The Oriental Insurance Company Ltd. ( OICL) is one of the
four general Insurance companies in India under the aegis of
the General Insurance Corporation (GIC) of India. It is one
of the oldest Insurance companies and was established in the
year 1947. The Company headquartered in New Delhi transacts
all kinds of general insurance business ranging from very big
projects to small rural insurance covers.
Insurance of all motor vehicles including
commercial vehicles is mandatory under the provisions Motor
Vehicles Act, 1988. However, certain special applications
of the Act define the limits of usage and requirements
of policies.
One should possess a valid "Act Policy" to
use a commercial vehicle in a public place and should include
liability of passengers being carried. However, vehicles
plying within the private premises of the insured are exempt
from getting Act policies, like in the case of vehicles
plying in aerodrome premises and in factory premises.
In case the vehicle is purchased
under Hire Purchase agreement, the financiers insist upon
a Comprehensive Policy to take care of their interest as
collateral security.
Salient Features
Insurance companies issue Policy
A for "Act Risks"and Policy B for Comprehensive Risks under
the Motor Vehicles Insurance.
Policy
A ("Act Policy")
o Policy
A covers risks required to be covered under the Motor Vehicles Act.
It is mandatory that every car owner be covered against Act Risks
under Section 146 of Motor Vehicles Act 1988.
o
The scope of cover is to pay compensation for death of or bodily injuries
to third parties and damage to the property of third parties. While
the insured is treated as the first party and the Insurance Company
second party, all others would be third parties.
o As
per requirements of the Motor Vehicles Act, while compensation for
personal injuries to third parties is unlimited, property damage
is limited
to Rs.6,000 only. This limit can be enhanced on payment of additional
premium.
Policy
B (comprehensive)
o This
policy covers all the risks of Policy A(Act) as well as the
loss of or
damage to insured's vehicle also.
o The
perils covered are:
1. Damage
to vehicle by accidental external means, fire, lightning,
explosion, self-ignition, Burglary Housebreaking
2. Riot & strike,
malicious acts and terrorist acts
3. Earth
quake
4. Flood,
inundation, cyclone etc
5. Landslide/
rockslide while in transit by rail, road, air, inland waterways,
lift or elevator
o Policy
B can be restricted to loss or damage due to fire or theft
or both
fire & theft in combination with policy A or without
1.
In case of "Act Policy" + fire or theft, the premium
is only 25% of
own damage premium + Act Premium
2.
In case of Act + Fire & theft, the premium is 40% of own damage
premium + Act Premium
3.
These extended covers can be obtained without inclusion of "Act" risks,
provided the vehicle is not put to use
o The
geographical limits for use of the vehicle is India but the
limits can
be extended to Nepal & Bhutan without extra premium and
to Bangladesh
by charging an extra premium of Rs.50 for comprehensive
policy and Rs.10/ for Act policies
o Policies
can be issued for periods less than one year. In such cases, short
period scales are charged, which are higher than pro-rata rates.
Long-term policies can be issued for "Act" only
risks
o No
claim Discount: For every claim free year,the insured is
rewarded with
discounts in premium up to an extent of 35% (Policy B only).
In case
of adverse claims, premiums are loaded with Malus.
Benefits
Policy
A
The policy pays compensation awarded
by a court of law, for death of or bodily injuries to third
parties including passengers being carried and crew engaged
for operation and maintenance of the vehicle.
It also pays damage to the property
of third parties up to a limit of Rs. 6,000
Policy
B
This policy covers all the risks
of Policy A(Act) as well as the loss of or damage to insured's
vehicle also
Temporary spot repairs and/or towing
charges to repair workshop & delivery for repairs up to
Rs.1,500 are also paid
Claims
Documents requirement
for various types of Claims
Claim due to Burglary/Theft
of Vehicle
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Duly filled Claim Form
Police Panchanama/First Information
Report
Police investigation report
Photographs of Damaged Property showing
extent of damage &/or video film of loss
To substantiate quantum of loss,
please make available to surveyor/investigator, your stock
register, original Bills/ Invoice, cash memos, fixed asset
register, bank statement,cash-book/ledger
Inventory of articles kept in bank-locker
Driving Licence(DL) Original with
xerox copy
Registration Certificate of Vehicle
(RC) (Original with xerox copy)
Key of vehicle
Damage claim to Private
Vehicle (Car/ 2 Wheeler) due to accident
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Name, Address, Phone/Fax No. of Spot
Surveyor who visited the site
Duly filled Claim Form
Driving Licence(DL) Original with
xerox copy
Registration Certificate of Vehicle
(RC) (Original with xerox copy)
Estimate of repairs from repairer & stamped
receipt
Bills & cash memo of repairs & stamped
receipt
Police Panchanama/First Information
Report
Verification of Road Tax
Claim due to Fire and/or
Explosion
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Duly filled Claim Form
Police Panchnama/First Information
Report/Final Police Report (Forensic Deptt.)
