Comercial Motor
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Transcript of Comercial Motor
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COMMERCIAL VEHICLESPACKAGE POLICYWHEREAS the insured by a proposaland declaration dated as stated in theSchedule which shall be the basis ofthis contract and is deemed to be
incorporated herein has applied to theCompany for the insurance hereinaftercontained and has paid the premiummentioned in the schedule asconsideration for such insurance inrespect of accidental loss or damageoccurring during the period of
insurance.
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NOW THIS POLICY
WITNESSETH:-
That subject to the Terms Exceptions andConditions contained herein or endorsed orexpressed hereon;
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SECTION I - LOSS OF OR
DAMAGE TO THE VEHICLE
INSURED
The Company will indemnify the insured
against loss or damage to the vehicle
insured hereunder and/or its
accessories whilst thereon
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LOSS OF OR DAMAGE INSURED
Burglary housebreaking or theft
fire explosion self ignition or lightning
Riot and strike
Earthquake (fire and shock damage)
Accidental external means;
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LOSS OF OR DAMAGE INSURED
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Subject to a deduction for
depreciation rates
For all rubber/nylon/plastic parts, tyres,tubes, batteries and air bags - 50%
For fibre glass components 30% For all parts made of glass -NIL
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Rate of depreciation for all other partsincluding wooden parts will be as per thefollowing schedule
AGE OF VEHICLE % OF DEPRECIATION Not exceeding 6 months ......................................Nil Exceeding 6 months but not exceeding 1 year... 5% Exceeding 1 year but not exceeding 2 years.....10% Exceeding 2 years but not exceeding 3 years....15% Exceeding 3 years but not exceeding 4 years....25% Exceeding 4 years but not exceeding 5 years....35% Exceeding 5 years but not exceeding 10 years..40% Exceeding 10 years...................................... 50%
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LOSSES NOT INSURED
Consequential loss, depreciation, wearand tear, mechanical or electricalbreakdown, failures or breakages nor for
damage caused by overloading or strainof the insured vehicle nor for loss of ordamage to accessories by burglary,housebreaking or theft unless suchinsured vehicle is stolen at the sametime.
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LOSSES NOT INSURED
Damage to Tyres and Tubesunless the vehicle insured is
damaged at the same time inwhich case the liability of the
company shall be limited to 50%
of the cost of replacement.
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LOSSES NOT INSURED
Damage to Tyres and Tubesunless the vehicle insured is
damaged at the same time inwhich case the liability of the
company shall be limited to 50%
of the cost of replacement.
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LOSSES NOT INSURED
Any accidental loss or damagesuffered whilst the insured or
any person driving with theknowledge and consent of the
insured is under the influence of
intoxicating liquor or drugs.
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LOSSES NOT INSURED
In the event of the vehicle being disabled byreason of loss or damage covered under this
Policy the Company will bear the reasonablecost of protection and removal to the nearest
repairer and re-delivery to the insured but not
exceeding Rs. 750/- for three wheeled
vehicles, Rs. 1500/- for taxis and Rs.2500/- forother commercial vehicles in respect of any
one accident.
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LOSSES NOT INSURED
The insured may authorise the repair of thevehicle necessitated by loss or damage forwhich the company may be liable under this
Policy provided that :-(a) The estimated cost of such repair includingreplacements does not exceed Rs.500/-
(b) The Company is furnished forthwith with adetailed estimate of the cost of repairs ; and
(c) The insured shall give the Company everyassistance to see that such repair is necessaryand the charges are reasonable.
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SUM INSURED INSUREDSDECLARED VALUE (IDV) The IDV of the vehicle (and accessories if any
fitted to the vehicle) is to be fixed on the basis
of the manufacturers listed selling price of the
brand and model as the insured vehicle at the
commencement of insurance/renewal and
adjusted for depreciation (as per schedule
below).
The schedule of age-wise depreciationapplicable for the purpose of TotalLoss/Constructive Total Loss (TL/CTL) claimsonly.
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THE SCHEDULE OFDEPRECIATION FOR FIXINGIDV OF THE VEHICLETHE SCHEDULE OF DEPRECIATION FOR FIXING IDVOF THE VEHICLE
Not exceeding 6 months 5% Exceeding 6 months but not exceeding 1 year 15%
Exceeding 1 year but not exceeding 2 years 20% Exceeding 2 years but not exceeding 3 years 30% Exceeding 3 years but not exceeding 4 years 40% Exceeding 4 years but not exceeding 5 years 50%
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IDV of vehicles beyond 5 years of ageand of obsolete models of the vehicles
( i.e. models which the manufacturers
have discontinued to manufacture) isto be determined on the basis of an
understanding between the insurer
and the insured.
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IDV will be treated as the
Market Value throughout the
policy period without any
further depreciation for thepurpose of Total Loss (TL) /Constructive Total Loss
(CTL) claims
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The insured vehicle will be treated
as a CTL if the aggregate cost ofretrieval and / or repair of the
vehicle, subject to terms and
conditions of the policy, exceeds75% of the IDV of the vehicle.
