Under Insured Declaration

download Under Insured Declaration

of 1

Transcript of Under Insured Declaration

  • 8/18/2019 Under Insured Declaration

    1/1

    UNDER INSURED DECLARATION

    Motor Cover Note No :

    Vehicle No :

    I/ We ………………………………………………………………………………   hereby confirmed

    that I/ We am/are aware of my/ our estimate value for my/our car insured under the abovementioned

     policy is below the market price and in view of this under insurance, the insurance principle of

    “AVERAGE” will apply and I/ We confirmed and agreed that I/We will be my/our own insurer for

    the difference and will bear a rateable proportion of the loss should any own damage claim crises.

    And I/We hereby further confirmed and aware that should any major claim crises, and in view of the

    sum insured below the market price, I/We hereby agreed that I/We shall accept settlement of any owndamage claim presented by me/us on a ‘TOTAL LOSS BASIS’ in the event that the estimate of

    repairs as a adjust by a Licensed Adjuster be such that it will be uneconomical for the Insurers to

    settle by any other mode of settlement normally practiced in the insurance market.

    I/We finally confirmed that the above has been fully explained to me/us by the undersigned and that

    I/We fully comprehend the above text.

    Dated this day of ………………………………………… 

    Signature of Insured : ……………………………………………………………… 

     Named of insured : ……………………………………………………………… 

    I/C No : ……………………………………………………………...

    Explained By : ………………………………………………………………. 

     Name : ………………………………………………………………. 

    I/C No : ……………………………………………………………….