Fire Brigade Report
Photographs of Damaged Property showing
extent of damage &/or video film of loss
To substantiate quantum of loss,
value of damaged insured property just prior to loss, & value
of salvage. please make available to surveyors/investigators
fixed Asset Register, original Bills/ Invoice,Repairs/Replacement
Bills/Invoices and stock Register
Claim due to Flood,
Storm, Cyclone, Earthquake, Subsidence/ Landslide
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Duly filled Claim Form
Photographs of Damaged Property showing
extent of damage &/or video film of loss
To substantiate quantum of loss,
value of damaged insured property just prior to loss, & value
of salvage. please make available to surveyors/investigators
fixed Asset Register, original Bills/ Invoice,Repairs/Replacement
Bills/Invoices and stock Register
Newspaper cutting wherein the incidence
of occurance of flood/storm/cyclone/earthquake/landslide
has been reported
Meteorological Report
Claim due to Riot,
Strike, Malicious Damage and Terrorism (RSMDT)
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Duly filled Claim Form
Police Panchnama/First Information
Report/Final Investigation Report
Fire Brigade Report
To substantiate quantum of loss,
value of damaged insured property just prior to loss, & value
of salvage. please make available to surveyors/investigators
fixed Asset Register, original Bills/ Invoice,Repairs/Replacement
Bills/Invoices and stock Register
Newspaper cutting wherein the incidence
of riots has been reported
Photographs of Damaged Property showing
extent of damage &/or video film of loss
Claim due to Electrical/Mechanical/Electronic Breakdown/ mishandling / impact damage to machine
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Duly filled Claim Form
Statement of eye witness to loss
about cause of loss & circumstances of loss
Asset Register, log-book, original
bills/Invoices/bill of entry of damaged property & repair/replacement
bills/invoices to substantiate the quantum of loss.(To
be made available to surveyor).
Proforma invoices of new machine
Photographs of Damaged Property showing
extent of damage &/or video film of loss
Accidental Death Claim
Copy of Claim intimation
given to Company together with xerox of policy & premium
receipt
Duly filled Claim Form
Post mortum report
Death Certificate
Police Panchnama/First Information
Report/Final Investigation Report
Medical report & details of medical
expenses
Wage Certificate from employer
Proof of Age
Permanent Disability/Injury
claim due to accident
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Police Panchnama/First Information
Report/Final Investigation Report
Medical Certificate & details of
medical expenses & disability certificate
Leave certificate from employer
Duly filled Claim Form
Wage Certificate from employer
Temporary Total Disability
(TTD) (Weekly compensation) claim due to accident
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Duly filled Claim Form
Police Panchnama/First Information
Report/Final Investigation Report
Medical report
Leave certificate from employer
Details of medical expenses
Mediclaim claim due
to hospitalisation (desease/accident)
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Details of medical expenses original
bills/cash memos receipts alongwith prescriptions
Leave certificate from employer
Hospital/Nursing Home Registration
No. if not registered then treating doctor's certificate
about no of beds, availability of qualified doctors, qualified
nurses/staff round the clock and fully equiped operation
theater in the hospital/Nursing home
Police Panchnama/first information
report about accident
Third Party (T.P.)
Claim due to accident
Copy of Claim intimation given to
Company together with xerox of policy & premium receipt
Copy of FIR Charge Sheet
Copy of driving licence & certificate
A statement of driver as to how accident
occurred
Name & address of person injured & killed
in accident
Address of Police Station where accident
reported
Address of Hospital where injured/dead
bodies shifted by police from site of accident.
Certified copies of injury/post mortem
report
Vakalatnama duly signed by owner
of vehicle & driver
Details of Loss to TP Vehicle or
other property
Comment of owner/driver on FIR/Charge
Sheet
Who are the person travelling in
the vehicle?
Whether you had prior knowledge of
all occupant's of vehicle.
