4.

The insured shall take all reasonable steps to safeguard the vehicle from loss or NO CLAIM BONUS :
damage and to maintain it in efficient condition and the Company shall have at No Claim Bonus, wherever applicable, will be as per the following table.
all times free and full access to examine the vehicle or any part thereof or any
driver or employee of the insured. In the event of any accident or breakdown, % OF DISCOUNT ON OWN
ALL TYPES OF VEHICLES
the vehicle shall not be left unattended without proper precautions being DAMAGE PREMIUM
taken to prevent further damage or loss and if the vehicle be driven before No claim made or pending during the
the necessary repairs are effected any extension of the damage or any further 20%
preceding full year of insurance
damage to the vehicle shall be entirely at the insured’s own risk.
No claim made or pending during the
5. The Company may cancel the policy by sending seven days notice by recorded 25%
preceding 2 consecutive years of insurance
delivery to the insured at insured’s last known address and in such event will
return to the insured the premium paid less the pro rata portion thereof for No claim made or pending during the
35%
the period the Policy has been in force or the policy may be cancelled at any preceding 3 consecutive years of insurance
time by the insured on seven days. notice by recorded delivery and provided No claim made or pending during the
no claim has arisen during the currency of the policy, the insured shall be 45%
preceding 4 consecutive years of insurance
entitled to a return of premium less premium at the Company’s Short Period
rates for the period the Policy has been in force. Return of the premium by No claim made or pending during the
50%
the company will be subject to retention of the minimum premium of `100/- preceding 5 consecutive years of insurance
(or ` 25/-in respect of vehicles specifically designed/modified for use by blind/ Sunset Clause : If at the renewal falling due any time between 1st July 2002 and
handicapped/mentally challenged persons). Where the ownership of the 30th June 2003, both days inclusive, (after completion of the full policy period of 12
vehicle is transferred, the policy cannot be cancelled unless evidence that the months) an insured becomes entitled to an NCB of 55% or 65% in terms of the Tariff
vehicle is insured elsewhere is produced. prevailing prior to 1st July 2002, the entitlement of such higher percentage of NCB
6. If at the time of occurrence of an event that gives rise to any claim under this will remain protected for all subsequent renewals till a claim arises under the policy,
policy there is in existence any other insurance covering the same liability, the in which case the NCB will revert to ‘Nil’ at the next renewal. Thereafter, NCB if any
Company shall not be liable to pay or contribute more than its ratable proportion earned, will be in terms of the above table.
of any compensation, cost or expense. INDIA MOTOR TARIFF – ENDORSEMENTS
7. If any dispute or difference shall arise as to the quantum to be paid under this IMT. 1. Extension of Geographical Area
policy (liability being otherwise admitted), such difference shall independent of
all other questions be referred to the decision of a sole arbitrator to be appointed In consideration of the payment of an additional premium of `....................it is
in writing by the parties to the dispute or if they cannot agree upon a single hereby understood and agreed that notwithstanding anything contained in this
arbitrator within 30 days of any party invoking Arbitration, the same shall be Policy to the contrary the Geographical Area in this Policy shall from the ... /... /.......
referred to a panel of three arbitrators comprising two arbitrators one to be to the ... /... /.......(both days inclusive) be deemed to include.*
appointed by each of the parties to the dispute / difference, and a third arbitrator It is further specifically understood and agreed that such geographical extension
to be appointed by such two arbitrators who shall act as the presiding arbitrator excludes cover for damage to the vehicle insured/ injury to its occupants / third
and Arbitration shall be conducted under and in accordance with the provisions party liability in respect of the vehicle insured during sea voyage / air passage for the
of the Arbitration and Conciliation Act, 1996. purpose of ferrying the vehicle insured to the extended geographical area.
It is clearly agreed and understood that no difference or dispute shall be Subject otherwise to the terms exceptions conditions and limitations of this Policy.
referable to Arbitration as hereinbefore provided, if the Company has disputed NOTE : Insert Nepal/ Sri Lanka/ Maldives/ Bhutan/ Pakistan/Bangladesh as the case
or not accepted liability under or in respect of this policy. may be.
It is hereby expressly stipulated and declared that it shall be condition precedent IMT. 2. AGREED VALUE CLAUSE (APPLICABLE ONLY TO VINTAGE CARS)
to any right of action or suit upon this policy that the award by such arbitrator/
arbitrators of the amount of the loss or damage shall be first obtained. It is hereby declared and agreed that in case of TOTAL LOSS/CONSTRUCTIVE TOTAL
LOSS of the Vintage Car insured hereunder due to a peril insured against, the amount
It is also hereby further expressly agreed and declared that if the Company payable will be the Insured’s Declared Value (IDV) of the vehicle as mentioned in the
shall disclaim liability to the insured for any claim hereunder and such claim Policy without deduction of any depreciation.
shall not, within twelve calendar months from the date of such disclaimer have
been made the subject matter of a suit in a court of law, then the claim shall It is further declared and agreed that in case of partial loss to the vehicle, depreciation
for all purposes be deemed to have been abandoned and shall not thereafter be on parts replaced will be as stated in Section I of the Policy.
recoverable hereunder. Subject otherwise to the terms exceptions conditions and limitations of this Policy.
8. The due observance and fulfillment of the terms, conditions and endorsements IMT. 3. TRANSFER OF INTEREST
of this Policy in so far as they relate to anything to be done or complied with by It is hereby understood and agreed that as from ...../...../......... the interest in the policy
the insured and the truth of the statements and answers in the said proposal is transferred to and vested in .......of ....... carrying on or engaged in the business or
shall be conditions precedent to any liability of the Company to make any profession of ...... who shall be deemed to be the insured and whose proposal and
payment under this Policy. declaration dated ...... /........./............. shall be deemed to be incorporated in and to
9. In the event of the death of the sole insured, this policy will not immediately be the basis of this contract.
lapse but will remain valid for a period of three months from the date of the Provided always that for the purpose of the No Claim Bonus, no period during which
death of insured or until the expiry of this policy (whichever is earlier). During the interest in this policy has been vested in any previous Insured shall accrue to
the said period, legal heir(s) of the insured to whom the custody and use of the benefit of .
the Motor Vehicle passes may apply to have this Policy transferred to the
name(s) of the heir(s) or obtain a new insurance policy for the Motor Vehicle. Subject otherwise to the terms exceptions conditions and limitations of this policy.
Where such legal heir(s) desire(s) to apply for transfer of this policy or obtain IMT. 4. Change of Vehicle
a new policy for the vehicle such heir(s) should make an application to the It is hereby understood and agreed that as from ...... /........./............. the vehicle
Company accordingly within the aforesaid period. All such applications should bearing Registration Number ...... is deemed to be deleted from the Schedule of the
be accompanied by:- Policy and the vehicle with details specified hereunder is deemed to be included
a. Death Certificate in respect of the insured therein-
b. Proof of title to the vehicle Original Policy.

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