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How insurance practices deal with Hit and Run cases?

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Question added by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice
Date Posted: 2014/01/30
Mohammed Salim Allana
by Mohammed Salim Allana , Compliance and Assurance Manager , United Arab Bank

Based on the police investigation report and FIR lodged.

mukkur srinivasan varadhan
by mukkur srinivasan varadhan , Chartered Accountant , Chartered Accountant in practice

In Hit and Run cases ,identity of the vehicle involved is normally not known.Mandating Third party insurance is a social obligation done by the Government.Still ,there is a possibility that the vehicle remains untraced even after invesigation .So to make the social obligation more meaningful,Government  normally declare solatium for the victims .

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