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PRESENTATION ON MOTOR TRADE POLICIES. WHO CAN AVAIL TRADE POLICY MOTOR VEHICLE DEALERS MOTOR VEHICLE REPAIR/SERVICE CENTRES ANYBODY IN MOTOR VEHICLE BUSINESS.

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Presentation on theme: "PRESENTATION ON MOTOR TRADE POLICIES. WHO CAN AVAIL TRADE POLICY MOTOR VEHICLE DEALERS MOTOR VEHICLE REPAIR/SERVICE CENTRES ANYBODY IN MOTOR VEHICLE BUSINESS."— Presentation transcript:

1 PRESENTATION ON MOTOR TRADE POLICIES

2 WHO CAN AVAIL TRADE POLICY MOTOR VEHICLE DEALERS MOTOR VEHICLE REPAIR/SERVICE CENTRES ANYBODY IN MOTOR VEHICLE BUSINESS

3 Motor Trade Policies 3 Types of Policies MOTOR TRADE-ROAD TRANSIT RISKS POLICY MOTOR TRADE ROAD RISKS ONLY POLICY MOTOR TRADE INTERNAL RISKS POLICY

4 ROAD TRANSIT POLICY MOTOR VEHICLE TRAVELLING ON ITS OWN POWER POLICY- STD COMMERCIAL VEHICLE POLICY WITH DELETION OF NCB CLAUSE & SEC. IV ( P.A COVER) SEPARATE POLICY OR DECLARATION POLICY CAN BE ISSUED. COVERAGE- LIMITED TO TRANSIT FROM SPECIFIED POINT TO SPECIFIED POINT.

5 FEATURES… PERILS COVERED/EXCLUSIONS-AS PER STD. MOTOR PACKAGE POLICY FOR COMMERCIAL VEHICLES. DEPRECIATION- AS PER STANDARD PACKAGE POLICY DELETION OF 50% LIMITATION CLAUSE FOR DAMAGE TO TYRES ON PAYMENT OF EXTRA PREMIUM. IDV- SAME RULE AS APPLICABLE TO STD MOTOR PACKAGE POLICY.

6 MOTOR TRADE ROAD RISKS POLICY BASIS OF POLICY- 1. TRADE CERTIFICATE BASIS 2. NAMED DRIVER BASIS. TRADE CERTIFICATE- ISUUED AS PER RULE 35 OF CENTRAL MOTOR VEHICLES RULES. PERIOD OF VALIDITY- 12 MONTHS NUMBERING OF T.C- AB- STATE CODE 12- DISTRICT CODE TC1- TRADE CERTIFICATE NO.

7 RULE-39 OF CENTRAL MOTOR VRHICLES RULES Trade Certificates SHALL NOT BE USED ON MORE THAN ONE VEHICLE AT A TIME. SHALL NOT BE USED UP ON ANY VEHICLE OTHER THAN VEHICLE IN THE BONAFIDE POSSESSION OF DEALER.

8 RULE -41 PURPOSES FOR WHICH TRADE CERTIFICATE CAN BE USED. FOR TEST-DURING OR AFTER REPAIR PROCEEDING TO & FROM ANY PLACE FOR REGISTRATION TRIAL/DEMONSTRATION FOR DELIVERY TO CUSTOMER PROCEEDING TO OR RETURNING FROM AIRPORT/RLY.STN/WHARF FOR OR AFTER BEING TRANSPORTED PROCEEDING TO/ RETURNING FROM VEHICLE EXHIBITION

9 RULE-43- REGISTER OF TC’S REGISTER AS PER FORM -19 TO BE MAINTAINED IN DUPLICATE AND DUPLICATE COPY TO BE CARRIED DURING THE TRIP DETAILS REQUIRED IN FORM 19 DateT.C.NO/R EGN.NO IF REGD DESC. OF MOTOR VEHICLE PURPOSE FOR SENT/BR OUGHT DRIVER’S NAME,D/ L no. & Address Hours of leaving the premises Hours of Return Mileage covered Signature of authorise d person

10 MOTOR TRADE- ROAD RISKS All Trade certificates in the possession of Dealer to be declared for Insurance- Not more than one policy for T.C’s and one policy for named driver basis shall be issued in respect of each town Policy form- Motor Trade Package Policy. Rating- As percentage of IDV For losses > Rs25,000 for Vehicles other than 2 wheelers & Rs 7,500/ for Two Wheelers to be covered at extra premium

11 Special Features. Covers loss or damage to the Vehicle in PUBLIC PLACE or temporarily garaged during the course of journey elsewhere than in any premises owned or occupied by the insured. Perils- As per Std. Motor Package Policy Depreciation- As applicable in Std Motor Package Policy. Total Loss & IDV- As per Std. Motor Package Policy. Geographical Area of operation- With in 80/120 K.M radius from the insured’s address.

