PART 2
As a business person in the Transport Industry (Transporter), you are comprehensively insured quite alright, but are you adequately covered should your Bus or Truck get involved in a Road Traffic Accident and you are held liable?
Accidents happen, even when you take all the right steps to prevent them — and accidents often result in lawsuits that can have serious financial consequences.
Lawsuits can be expensive, but liability coverage ensures you won’t get stuck paying out of your own pocket when the unexpected happens.
FOR EXAMPLE
Nzelu Niweka International Investments Group of Companies has a fleet of Luxury Buses which is operating on an International route from Lusaka to Johannesburg. They had insured the buses comprehensively at K2, 000,000 each. The standard third party liability limits were as Indicated below in their Motor Insurance Policy.
Third Party Liability limits;
Death or bodily harm (per person up to K30, 100.00)
Death or bodily harm (per event up to K60,100.00)
Damage to property (per event up to K30,000.00)
This was not adequate for them looking at the type of business they were engaged in and they decided to increase the Third party Liability Limits to a Combined Limit of K2, 500,000.
One day, whilst coming from South Africa, the bus driver of one of the buses lost control of the bus and it flipped. It was carrying 55 passengers and all sustained injuries; some major Injuries, others minor Injuries. Some of the goods being transported were extensively damaged in the process.
After the Insurance Company had done their own investigations and assessments and were satisfied that no foul play was involved, they were able compensate the passengers for the injuries and the damaged goods. The passengers were compensated according to the percentage of their disablement on their Injuries and the value of the goods lost.
The Insurance was able to do this because with a Combined Limit of K2, 500,000 as a Third Party Liability Limit, Nzelu Niweka International Investments Group had enough coverage on their policy.
IMAGINE ANOTHER SCENARIO
If Nzelu Niweka International Investments Group had not increased the Third Party Liability Limit, The Insurance Company would have only paid them K60, 100 per event for Death or bodily harm for all the 55 passengers to share. The other money would have come from the coffers of Nzelu Niweka International Investment Group.
What about you? Have you read your Third Party Liability Limits Clause in your Motor Insurance policy?
As a Business person or Transporter are you adequately covered?
SOLUTION
It is very important to ask your Insurance Company about the Third party Liability Limits when you are insuring your vehicle at the Underwriting stage. If you see that they are not adequate, you can Increase the Third Party Liability Limits (Combined Limits) at an extra Premium (Fee) of course. It is worth it!
Nzelu Niweka International Investments Group was wise to Increase their Third Party Liability Limits. Be wise like Nzelu Niweka International Investments Group.
Lawsuits can be expensive, but liability coverage ensures you won’t get stuck paying out of your own pocket when the unexpected happens.
Until Next Time!
from anontopur.com https://ift.tt/3dEAsCC
bangla,bangla tech,bangla tech s,bangla news,bangla tutorial,tech bangla it,tech bangla,bangla tech channel exposed,tech bangla pro,bangla tech channel roasted video,bangla tv channel,bangla channels,in bangla,bangla movie,bangla news 24,bangla review,bangla boy,news bangla,new tech,tech,tyag bangla movie,shaj tech,news bangla 24,debtech bangla channel,like app bangla,bangla android,bangla tutorial idm, bangla,bangla funny video,bangla movie,bangla new movie,funny facebook posts,new bangla funny video,funniest facebook posts,post office,bangla natok,bangla movie song,bangla facebook post,bangla tutorial,new bangla natok,bangla full movie,bangla cinema,bangla dhadha,bangla natok post mortem,bangla funny facebook post,bangla motivational video,bangla facebook funny,facebook post,facebook funny post, Credit anontopur.com
0 Comments