Comercial Motor

8/14/2019 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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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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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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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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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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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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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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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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Comercial Motor

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