Professional Documents
Culture Documents
Ali Naqvi Hina Razzaq Arslan Nawaz Jawaria Abrar Aqsa Muzaffar Qaiser Ayub
Parts of Contract
1 Declarations
Definitions
Insuring agreement
Exclusions
Conditions
Miscellaneous provisions
Parts of Contracts
Declarations - identifies who is an insured, the insured's address, the insuring company, what risks or property are covered, the policy limits (amount of insurance), any applicable deductibles, the policy period and premium amount. Definitions - define important terms used in the policy language. Insuring agreement - describes the covered perils, or risks assumed, or nature of coverage, or makes some reference to the contractual agreement between insurer and insured. It summarizes the major promises of the insurance company, as well as stating what is covered.
Parts of Contracts
Exclusions - take coverage away from the Insuring Agreement by describing perils, hazards or losses arising from specific causes which are not covered by the policy. Conditions - provisions, rules of conduct, duties and obligations required for coverage. If policy conditions are not met, the insurer can deny the claim. Miscellaneous Provisions cancelation, subrogation clause and their requirement
Decelerations In Contract
Information about insurer, insured and insured car specifications. Like
Car manufactured company Model no Engine no Chassis no CC no Body type Color of car
Period of insurance Insured Insurer Insurer and insured address Geographical area Premium amount
Insuring agreement Coverage Adamjee comprehensive motor insurance policy gives you the maximum coverage. The major scope of the cover includes:
Loss or Damage Due To (Section 1) Third Party Liability (Section 2) Medical expenses (Section 3)
Coverage
Loss or Damage Due To: Accidental means Fire external explosion, Self ignition Lightning, Flood, Hail, Wind, Tornado Convulsion of nature Theft & Burglary house breaking Malicious Act Whilst in transit (Road & Rail) Riots & Strikes Terrorism (Optional)
Coverage
Third Party Liability & Medical Expenses
Medical expenses
In case of violent accident external and visible mean company will pay medical expenses which is not exceeded by 350Rs.
Exclusion
Losses incurred outside geographical area of Pakistan Consequential loss depreciation wear and tear Driven by unauthorized driver Mechanical or electrical breakdown failures or breakage Damage to Tyres and Battery unless the Motor Any loss or liability arising out by
Radiations or radio activity from nuclear Nuclear waste Nuclear weapons
Exclusions
Special loss Company is not liable to loss or damage of Television Radio Tape recorder Record changer A.C
Conditions
Notice of loss, assistance and information should provided to company in case of loss. Company entitled for claim settlement. Company can replace, repair or pay cash to damage of car or its parts. Reasonable steps should be safeguard against loss. Company can cancel policy after 7 days notice in case non payment of premium. Difference of claim settlement should be on court of attributor.
Conditions
Depreciation clause
Rate
5% 10% 20% 30% 40% 50% 60%
Schedule of Loading
10% B.P
20% B.P
30% B.P
No claim bonus
Period of insurance
No claim made or pending during preceding of insurance No claim made or pending during preceding 2 consecutive year of insurance 5% 10%
Reductions
Comprehensive Third party 10% 15%
15%
20% 25%
20%
25% 33.33%
Property Insurance
+1500
Like
Decelerations In Contract
Information about insurer, insured and insured machines specifications. Like
Period of insurance insurer name Insured name Insurer and insured address Geographical area
Insuring agreement
Coverage
The insurance policy broadly covers losses due to: Physical loss or damage due to defect in casting and material. Faulty design Faults at workshop Or in erection. Bad workmanship Lack of skills Carelessness Shortage of water in boilers. Physical explosion Tearing apart on account of centrifugal force Strom Short circuits
Exclusions
Atmospheric Disturbance (Like Earthquake, Fire, Lightning and Flood) Chemical Explosion Theft / Burglary Loss due to which supplier/contractor responsible by law for damages. Loss of or damage of exchangeable tools (Wires, ropes etc) Riot and Strike Gross negligence Losses arising out of War and War like situations Nuclear reaction, radiations or radioactive etc.
Conditions
Observance and fulfillment o for this policy truth statement and answers in questionnaire and proposal made by insured and condition precedent must be mention Schedule shall be deemed to in corporated and part of policy used in contract including the schedule specific meaning can bi attached in any part of policy Insured shall at his own expense take all reason able proportion or reasonable recommendation .insurer prevent losses or damage as per requirement and manufacturer s recommendation
Conditions
Provisions Memo 1 Sum Insured Policy that sum insured is equal to the cost of replacement of insured machinery by new machinery of the same kind and capacity init cost of replacement including
Conditions
Provisions Memo 2 Basic of indemnity (A) In case of damage insured item can be repaired insurers shall pay expenses necessarily restore to damaged machine state of serviceability , cost of dismantling and effecting the repairs , fright from repair shop ,custom duties . if repair made by insured at workshop , the insurers pay the cost of material ,wages and reasonable % to cover overhead charges
Conditions
Provisions No deduction shall be made for deprecation or part replaced ,value of salvage shall bi taken to the account . Memo 2 (B) Insured item is destroyed insurers shall pay the actual value of item before the loss occurs, Charges for ordinary fright and custom duties.
Miscellaneous Provisions
Right to inspect and examine the risk Provide information and details risk Precautions should be taken by insured at its own expense If notice of loss is not given to insurer till 14 days then loss should not be indemnified Attributor clause Umpire clause Policy can be terminated by the request of insured at any time Insures shall not be liable to pay any interest other than interest for default