When an agent is appointed, he has certain rights against his principal and also has duties to perform. Where the agent is guilty of a breach of duty, certain consequences will follow. A. THE RIGHTS OF THE AGENT The rights of an agent against the principal are : The right to claim commission. The right […]
Every stage in the contract of insurance, from the inception of the negotiations to the receipt of the payment of the loss, involves to a greater or lesser degree the employment of agents. On the part of the insurers, agents are universally employed; insurance companies must necessarily act through agents,whilst underwriters are usually associated in […]
1. As far as possible salvage value should be deducted from the loss amount and net claim amount paid to insured. 2. If circumstances so require insurer may after consultation dispose of salvage through surveyor who is required to observe best practices of business for realizing maximum value for the salvage. Such salvage disposal will […]
1. INTRODUCTION Motor Third Party claims arise from various sections in the M.V. Act. The relevant sections are therefore discussed below: PROVISONS OF THE MOTOR VEHICLES ACT CONCERNING INSURANCE SECTION – 3 DRIVING LICENCE No person shall drive a Motor Vehicle in a Public Place without an effective Driving Licence. Similarly, no Transport vehicle can […]
THIRD PARTY BODILY INJURY CLAIMS: (Fatal and Non fatal) 1. INTIMATION OF CLAIM Intimation about an accident resulting into third party claim is received through various sources :- a) Insured i) directly ii) by mention in passing whilst lodging own damage claim b) claimant c) MACT/Courts by notice d) Through accident report from police in […]
GUIDELINES FOR SETTLEMENT OF CLAIMS – OWN DAMAGE 1. The documents generally required for settlement of motor claims are given below. However, depending on the merits of a case, a particular document may not be necessary or an alternate document could be used to serve the purpose of the company. However if the competent authority […]
1. INTRODUCTION 1.1 For the sake of convenience and also in view of the different nature of deployment, operations and hazards encountered, for the purpose of these guidelines Marine Hulls are divided into three groups viz; a) Oceangoing vessels and other vessels rated exclusively by the Tariff Advisory Committee. b) Vessels insured under Builder’s Risks […]
DOCUMENTATION TO SUPPORT CLAIMS EX : Ship, Air port, Multi-modal Transport 1. Documents generally required for settlement of various types of claims are as under 1.1 General: a) Original insurance policy/declaration under the open policy duly endorsed by the insured. A letter of indemnity may be furnished if the original is lost. b) Original or […]
1. PREAMBLE 1.1 Liability insurance is of comparatively modern origin. The need arises on account of increased awareness of legal rights following death, injuries, loss or damage, wither tangible or intangible and also the availability of free legal aid in many cases as well as setting up of statutory bodies like Consumer Forums, etc. This […]
1. The important aspect to be noted is that Miscellaneous Accident Insurance includes a number of covers, which are in the nature of package policies. In this situation specific guidelines applicable to respective sections are to be followed. Further, in Personal Insurance sentiment and emotions play a major role. These policies have been designed as […]