Motor Road Transport For Commercial Purposes
(Liquid Fuel, Steam, Electricity)

CHAPTER XX INSURANCE AND ITS COSTS The question of insurance with regard to motor vehicles is a wide one, and consequently a matter which it is wise to study if the most satisfactory results from the van owner’s point of view are to be obtained. It is possible to over insure, just as it is possible to take out a policy which does not cover owner or vehicle sufficiently. The Three Ghief Risks. The three risks against which it is essential to insure ' are— Accident, Fire, Third Party. Before illustrating these with a concrete example of an up-to-date policy, it is as well to mention insurance against mechanicarbreakdown. Premiums are high and of limited scope, and the modem well-built commercial motor vehicle is sufficiently reliable if cared for—even with our bad roads—to render such an insurance an outlay which will seldom be found to give an adequate return. Scope of Ordinary Policies. To consider then, the two risks—accident and fire. It will be found in practice that most of the com- panies or corporations which grant insurance policies for motor vehicles are prepared to guard the owner against these two risks on the folio wing terms. Up to full value is usually paid in respect of loss of, or damage to, the insured motor vehicle (including