSURANCE

There are also some other forms of insurance policies besides the major forms of insurance. An insurer is ready to cover a large variety of risks. For eg. Even the throat of a singer can be insured. The following are some of the major types of miscellaneous policies.

a) Motor Insurance This type of insurance provides insurance cover to private vehicles, commercial vehicles or motorcycles, including scooters. Generally, the owner of a vehicle is exposed to three types of risks (1) Risk arising from damage to the vehicle by fire or accident or loss due to theft of the vehicle. (2) Personal injury to the owner of the vehicle and (3) injury or death of a third party due to an accident wherein the vehicle of the insured is involved. When the policy taken by the owner of the vehicle covers all these three types of risks, it is known as a comprehensive policy.

b) Third Party Insurance Under the third party insurance, besides the risk of personal injury to a third party, the risk of damage to his the property is also insured. Thus it covers two risks: Viz. (1) The risk of damage to the property of the third party and (2) The at the risk of personal injury to the third party himself.

c) Employer's Liability Insurance This type of policy is taken to cover employer's liability to employees. An employer has a liability to compensate the employees if they incur any bodily injury during the course of employment. This type of policy covers employer's liability to employees for accidents.

d) Fidelity Guarantee Insurance Sometimes, employees, who handle cash and securities, may cheat the employer by misusing cash and securities. The employer will incur loss from such dishonest practice of the employees The Fidelity Insurance covers the risk of any such monetary loss to the employer due to the fraud and dishonesty employees.

e) Burglary Insurance This policy covers the risks from burglary, theft and robbery. A burglary policy for business premises provides a cover against loss or damage to stock, cash in safe and other properties of the insured.

f) Personal Accident and Specified Diseases Insurance The Personal Accident Policy covers the risk of accidental bodily injury or death of the insured persons. The risks against certain specified diseases may also be insured by taking personal accident and specified diseases policy. Under this policy, the insurer would pay for the treatment of the specified diseases.

g) Cattle Insurance This policy is meant for cows, buffaloes, bullocks and calves. It provides risk cover of death due to accident in including natural calamities, strikes, riots and terrorisms. Maximum sum assured cannot be in excess to market value of the cattle concerned.

h) Health Insurance In case of illness or injury suffered by the insured or his/her dependents; health insurance covers their medical expenses.