COMMERCIAL VEHICLE POLICY
ANY ONE OF THE FOLLOWING WILL APPLY:-
COMPREHENSIVE - Sections A & B of this Policy apply
THIRD PARTY ONLY - Only Section B applies
ALL ENDORSEMENTS, CLAUSES OR WARRANTIES THAT
ARE SEPARATELY ATTACHED TO THIS POLICY SHALL ALSO
APPLY.
"All accidents must be reported to the police within 24
hours"
"It is an offence under the law of Republic of Singapore to
enter the country without extending passenger liability
cover to your motor insurance"
OUR AGREEMENT
In consideration of You having applied to Us to insure Your
Vehicle by a proposal and declaration which shall be the
basis of this contract and having paid to Us the premium
stated in the Policy Schedule in accordance with the laws
of Malaysia, We will indemnify You against loss, damage or
liability as described in this Policy occurring during the
Period of Insurance subject to the terms, conditions,
endorsements, clauses or warranties forming part of this
policy.
SECTION A - LOSS OR DAMAGE TO YOUR VEHICLE
1. We will indemnify You if Your Vehicle is damaged or
lost in the following circumstances:-
a) by accidental collision or overturning,
b) by collision or overturning caused by mechanical
breakdown,
c) by collision or overturning caused by wear and tear,
d) by impact damage caused by falling objects
provided no flood, typhoon, hurricane, storm,
tempest, volcanic eruption, earthquake, landslide,
landslip, subsidence or sinking of the soil/earth or
other convulsion of nature is involved,
e) by fire explosion or lightning,
f) by burglary, housebreaking or theft,
g) by malicious act,
h) When in transit (including its loading and unloading)
by:
(i) road rail inland waterway
(ii) direct sea route across the straits between the
island of Penang and the mainland .
2. Basis of Settlement
a) We will at Our option
(i) pay the cost of repairs to Your Vehicle, or
(ii) pay in cash the amount of the loss or damage to
Your Vehicle, or
(iii)reinstate or replace Your Vehicle.
b) The maximum amount We will pay is the market
value of Your Vehicle at the time of the loss or the
sum insured in the Policy whichever is the lower
figure.
c) If Your Vehicle shall at the time of happening of any
loss or damage be insured for a sum lesser than its
market value then, You shall be considered as being
Your own insurer for the difference and shall bear
the rate able proportion of the loss accordingly.
Provided always that this shall not apply
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