37-44 Policy wording - Two Wheelers package policy.doc

8/14/2019 37-44 Policy wording - Two Wheelers package policy.doc

1/9

STANDARD FORM FOR TWO WHEELER PACKAGE POLICY

Whereas the Insured by a proposal and declaration dated as stated in the Schedule which shall

be the basis of this contract and is deemed to be incorporated herein has applied to the company

for insurance hereinafter contained and has paid the premium mentioned in the schedule asconsideration for such insurance in respect of accident loss or damage occurring during the

Period of Insurance.

(The term two wheeler referred to in this Tariff will include motor cycle/scooter / auto cycle or

any other motorised two wheeled vehicle mentioned in the Schedule.)

!W T"IS P!#I$% WIT&SS&T"'

That subect to the Terms &ceptions and $onditions contained herein or endorsed or otherwise

epressed hereon.

S&$TI! I ' #!SS !* !+ ,--& T! T"& 0&"I$#& IS1+&,

The $ompany will indemnify the insured against loss or damage to the vehicle insured hereunder

and/or its accessories whilst thereon

i. by fire eplosion self ignition or lightning2

ii. by burglary housebrea3ing or theft2

iii. by riot and stri3e2

iv. by earth4ua3e (fire and shoc3 damage)2

v. by flood typhoon hurricane storm tempest inundation cyclone hailstorm frost2

vi. by accidental eternal means2

vii. by malicious act2

viii. by terrorist activity2

i. whilst in transit by road rail inland5 waterway lift elevator or air2

. by landslide roc3slide.

Subect to a deduction for depreciation at the rates mentioned below in

respect of parts replaced2

6. *or all rubber/ nylon/ plastic parts7 tyres7 tubes and batteries 5 89:


2/9

;. *or fibre glass components


3/9

the charges are reasonable.

S'M INS'RED ( INS'RED)S DECLARED %AL'E *ID%+

TheIn$ure)$ Decl#re %#lue *ID%+ of the vehicle will be deemed to be the @S1 IS1+&,A

for the purpose of this policy which is fied at the commencement of each policy period for theinsured vehicle.

The I,0 of the vehicle (and side car/accessories7 if any7 fitted to the vehicle) is to be fied on thebasis of the manufacturerAs listed selling price of the brand and model as the insured vehicle at

the commencement of insurance/renewal and adusted for depreciation (as per schedule below).

The schedule of age5wise depreciation as shown below is applicable for the purpose of Total#oss/$onstructive Total #oss (TL,CTL) claims only.

THE SCHED'LE OF DEPRECIATION FOR FI-ING ID% OF THE

%EHICLE

AGE OF THE %EHICLE & OF DEPRECIATION FOR

FI-ING ID%

Not e.ceein! / 0onth$ 1&

E.ceein! / 0onth$ 2ut not e.ceein! 3 4e#r 31&

E.ceein! 3 4e#r 2ut not e.ceein! 5 4e#r$ 56&

E.ceein! 5 4e#r$ 2ut not e.ceein! 7 4e#r$ 76&

E.ceein! 7 4e#r$ 2ut not e.ceein! 8 4e#r$ 86&E.ceein! 8 4e#r$ 2ut not e.ceein! 1 4e#r$ 16&

I,0 of vehicles beyond 8 years of age and of obsolete models of the vehicles ( i.e. models

which the manufacturers have discontinued to manufacture) is to be determined on the basis of

an understanding between the insurer and the insured.

I,0 shall be treated as the @ar3et 0alueA throughout the policy period without any further

depreciation for the purpose of Total #oss (TL) / $onstructive Total #oss (CTL) claims.

The insured vehicle shall be treated as $T# if the aggregate cost of retrieval and / or repair ofthe vehicle7 subect to terms and conditions of the policy7 eceeds B8: of the I,0 of the vehicle.


4/9

SECTION II 9 LIA:ILITY TO THIRD PARTIES

6. Subect to the limits of liability as laid down in the Schedule hereto the $ompany willindemnify the insured in the event of an accident caused by or arising out of the use of the

insured vehicle against all sums which the insured shall become legally liable to pay in respect of

i) death of or bodily inury to any person including occupants carried in the insured vehicle (

provided such occupants are not carried for hire or reward) but ecept so far as it is necessary to

meet the re4uirements of otor 0ehicles -ct7 the $ompany shall not be liable where such death

or inury arises out of and in the course of the employment of such person by the insured7

ii) damage to property other than property belonging to the insured or held in trust or in the

custody or control of the insured.

P+!0I,&, -#W-%S that the $ompany shall not be liable in respect of death inury or damage

caused or arising beyond the limits of any carriageway or thoroughfare in connection with the

bringing of the load to the vehicle for loading thereon or the ta3ing away of the load from the

vehicle after unloading there from.

;. The $ompany will pay all costs and epenses incurred with its written consent.


5/9

Dut the Insured shall repay to the $ompany all sums paid by the $ompany which the $ompany

would not have been liable to pay but for the said provision.

