Third party Insurance : It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company). The policy does not provide any benefit to the insured (Car owner). However, it covers the insured's legal liability for death/disability of third-party loss or damage to the third-party property.
Third party Insurance policy helps protect other people, vehicles and property in the event of an accident that was deemed to be your fault.
For example, Peter Ganizani Banda* (Not his real name) hit into a cyclist in Chipata , causing extensive damage to the bicycle and injuring the cyclist . Since Peter Ganizani Banda had third-party insurance cover, the Insurance Company would pay for the repair cost or replacement of the bicycle and medical expenses if any incurred by the cyclist.
What isn’t covered, though, is damage to Peter Ganizani Banda`s car or any injuries he might have suffered. For that he needed a Comprehensive Insurance policy. Otherwise those costs for repairs to his car are on him.
Dear Reader , The Insurance Company will compensate you against legal liability to the third party for the payment of damages, legal fees and other expenses as per Third party liability limits indicated below.
Third Party Liability limits are ;
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 (up to K30,000.00) per event.)
General Alliance Insurance (Z) Ltd has Damage to property (up to K35,000.00)per event / annual aggregate
Until next time !
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