12 Special Features contd…. Excess- Applicable as per GR40 Additional rate for deletion of 50% limitation clause in respect of damage to tyres. Extension for demonstration purpose. Insured or employee of the insured to accompany when being driven Extension for Pvt. Use.(by Member, Director or Employee of the Insured)

13 MOTOR TRADE INTERNAL RISK PACKAGE POLICY COVERAGE- Sec-1 Damage to own Vehicles- Rs 50,000/ AOA Sec-II Bodily Injury- Unlimited Property Damage excluding damage to Vehicles- Rs 1.5 lac AOA Damage to Vehicles(T.P) Rs 1.5 lacs AOA Rating- Based on superficial Area occupied & Annual wages

14 Section-I Loss or Damage to any vehicle owned by the insured or his family members caused by accidental external &visible means and occurring in or on the premises. Exclusion-1- Loss of use, Depreciation, Wear & Tear, Ele. & Mech. Breakdown, failures or breakages 2. Damage to Tyres by application of Brakes or by punctures, cuts or bursts

15 Section II- Loss or Damage occurring in or about the premises through negligence of insured or any person acting on his behalf Accidental death or injury to any person other than employees or member of the insured’s family or household- Unlimited Accidental damage to any vehicle held in trust or in the custody or control of the insured. Other third party property damage

16 General Exclusions Internal Risks Policies are subject to excess as per G R 40 i.e Rs 50/ for Two Wheeler & Rs 500/ for Other Vehicles. E.Q & STFI, Riot, Strike perils Fire or Explosion Any consequence of Burglary, Housebreaking or theft Damage to property while being worked upon and directly resulting from such work

17 General exclusions contd… Defective Workmanship Death, Injury or Damage caused by demolition/structural alteration or addition to premises Loss or damage in connection with the use ofpower driven cranes, elevators, lifts or hoists other than car hoist having lift less than 6 feet or equivalent.

18 COMPARISION OF MOTOR TRADE POLICIES Road Transit-ERoad Risk-F Internal Risks-G Policy Form Commercial Vehicle/ Liability Only Policy Motor Trade Package Policy Motor Trade Internal Risks Policy Perils 10 Perils 01 Peril Exclusions ( Section-I) As per Standard Commercial Vehicles Policy SameLimited( 02 sets) Depreciation on Parts Yes No Risks covered Transit Risks Public Place+ Temporarily Garaged only IN/ON Insured premises only CPANo NCBNo Policy Excess Rs. 50/-( 2 Wheeler) Rs. 500/-(others) Same Towing Charges As per Standard Commercial Vehicles Policy Rs. 150/-NIL

19 COMPARISION OF MOTOR TRADE POLICIES COVERRoad Transit-E Road Risk-F Internal Risks-G SECTION I: LOSS OF OR DAMAGE TO THE VEHICLE INSURED (COVER) Fire, explosion, self ignition or lightning  (E) Burglary, housebreaking or theft  (E) Riot and strike  (E) Earthquake (fire and shock damage)  (E) Flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost  (E) Accidental external means ( visible) ( visible) Malicious act  Terrorist activity  Whilst in transit by road rail inland-waterway lift elevator or air Landslide rockslide. 

20 COMPARISION OF MOTOR TRADE POLICIES EXCLUSIONSRoad Transit- Commerci al Policy Road Risk- Trade Policy Internal Risks- Internal Risks Policy SECTION I: LOSS OF OR DAMAGE TO THE VEHICLE INSURED (EXCLUSIONS ) Consequential loss, depreciation, wear and tear, mechanical or electrical breakdown, failures or breakages Tyres and tubes unless the vehicle is damaged at the same time (50% of the cost of replacement)* (brakes,p uncture, cut, burst) (brakes,p uncture, cut, burst) Driver under influence of intoxicating liquor or drugsintoxicating liquor or drugs  Loss of or damage to accessories by burglary, housebreaking or theft unless the vehicle is stolen at the same time Overloading or straining *Note: Can be covered as per Endorsement 62 on payment of extra premiumEndorsement 62 

21 CASE STUDY MOTOR CAR MOVING UNDER TRADE CERTIFICATE MEETS WITH ACCIDENT. CLAIM FORM REVEALS THE FOLLOWING. Use- Private Occupants- NIL Driver- Relative of the employee. D/L- Valid-But no badge. Discuss all aspects of liability.

22 Case Study-Motor Trade Internal Risks 1. When being repaired, the vehicle caught fire resulting in total loss. Discuss liability. 2. The hydraulic hoist failed while the vehicle was undergoing repairs resulting in damages. Discuss Liability.

23 T H A N K Y O U P.Jayachandran Senior Divisional Manager National Insurance Co. Ltd Kochi D.O


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