Common Insurance Terms
Policyholder/Insured- Owner of the policy
Insurer/Company- Malliouhana-Anico Insurance Company Limited
Market value- The price which the motor vehicle of a similar make & model can be brought on the day of a loss
Schedule- Section with details on insured and vehicle
Theft- ‘A person is guilty of theft if he dishonestly appropriates property belonging to another with the intention of permanently depriving the other of it”
Spouse- legally married partnerIndemnity – The insured is entitled to be reinstated as far as it is possible, to the same position as he occupied the moment before his loss, but he should not profit from his misfortune.
Excess/deductible- The amount for which the insured is responsible for each loss
Cover- The Company will indemnify the insured in respect of loss of or damage to the motor vehicle and its accessories and spare parts while they are on or in the vehicle:
by accidental collision or overturning as a result of
1. Mechanical breakdown or wear and tear
2. By fire, lightning, external explosion, self-ignition, or burglary, housebreaking or theft, or by malicious acts
Claim Settlement – The Company may repair, reinstate or replace the motor vehicle or any part of the motor vehicle or its accessories or spare parts, or may pay in cash the amount of the loss or damage.
The insured’s estimate of the value of the motor vehicle (including its accessories and spare parts specified in the schedule or, the actual market value of the motor vehicle(including its accessories and spare parts while they are in or on the vehicle) at the time of the loss or damage, whichever is less.
Protection & Removal – If the motor vehicle is disabled by reason of loss or damage that is the insured under this policy, the Company will (subject to the limit of liability) bear the reasonable cost of protection and removal of the motor vehicle to the nearest repairers or the insured’s home.
Liability to Third Parties
Indemnity to the insured – The Company will indemnify the insured in the event of an accident caused by or arising out of the use of the motor vehicle, in respect of all sums, including the claimant’s costs and expenses, which the insured shall become legally liable to pay in respect of
1. death of or bodily injury to any person
2. damage to property