-PP#I$-TI! !* #IITS !* I,&IT%

In the event of any accident involving indemnity to more than one person any limitation by theterms of this Policy and/or of any &ndorsement thereon of the amount of any indemnity shall

apply to the aggregate amount of indemnity to all persons indemnified and such indemnity shall

apply in priority to the insured

SECTION III ( PERSONAL ACCIDENT CO%ER FOR OWNER9DRI%ERSubect otherwise to the terms eceptions conditions and limitations of this Policy7 the $ompanyunderta3es to pay compensation as per the following scale for bodily inury/ death sustained by

the owner5driver of the vehicle indirect connection with the vehicle insured whilst mounting

into/dismounting from or traveling in the insured vehicle as a co5driver7 caused by violent

accidental eternal and visible means which independent of any other cause shall within sicalendar months of such inury result in'N#ture o; in


6/9

(b) the owner5driver holds an effective driving license7 in accordance with the provisions of

+ule < of the $entral otor 0ehicles +ules7 6EFE7 at the time of the accident

&&+-# &G$&PTI!S

(-pplicable to all sections of the Policy)

The $ompany shall not be liable in respect of '

6. any accidental loss damage and/or liability caused sustained or incurred outside the

eographical -rea.;. any claim arising out of any contractual liability.


7/9

The $ompany shall not be liable for each and every claim under Section 56 (loss of or damage to

the vehicle insured) of this Policy in respect of the deductible stated in the schedule.

$!,ITI!S

This Policy and the Schedule shall be read together and any word or epression to which a

specific meaning has been attached in any part of this Policy or of the Schedule shall bear thesame meaning wherever it may appear.

6. otice shall be given in writing to the $ompany immediately upon the occurrence of any

accidental or loss or damage and in the event of any claim and thereafter the insured shall giveall such information and assistance as the $ompany shall re4uire. &very letter claim writ

summons and/or process or copy thereof shall be forwarded to the $ompany immediately on

receipt by the insured. otice shall also be given in writing to the $ompany immediately the

insured shall have 3nowledge of any impending prosecution in4uest or fatal inury in respect ofany occurrence which may give rise to a claim under this policy. In case of theft or other

criminal act which may be the subect of a claim under this Policy the insured shall giveimmediate notice to the police and co5operate with the $ompany in securing the conviction of

the offender.

;. ;. o admission offer promise payment or indemnity shall be made or given by or on

behalf of the Insured without the written consent of the $ompany which shall be entitled if it so

desires to ta3e over and conduct in the name of the Insured the defence or settlement of any

claim or to prosecute in the name of the Insured for its own benefit any claim for indemnity ordamages or otherwise and shall have full discretion in the conduct of any proceedings or in the

settlement of any claim and the Insured shall give all such information and assistance as the

$ompany may re4uire.


8/9

of any accident or brea3down7 the vehicle shall not be left unattended without proper

precautions being ta3en to prevent further damage or loss and if the vehicle be driven before the

necessary repairs are effected any etension of the damage or any further damage to the vehicleshall be entirely at the insuredCs own ris3.

8. The $ompany may cancel the policy by sending seven days notice by recorded delivery to theinsured at insuredAs last 3nown address and in such event will return to the insured the premium

paid less the pro rata portion thereof for the period the Policy has been in force or the policy may

be cancelled at any time by the insured on seven daysA notice by recorded delivery and providedno claim has arisen during the currency of the policy7 the insured shall be entitled to a return of

premium less premium at the $ompanyCs Short Period rates for the period the Policy has been in

force. +eturn of the premium by the company will be subect to retention of the minimum

premium of +s.699/5 (or +s.;8/5 in respect of vehicles specifically designed/modified for use byblind/handicapped/mentally challenged persons). Where the ownership of the vehicle is

transferred7 the policy cannot be cancelled unless evidence that the vehicle is insured elsewhere

is produced.

>. If at the time of occurrence of an event that gives rise to any claim under this policy there isin eistence any other insurance covering the same liability7 the $ompany shall not be liable to

pay or contribute more than its ratable proportion of any compensation7 cost or epense.

B. If any dispute or difference shall arise as to the 4uantum to be paid under this policy

(liability being otherwise admitted)7 such difference shall independent of all other 4uestionsbe referred to the decision of a sole arbitrator to be appointed in writing by the parties to the

dispute or if they cannot agree upon a single arbitrator within .

It is clearly agreed and understood that no difference or dispute shall be referable to

-rbitration as hereinbefore provided7 if the $ompany has disputed or not accepted liabilityunder or in respect of this policy.

It is hereby epressly stipulated and declared that it shall be condition precedent to any right of

action or suit upon this policy that the award by such arbitrator/ arbitrators of the amount of theloss or damage shall be first obtained.

It is also hereby further epressly agreed and declared that if the $ompany shall disclaim

liability to the insured for any claim hereunder and such claim shall not7 within twelvecalendar months from the date of such disclaimer have been made the subect matter of a suit

in a court of law7 then the claim shall for all purposes be deemed to have been abandoned and

shall not thereafter be recoverable hereunder.

F. The due observance and fulfillment of the terms7 conditions and endorsements of this Policy in

so far as they relate to anything to be done or complied with by the insured and the truth of the


9/9

statements and answers in the said proposal shall be conditions precedent to any liability of the

$ompany to ma3e any payment under this Policy.

E. In the event of the death of the sole insured7 this policy will not immediately lapse but will

remain valid for a period of three months from the date of the death of insured or until the epiry

of this policy (whichever is earlier). ,uring the said period7 legal heir(s) of the insured to whomthe custody and use of the otor 0ehicle passes may apply to have this Policy transferred to the

name(s) of the heir(s) or obtain a new insurance policy for the otor 0ehicle.

Where such legal heir(s) desire(s) to apply for transfer of this policy or obtain a new policy forthe vehicle such heir(s) should ma3e an application to the $ompany accordingly within the

aforesaid period. -ll such applications should be accompanied by'5

a) ,eath $ertificate in respect of the insuredb) Proof of title to the vehicle

c) !riginal Policy.

Documents

37-44 Policy wording - Two Wheelers package policy.doc