Commercial Vehicle Insurance

This policy covers all types of vehicles plying on public roads such as:-

• All types of commercial vehicles

As per the Motor Vehicles Act, 1988 it is mandatory for every owner of a vehicle plying on public roads, to take an insurance policy, to cover the amount, which the owner becomes legally liable to pay as damages to third parties as a result of accidental death, bodily injury or damage to property. A Certificate of Insurance must be carried in the vehicle as a proof of such insurance.

No claim discounts are available on renewal of policy, ranging from 20% to 50%, depending upon the type of vehicle and the number of years for which no claim has been made.

Scope

Liability Only Policy:

The policy covers the vehicle owner's legal liability to pay compensation for:

• Death or bodily injury to a third party person.
• Damage to third party property.

Liability is covered for an unlimited amount in respect of death or injury and damage to third party property for INR 7.5 lacs under Commercial vehicle and private and INR 1 lakh for Scooters / Motor Cycles.

PRODUCT HIGHLIGHTS

The policy is a combination of standard covers of various lines of businesses. This is a comprehensive policy that combines various products into one. It is beneficial for business enterprises.

1. Section I: Fire

   Protection against losses caused by fire, including damage to property and contents.

2. Section II: Engineering

   Covers damage to engineering works, machinery, and equipment.

3. Section III: Burglary

   Safeguards against theft and burglary-related damages.

4. Section IV: Money

   Coverage for loss of money, including cash, cheques, and other forms of currency.

5. Section V: Plate Glass

   Protection for damage to plate glass in your premises.

6. Section VI: Fidelity Guarantee

   Covers losses due to dishonesty or fraud by employees.

7. Section VII: Neon Sign

   Insurance for damage to neon signs and their components.

8. Section VIII: Baggage

   Protection for loss or damage to business-related baggage.

9. Section IX: Liability (restricted limits)

   Covers liability for certain risks with specified limits.

10. Section X: Portable Equipment

    Insurance for loss or damage to portable equipment used in business operations.

11. Section XI: Workmen’s Compensation

    Covers compensation for work-related injuries to employees.

12. Section XII: Accident Damage

    Protection against accidental damage to property.

13. Section XIII: Transit

    Covers goods and equipment while in transit.

14. Section XV: Any Other Risk

    Additional coverage for miscellaneous risks not covered in the above sections.

Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.

Rating factors:

Rating depends upon the following factors:

1. IDV
2. Cubic capacity
3. Geographical zone
4. Age of the vehicle
5. GVW of in case of commercial vehicles
6. Add on Covers

Add on covers

The policy can be extended to cover the following risks on payment of additional premium:

1. Loss or damage to accessories fitted in the vehicle such as stereos, fans, air-conditioners etc.
2. Personal accident cover under private car policies for:
   • Passengers
   • Paid driver
3. Legal liability to employees.
4. Legal liability to non-fare paying passengers in commercial vehicles.

Who can take the policy?

How to select the sum insured?

IDV

IDV stands for Insured's declared Value and represents the sum insured of a vehicle in a Motor Policy

In case of theft of vehicle or if the vehicle is totally damaged and beyond repairs in an accident, the claim amount payable will be determined on the basis of the IDV. The IDV of the vehicle is to be fixed on the basis of manufacturer's listed selling price of the brand and model of the vehicle proposed for insurance at the commencement of insurance / renewal and adjusted for depreciation as per schedule.

IDV of vehicle which is beyond 5 years of age and of obsolete models of the vehicles (i.e. models which the manufacturers have discontinued to manufacture) is to be determined on the basis of an understanding between insurer and insured.