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LIABILITY TO THIRD PARTIES
Death of or bodily injury to any personcaused by or arising out of the use
(including the loading and/orunloading) of the vehicle
Damage to property caused by theuse (including the loading and/or
unloading) of the vehicle
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Subject to the limits of liability
The Company shall not be liable inrespect of death, injury damage caused
or arising beyond the limits of any
carriage way or thoroughfare in
connection with the bringing of the load
to the insured vehicle for loading thereon
or the taking away of the load from the
insured vehicle after unloading therefrom
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Subject to the limits of liability
Except so far as is necessary tomeet the requirements of the
Motor Vehicle Act the Company
shall not be liable in respect ofdeath or bodily injury to any
person in the employment of the
insured arising out of and in thecourse of such employment.
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Subject to the limits of liability
Except so far as is necessary to meet therequirements of the Motor Vehicle Act in relationto the liability under the Workmen's Compensation
Act 1923 the Company shall not be liable inrespect of death or bodily injury to any person(other than a passenger carried by reason of or inpursuance of a contract of employment) beingcarried in or upon entering or mounting or alighting
from the insured vehicle at the time of occurrenceof the event out of which any claim arises.
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Subject to the limits of liability
The Company shall not be liable inrespect of damage to property
belonging to or held in trust by or inthe custody of the insured or a
member of the insured's household or
being conveyed by the insuredvehicle.
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Subject to the limits of liability
The Company shall not be liable inrespect of damage to any bridge
and/or viaduct and/or to any roadand/or anything beneath by vibration
or by the weight of the insured vehicle
and/or load carried by the insuredvehicle.
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Subject to the limits of liability
Except so far as is necessary to meet therequirements of the Motor Vehicles Act the
Company shall not be liable in respect of death
and/or bodily injury to any person(s) who is/are
not employee(s) of the insured and not being
carried for hire or reward, other than owner of
the goods or representative of the owner of
goods being carried in or upon or entering ormounting or alighting from the insured vehicle
described in the Schedule of this Policy.
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Subject to the limits of liability
Company will indemnify anydriver who is driving the insured
vehicle on the insured's order orwith insureds permission The Company will pay all costsand expenses incurred with itswritten consent.
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Subject to the limits of liability
In the event of the death of any person entitledto indemnity under this policy the Company will
in respect of the liability incurred by such person
indemnify his/her personal representative(s) in
terms of and subject to the limitations of this
policy provided that such personal
representative(s) shall as though they were the
insured observe fulfill and be subject to theterms exceptions and conditions of this policy in
so far as they apply.
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TOWING DISABLED VEHICLES
The policy shall be operativewhilst the insured vehicle is
being used for the purpose oftowing any one disabled
mechanically propelled vehicle
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TOWING DISABLED VEHICLES
Provided always that-(a) Such towed vehicle is not towed for
reward
(b) The Company shall not be liable byreason of this section of this policy inrespect of damage to such towedvehicle or property.
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PERSONAL ACCIDENT COVER
FOR OWNER-DRIVER
Policy compensates as per the scale forbodily injury/ death sustained by theowner-driver in direct connection with thevehicle insured or whilst mounting
into/dismounting from or traveling in theinsured vehicle as a co-driver, caused byviolent accidental external and visiblemeans which independent of any other
cause shall within six calendar months ofsuch injury result in
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Scale for bodily injury/ death
sustained
Death 100% Loss of two limbs or sight of two eyes or one
limb and sight of one eye. 100%
Loss of one limb or sight of one eye50%
Permanent total disablement from injuriesother than named above. 100%
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P. A. COVER FOR OWNER-DRIVER
SUBJECT TO
The owner-driver is the registered owner of thevehicle insured
The owner-driver is the insured named in thispolicy The owner-driver holds an effective driving license,in accordance with the provisions of Rule 3 of theCentral Motor Vehicles Rules, 1989, at the time ofthe accident
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GENERAL EXCEPTIONS
Any accidental loss or damage and/or liabilitycaused sustained or incurred outside the
geographical area
Any claim arising out of any contractualliability
Any accidental loss damage or liabilitydirectly or indirectly caused by or contributed
to by or arising from nuclear weapons
material
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GENERAL EXCEPTIONS
Any accidental loss damage and/or liabilitycaused sustained or incurred whilst the vehicleinsured is
(a) Being used otherwise than in accordancewith the Limitations as to Use
or
(b) Being driven by or is for the purpose of beingdriven by him/her in the charge of any personother than a Driver as stated in the Driver'sClause.
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GENERAL EXCEPTIONS
Any accidental loss or damage to any propertywhatsoever or any loss or expense whatsoever
resulting or arising there from or any
consequential loss Any liability of any nature directly or indirectlycaused by ionizing radiations or contamination
by radioactivity For the purposes of this
exception combustion shall include any selfsustaining process of nuclear fission.
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GENERAL EXCEPTIONS
Any accidental loss damage/liability directly orindirectly or proximately or remotely
occasioned by or contributed to war, invasion,
civil war, mutiny, rebellion, military or usurpedpower or by any direct or indirect consequences
of any of the said occurrences and in the event
of any claim the Company shall not be liable to
make any payment in respect of such a claim.
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