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The objective of the policy is to provide financial relief to the owner/ driver/ passengers/ third party victims as a result of accidents involving cycle rickshaws.
OBJECTIVE
The objective of the policy is to provide financial relief to the owner/ driver/ passenger(s)/ third party victims as a result of accidents involving cycle rickshaws operating through out the length and breadth of the country either for private or public transport purposes or for Insured's professional use.
PERILS COVERED
SECTION 1
Damage to Cycle Rickshaw
Loss or damage to Cycle rickshaw by
1. Accidental means (the term accident shall mean any fortuitous event which is external and visible)
2. Fire, lightning or external explosion
3. Burglary and House breaking
4. Riot, Strike and Malicious act.
5. Flood, cyclone, storm, tempest, typhoon and other similar convulsions of nature and atmospheric disturbances.
6. Earthquake fire and/or shock
EXCLUSIONS
The company shall not be liable for
1. Bodily injury, damage to property and loss or damage to any cycle rickshaw insured thereunder caused or sustained whilst being used in racing pace-making or speed test.
2. Any claim arising out of accidents occurring outside the geographical area.
3. Depreciation, Consequential loss, Wear and Tear or mechanical breakdown or damage caused by overloading or strain.
4. Repairing or replacing rubber tires, lamps, tools or accessories unless damaged by an accident involving damage to the cycle rickshaw itself.
5. War and warlike peril.
SUM INSURED
Sum Insured must represent Market value of Cycle Rickshaw. However,\ partial losses would not exceed the actual cost of repairs/replacement minus depreciation.
SECTION II
Liabilities to Third Parties and Passengers
Insured's legal liability as a result of
1. Bodily injury to any person (other than a member of insured's family or a person in the insured's service).
2. Damage to property not belonging to or in the custody or control of the insured or of any servant of the insured or member of the Insured's family.
3. Legal expenses/charges if incurred with written and express consent / approval of the company provided liabilities are also established for bodily injury to persons or damage to property.
