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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