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JLombard
~ If Nibhaye Vaade - - -
PRIVATE CAR PACKAGE POLICY WORDING
STANDARD FORM FOR PRIVATE CAR PACKAGE POLICY respect of any one accident.
Whereas the insured by a proposal and declaration dated as stated in the Schedule The insured may authorise the repair of the vehicle necessitated by damage for
which shall be the basis of this contract and is deemed to be incorporated herein which the Company may be liable under this
has applied to the Company for the insurance hereinafter contained and has paid the Policy provided that :
premium mentioned in the schedule as consideration for such insurance in respect
of accidental loss or damage occurring during the period of insurance. a. The estimated cost of such repair including replacements, if any, does not
exceed ` 500/-;
NOW THIS POLICY WITNESSETH
b. The Company is furnished forthwith with a detailed estimate of the cost of
That subject to the Terms Exceptions and Conditions contained herein or endorsed repairs; and
or expressed hereon;
c. The insured shall give the Company every assistance to see that such
SECTION I. LOSS OF OR DAMAGE TO THE VEHICLE INSURED repair is necessary and the charges are reasonable.
The Company will indemnify the insured against loss or damage to the vehicle SUM INSURED, INSURED’S DECLARED VALUE (IDV)
insured hereunder and / or its accessories whilst thereon
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM
1. By fire explosion self ignition or lightning ; INSURED’ for the purpose of this policy which is fixed at the commencement of
2. By burglary housebreaking or theft ; each policy period for the insured vehicle.
3. By riot and strike; The IDV of the vehicle (and accessories if any fitted to the vehicle) is to be fixed
4. By earthquake (fire and shock damage); 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
5. By flood typhoon hurricane storm tempest inundation cyclone hailstorm frost; depreciation (as per schedule below).
6. By accidental external means; The schedule of age-wise depreciation as shown below is applicable for the purpose
7. By malicious act; of Total Loss/Constructive Total Loss (TL/CTL) claims only.
8. By terrorist activity; THE SCHEDULE OF DEPRECIATION FOR FIXING IDV OF THE VEHICLE
9. Whilst in transit by road rail inland-waterway lift elevator or air; AGE OF VEHICLE % OF DEPRECIATION
10 By landslide rockslide. FOR FIXING IDV
Subject to a deduction for depreciation at the rates mentioned below in respect of Not exceeding 6 months 5%
parts replaced :
Exceeding 6 months but not exceeding 1 year 15%
1. For all rubber/ nylon / plastic parts, tyres and tubes, batteries and air bags -50%
Exceeding 1 year but not exceeding 2 years 20%
2. For fibre glass components -30%
Exceeding 2 years but not exceeding 3 years 30%
3. For all parts made of glass -Nil
Exceeding 3 years but not exceeding 4 years 40%
4. Rate of depreciation for all other parts including wooden parts will be as per the
following schedule. Exceeding 4 years but not exceeding 5 years 50%
AGE OF VEHICLE % OF DEPRECIATION IDV of vehicles beyond 5 years of age and of obsolete models of the vehicles
(i.e. models which the manufacturers have discontinued to manufacture) is to be
Not exceeding 6months Nil determined on the basis of an understanding between the insurer and the insured.
Exceeding 6months but not exceeding 1 year 5% IDV shall be treated as the .Market Value. throughout the policy period without any
Exceeding 1 year but not exceeding 2 years 10% further depreciation for the purpose of Total Loss (TL) / Constructive Total Loss (CTL)
claims.
Exceeding 2 years but not exceeding 3 years 15%
The insured vehicle shall be treated as a CTL if the aggregate cost of retrieval and /
Exceeding 3 years but not exceeding 4 years 25%
or repair of the vehicle,
Exceeding 4 years but not exceeding 5 years 35% subject to terms and conditions of the policy, exceeds 75% of the IDV of the vehicle.
Exceeding 5 years but not exceeding 10 years 40% LIABILITY TO THIRD PARTIES
Exceeding 10 years 50% 1. Subject to the limits of liability as laid down in the Schedule hereto the Company
5. Rate of Depreciation for Painting: In the case of painting, the depreciation rate will indemnify the insured in the event of an accident caused by or arising out of
of 50% shall be applied only on the material cost of total painting charges. In the use of the vehicle against all sums which the insured shall become legally
case of a consolidated bill for painting charges,the material component shall be liable to pay in respect of :-
considered as 25% of the total painting charges for the purpose of applying the a. Death of or bodily injury to any person including occupants carried in the
depreciation. vehicle (provided such occupants are not carried for hire or reward) but
The Company shall not be liable to make any payment in respect of :- except so far as it is necessary to meet the requirements of Motor Vehicles
Act, the Company shall not be liable where such death or injury arises out
a. Consequential loss, depreciation, wear and tear, mechanical or electrical of and in the course of the employment of such person by the insured.
breakdown, failures or breakages;
b. Damage to property other than property belonging to the insured or held in
b. Damage to tyres and tubes unless the vehicle is damaged at the same time trust or in the custody or control of the insured.
in which case the liability of the company shall be limited to 50% of the
cost of replacement and 2. The Company will pay all costs and expenses incurred with its written consent.
c. Any accidental loss or damage suffered whilst the insured or any person 3. In terms of and subject to the limitations of the indemnity granted by this
driving the vehicle with the knowledge and consent of the insured is under section to the insured, the Company will indemnify any driver who is driving
the influence of intoxicating liquor or drugs. the vehicle on the insured’s order or with insured’s permission provided that
such driver shall as though he/she was the insured observe fulfill and be subject
In the event of the vehicle being disabled by reason of loss or damage covered under to the terms exceptions and conditions of this Policy in so far as they apply.
this Policy the Company will bear the reasonable cost of protection and removal to
the nearest repairer and redelivery to the insured but not exceeding in all ` 1500/-in 4. In the event of the death of any person entitled to indemnity under this policy
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