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WHO CAN AVAIL TRADE POLICY

WHO CAN AVAIL TRADE POLICY. MOTOR VEHICLE DEALERS MOTOR VEHICLE REPAIR/SERVICE CENTRES ANYBODY IN MOTOR VEHICLE BUSINESS. Motor Trade Policies. 3 Types of Policies MOTOR TRADE-ROAD TRANSIT RISKS POLICY MOTOR TRADE ROAD RISKS ONLY POLICY MOTOR TRADE INTERNAL RISKS POLICY.

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WHO CAN AVAIL TRADE POLICY

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  1. WHO CAN AVAIL TRADE POLICY • MOTOR VEHICLE DEALERS • MOTOR VEHICLE REPAIR/SERVICE CENTRES • ANYBODY IN MOTOR VEHICLE BUSINESS

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

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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

  8. 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

  9. 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

  10. 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.

  11. 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)

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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.

  17. 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.

  18. 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.

  19. T H A N K Y O U P.Jayachandran Senior Divisional Manager National Insurance Co. Ltd Kochi D.O Email: p.jayachandran@nic.co.in

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