Commercial Car Policy




1. The Company will indemnify the Insured against loss of or damage to the Motor Vehicle and its accessories and 
  spare parts whilst thereon:
  (a) by accidental collision or overturning or collision or overturning consequent upon mechanical 
    breakdown or wear and tear
  (b) by fire, external explosion, self-ignition or lightning
  (c) by malicious act
  (d) whilst in transit (including the processes of loading and unloading incidental to such transit) by road, rail, 
    inland waterway, lift or elevator, and
  (e) by impact damage caused by falling objects provided on convulsion of nature is involved.

At its own option the Company may pay in cash the amount of the loss or damage or may repair, reinstate or replace the Motor Vehicle or any part thereof or its accessories or spare parts. The liability of the Company shall not exceed the value of the parts lost or damaged and the reasonable cost of fitting such parts. The sum insured stated in the Policy shall be the maximum amount payable by the Company in respect of any claim for loss or damage.

If the Motor Vehicle is disabled by reason of loss or damage insured under this Policy, the Company will subject to the Limits of Liability bear the reasonable cost of protection and removal to the nearest repairers and of delivery.

It is hereby understood and agreed that if the Motor Vehicle shall at the time of happening of any loss or damage (be it partial/total) be insured for a sum less than its market value, then the Insured shall be considered as being his own insurer for the difference and shall bear the rateable proportion of the loss or damage accordingly. Provided always that this clause shall not apply unless the market value at the time of the loss or damage exceeds the insured value by 10%.

In the event of repair to the Motor Vehicle necessitated by damage for which the Company may be liable under this Policy, the Company’s written approval must be obtained prior to any repair to the vehicle is carried out.