THE ORIENTAL INSURANCE COMPANY LIMITED
Regd.Office:Oriental House,P.B.No.7037,A-25/27,Asaf Ali Road,New Delhi-110 002
NEW ENDORSEMENTS FOR ADD-ON COVERS FOR MOTOR PACKAGE POLICY
OIC-1 ENDORSEMENT FOR NIL DEPRECIATION:
“Notwithstanding anything to the contrary contained in the policy, and provided additional premium has been paid, it is hereby understood and agreed that in the event of a Partial Loss Claim for damages to the vehicle insured under the policy where liability is admitted, the insurer will indemnify the insured the full value of expenses incurred for replacement of damaged parts of insured vehicle without application of depreciation thereon.
However, an excess of 1% of admissible claim amount or 0.5% of the IDV of the vehicle whichever is less subject to a minimum of Rs.*__________ (as per class of vehicle given below) will be deducted from the claim at the time of settlement in addition to any other excess / deductibles applicable under the policy .
Minimum additional excess as per class of vehicle:
|Two Wheeler (Private and Commercial)
|All Commercial vehicle
Subject otherwise to the terms, conditions, limitations & exceptions of the policy.”
OIC-3 PERSONAL EFFECTS ENDORSEMENT
“ In consideration of the payment of additional premium of Rs………, notwithstanding anything to the contrary contained in the policy it is hereby understood and agreed that the insurer will indemnify the insured against loss of or damage to such Personal Effects(except as mentioned under (c) here below) whilst in the vehicle insured where such loss or damage is occasioned by operation on the insured vehicle of any of the perils mentioned in Section.1 of the policy and the claim in respect thereof is admissible under the policy.
- The insurer’s total liability shall be limited to Rs *__(Rs.5,000/- or 10,000/- as opted by insured) in respect of any one occurrence.
- The payment of any claim under this endorsement shall be made only if loss is reported to the Police Authorities and an FIR/DDR registered.
- The insurer shall not pay for:
- Loss of or damage to money, stamps, tickets, documents or securities, ATM cards, credit or debit cards, jewellery or precious stones.
- Loss of or Damage to mobile phones and /or laptops and their accessories.
- Loss of or damage to goods or samples carried in connection with any trade or business;
Subject otherwise to the terms conditions limitations and exceptions of this Policy.“
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