MANAGEMENT

Detailed explanation-1: -Third-party insurance, which is also sometimes referred to as ‘act-only’ insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.

Detailed explanation-2: -Liability insurance is an insurance product that provides protection against claims resulting from injuries and damage to other people or property. Liability insurance policies cover any legal costs and payouts an insured party is responsible for if they are found legally liable.

Detailed explanation-3: -Definition of third party insurancee It is a form of liability insurance that the owner of the car/bike/vehicle purchases for protection against the claims of a third party. Any damages or losses suffered by the third party in case of an accident must be made good by the third party insurance holder.

Detailed explanation-4: -A general liability insurance policy offers compensation for claims arising due to bodily injuries, and property damages or for which your business is accountable.