Miscellaneous Insurance

Miscellaneous Insurance

1. Definition:
“Miscellaneous Insurance Business” means the business of effecting contracts of insurance which is not principally of any kind of Marine and Fire Insurance.”

2. Kinds of Miscellaneous Insurance:

Motor Insurance
Private Car policy (PC).
Commercial Vehicle policy (CV).
Motor Cycle Policy (MC).
Land Transportation Operations Policy (LTO).
Motor Trade Policy (MT).
Special Risks (Vehicle Floater) policy.
Private Cars – These privately owned vehicles such as auto sedans, coupe, jeeps etc. which are used by the assure’s for special domestic profession and pleasure purpose including carriage of goods of the insured and also including use by the assured’s employees for such purpose.
Commercial Vehicles – These are vehicles used solely for business or in connection with or incidental to the assure’s business except these used for transporting passengers for compensation. Some examples of these vehicles are light trucks or transporters, tankers and dump trucks etc.
Motor Cycle – Two wheeled motored vehicles having one or two saddles.
Land Transportation Operations Vehicles – These are the buses, jeepneys, school buses, tax cars and tricycles, which principal use is transporting fare paying passegers.
Motor Trade Vehicles – These are motor vehicles on display for sales or vehicles in the course of being transported from the manufacturer to the dealer.
Special Types – Examples are ambulance, funeral cars and others.

3. Coverage under Motor Car Insurance:

The losses which may accompany the ownership and operation of a motor vehicle fall into two main groups:
i) Those that result in kss of or damage to the vehicle and
ii) those arising from accidents in which the vehicle injures someone or destroys property belonging to others.
The Motor Car Insurance Policy offers two major coverages which are designed to compensate for these losses. They are

(1) Loss or Damage (L/D) – This coverage provides protection against:
a) Accidental collision or overturning.
b) Fire, external explosion, self-ignition or lightening.
c) Burglary, theft or house breaking.
d) Malicious acts on the vehicle.
e) Any of the above, while the car is in transit by road, rail or inland-water ways.

2. Third party liability (TPL) – This coverage provides protection against legal monetary liabilities arising from death, injury or damage to property of other person, occuring while –
a) the assured is using the insured vehicle.
b) an authorised driver is using the insured vehicle (an authorised driver refers to the assured himself or any person with assured’s order or permission, who posses a valid driver’s licence).
c) the assured is driving a borrowed vehicle.

4. Engineering Insurance:

1. Construction Insurance (CAR).
2. Erection Insurance (EAR).
3. Machinery Insurance (MI).
4. Boiler and Pressure Vessel Insurance (BPV).
5. Deterioration of Stock in Cold Storage Insurance (DOS).
6. Electronic Equipment Insurance (EEl).
7. Contractors’ Plant and Machinery Insurance (CPM).
8. Civil Engineering Completed Risks Insurance (CECR).
9. Offshore Technology Risks Insurance (METE).

5. Personal Accident Insurance

1. Health Insurance.
2. Workmen’s Compensation and Employers’ Liability Insurance.
3. Fidelity Bond.
4. Burglary, Robbery and Theft.
5. Crops Insurance and Cattle Insurance etc.