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Why third-party cover is mandatory
Bavadharini KS
BL Research Bureau |
Updated on
April 03, 2021
Two neighbours’ daily routine of watering plants leads to an interesting conversation
Sindu: We were away for a few days and all the new saplings have dried up!
Bindu: Yes. We should have predicted this and arranged for sufficient water. Maybe even added some manure for protection.
Sindu: Like an insurance policy, you see.
Bindu: Yes. Like a third-party motor insurance, mandatory arrangements for the saplings!
Sindu: While I agree that having a motor insurance policy is important, I thought it was optional.
Bindu: Well, own damage (OD) cover is optional. It covers damage to your vehicle due to accidents, theft/vandalism, fire, natural calamities and man-made disasters. It even provides accident cover to the owner. Third party (TP) cover, provides coverage against legal liability that arises during an accident and is mandatory.