COMMERCIAL VEHICLE
INSURANCE POLICY- PACKAGE
) any accidental loss or damage suffered whilst the
Insured or any person driving the vehicle with the
knowledge and consent of the Insured is under
the influence of intoxicating liquor or drugs.
3. In the event of the vehicle being disabled by reason of
loss or damage covered under this Policy the Company
will bear the reasonable cost 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/- for other commercial
vehicles in respect of any one accident.
4. The Insured may authorise the repair of the vehicle
necessitated by damage for which the Company may
be liable under this Policy provided that:
(a) the estimated cost of such repair including
replacements, if any, does not exceed Rs.500/-;
(b) the Company is furnished forthwith with a
detailed estimate of the cost of repairs; and
(c) the Insured shall give the Company every
assistance to see that such repair is necessary
and the charges are reasonable.
SUM INSURED – INSURED’S DECLARED VALUE
(IDV)
The Insured’s Declared Value (IDV) of the vehicle will
be deemed to be the ‘SUM INSURED’ for the purpose of this
Policy which is fixed at the commencement of each Policy
period for the insured vehicle.
The IDV of the vehicle (and accessories if any fitted to the
vehicle) is to be fixed on the basis of the manufacturer’s
listed selling price of the brand and model as the vehicle
insured at the commencement of insurance/renewal and
adjusted for depreciation (as per schedule below).
The schedule of age-wise depreciation as shown below is
applicable for the purpose of Total Loss/Constructive Total
Loss (TL/CTL) claims only.
THE SCHEDULE OF DEPRECIATION FOR FIXING IDV
OF THE VEHICLE
AGE OF THE VEHICLE
% OF
DEPRECIA
TION FOR
FIXING
IDV
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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