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Wednesday, September 2, 2009

Insurance regulation from today

The government is implementing the directive on motor insurance which will ensure insurance coverage of Rs. 500,000 in case of third party death due to accidents from Tuesday. For third party injury, the injured person will get compensation up to Rs. 200,000 for treatment and Rs. 500,000 for amputation. The move was taken to discourage the tendency of people to obstruct the highways for compensation. "The families of accident victims have been getting around Rs. 200,000 currently and the regulation has ensured a significant insurance coverage in case of accident," said Sharad Chandra Poudel, director general of the Department of Transport Management.

The regulation has also made a provision for increased insurance coverage for passengers and transport workers. Passengers will get Rs. 100,000 while transportation workers will get Rs. 500,000 in case of death. For injuries, the maximum insurance coverage has been fixed at Rs. 100,000 for passengers and up to Rs. 200,000 and Rs. 500,000 for transportation workers for treatment and amputation respectively.
Source: Kantipur

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