What kind of risks is covered by IFFCO Tokio third party policy?
The risks covered by this Third-Party policy include:
- Death or injury to a third-party.
- Damage of third party property.
In insurance, there are two main parties involved- the insurer and the insured. If the damages and loss occur to anyone else other than the insurer, it constitutes a ‘third-party’. When an insurer buys insurance, it wants to protect itself from its own damages and losses whether it was caused by its own mistakes or a third-party’s. The insured also wants to protect itself from any legal liabilities it may have towards a third-party if the fault was at his end.