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There are two
types of policies available.....
Policy A ......to cover
Act liability.
Policy B ......to cover
both own damage losses and Act liability.
Section I of Standard form of Private Car Policy ( B ) or Motor
Cycle/Scooter Policy covers against loss or damage to the insured vehicle
and/or its accessories whilst thereon.......
a) by fire , explosion ( both external and internal ) , self-ignition
or lightening ;
b) by burglary , housebreaking or theft ;
c) by riot and strike ;
d) by earthquake ( fire and shock damage ) ;
e) by flood, typhoon , hurricane , storm , tempest , inundation ,
cyclone , hailstorm ;
f)
by accidental external means ;
g) by malicious act ;
h) by terrorist activity ;
i)
whilst in transit by road , rail ,
inland waterway , lift , elevator or air.
Section II covers Liability to third parties which means this section
provides indemnity to the Insured in the event of accident caused by or
arising out of the use of the motor vehicle against all sums, including
claimants costs and expenses, which the insured shall become legally liable
to pay in respect of --
(i)
death of or bodily injury to any
person,including occupants carried in the motor vehicle, provided such occupants
are not carried for hire or reward , but not where such death or injury
arises out of and in the course of the employment of such person by the
Insured. Limits of Liability under this section as per M V Act , 1988 is
unlimited ;
(ii)
damage to property other than
property belonging to the insured or held in trust or in the custody or
control of the insured. Limits of Liability is Rs.6000/- in respect of any
one claim or series of claims arising out of one event but Tariff however
provides for increased limits upto unlimited liability for TP ( Third Party )
property damage, at an additional premium.
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