SBI Pro News

02 July

News news news news news news News news news news news news

07 June

News news news news news news News news news news news news

28 May

News news news news news news News news news news news news

01 April

News news news news news news News news news news news news

Commercial Motor Insurance

Commercial Motor Insurance

Introduction:

Life is one great balancing act. As you set to get the best out of life, you do encounter life's little road blocks like accidents & thefts. The best way to handle them is to just move ahead and enjoy the journey rather than get bogged down. With SBI General's Commercial Vehicle Insurance Policy, you be in control no matter what the little road blocks that life throws at you.

Additional Coverages

  • Sum insured limits applicable to property types
  • This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act, together with loss or damage to the Vehicle itself. The Policy also provides cover for:

Personal Accident for Paid Driver/cleaner/conductor

  • For an additional Premium, provides the following:
  • Additional Legal Liabilities towards Paid Driver and employee
  • Bi-fuel Kit
  • Enhanced PA cover to Owner Driver and Paid Driver

Scope

  • This Policy is designed to cover the compulsory Third Party Liability as required by Motor Vehicles Act, together with loss or damage to the Vehicle itself.
  • Third party liability: Protects against any legal liability arising out of the use of the vehicle, towards third parties arising on bodily injury to / on death of a person and any damage caused to third party property.
  • Loss or damage to the vehicle:
  • The policy covers against any loss or damage caused to the vehicle or its accessories due to the following:
  • Fire, explosion, self-ignition, accidental damage by external means
  • Any damage in transit by road, rail, inland waterway, lift, elevator or air.
  • Lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide.
  • Burglary, theft, riot, strike, malicious act & terrorist activity
  • Personal accident cover:
  • The motor insurance provides compulsory personal accident cover of Rs. 2 lakhs for individual owners (available only if the owner of the vehicle holds a valid driving license) of the vehicle while driving. This is not applicable for a Company owned vehicle. Paid driver, cleaner and conductor employed in operation of vehicles can also be covered for Personal Accident for a maximum Capital Sum Insured of Rs 2 lakh per person. You may also now opt for higher limits in Personal Accident cover.
  • Additional Legal liabilities :
  • The following additional legal liabilities may also be opted for at an additional premium
  • Paid driver/Conductor/Cleaner employed in operation of vehicle.
  • Employees travelling in/driving the vehicle other than paid driver.
  • Non-fare paying passengers

Bonus

  • No Claim Bonus
  • If you do not make a claim during the Policy period, a No Claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. (NCB will only be allowed provided the Policy is renewed within 90 days of the expiry date of the previous policy.) Transfer of NCB: You can transfer full benefits of No Claim Bonus when you shift your motor insurance policy from another company.

Exclusions

  • Any loss/damage to the vehicle and/or its accessories will not be covered if caused by the following-
  • Normal wear, tear and general ageing of the vehicle.
  • Depreciation or any consequential loss
  • Mechanical/ electrical breakdown
  • Damage caused by overloading or strain
  • Loss of or damage to accessories by burglary. Housebreaking or theft unless such insured vehicle is stolen at the same time
  • Vehicle being used otherwise than in accordance with limitations as to use
  • Damage to / by a person driving the vehicle without a valid license
  • Damage to / by a person driving the vehicle under the influence of drugs or liquor
  • Loss / damage due to war, mutiny or nuclear risk
Copyright © 2014 - All Rights Reserved | Developed by Logisoft Technologies