Dif­fi­cult Ter­mi­nolo­gies Ex­plained

Consumer Voice - - Bfsi Study Under Cwf Grant -

Le­gal li­a­bil­ity (as ap­pli­ca­ble to com­mer­cial ve­hi­cles [taxis] ex­clud­ing goods car­ry­ing and buses)

• Le­gal li­a­bil­ity to non fare-pay­ing pas­sen­gers other than statu­tory li­a­bil­ity (ex­cept the Fa­tal Ac­ci­dents Act, 1855)

• Le­gal li­a­bil­ity to non fare-pay­ing pas­sen­gers who are not em­ploy­ees of the in­sured

• Le­gal li­a­bil­ity to fare-pay­ing pas­sen­gers ex­clud­ing li­a­bil­ity for ac­ci­dents to em­ploy­ees of the in­sured aris­ing out of and in the course of their em­ploy­ment

• Le­gal li­a­bil­ity to paid driver and/or con­duc­tor and/or cleaner em­ployed in con­nec­tion with the oper­a­tion

of the mo­tor ve­hi­cle

EMI cover (this add-on cover is ap­pli­ca­ble only if it is men­tioned in the pol­icy sched­ule)

• The com­pany will in­dem­nify the in­sured to pay, on oc­cur­rence of the cov­ered event (if as a re­sult of an ac­ci­dent to the in­sured’s ve­hi­cle, the ve­hi­cle is re­quired to be kept in any of the com­pany’s au­tho­rized garages for re­pairs of more than 30 con­sec­u­tive days) EMI amount(s) fall­ing due in re­spect of the auto loan, sub­ject to max­i­mum sum in­sured.

Daily al­lowance (garage cash) ben­e­fit (this add-on cover is ap­pli­ca­ble only if it is men­tioned in the pol­icy sched­ule)

• The com­pany will make an al­lowance to the in­sured for loss of use of the in­sured ve­hi­cle due to risks cov­ered in the pol­icy sched­ule, up to a max­i­mum of seven days.

No-claim bonus (NCB) pro­tec­tion

• The in­sured will be en­ti­tled to NCB as per the pol­icy sched­ule, up to a max­i­mum of 50 per cent, in spite of claims made on the pol­icy (max­i­mum of not more than three claims on the pol­icy).

Nil de­pre­ci­a­tion

• The com­pany un­der­takes to deduct no amount for de­pre­ci­a­tion in case parts are re­placed on ac­count of dam­age to the ve­hi­cle in­sured and/or to its ac­ces­sories (shall be ap­pli­ca­ble to the first two [2] claims dur­ing the pol­icy pe­riod and any sub­se­quent claim[s] shall be sub­ject to a de­duc­tion for de­pre­ci­a­tion at the rates men­tioned in the pol­icy terms and con­di­tions).

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