Lift insurance commonly also known as third party insurance. This insurance policy is planned for lift owners in apartments or buildings, this policy is aimed to cover liability of third party which may incur due to injury or damage to property arising due to lift operation, damage to doors, plants, and other applications are also covered.
The lift insurance policy provides coverage on death or injury of any person but not a person from the family of the insured, covers property loss or damage but not the one of insured, and compensates damage caused directly to any person harming him personally.
The premium is variable and the rates may change depending up on the indemnity and its limits such as a single accident, or a single person or a particular time.
There are basically two major kinds of coverage under this insurance policy; those are “A” Policy and “B” Policy.
The A Policy provides coverage to the liability of the insured, so that if any death or injury happens to any third party accidentally by motor vehicle the liability is payable. The above relates towards the nominal risk under the Act of motor vehicle 1938.
The scope of B Policy is much wider than that of A Policy. The B Policy gives coverage for damage and injury caused by any accident not only to the vehicle of the insured but also covers up the liability incurred due to damage or injury to the third party. The accident should be involved with the vehicle of the insured. The policy is also extendable.