RE: IMT 23 Interpretation.

Virender Kumar Chopra

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Nov 22, 2011, 11:33:33 AM11/22/11

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Dear Mr Manoj

The endorsement IMT-23 says – (a portion of the endorsement is reproduced hereunder:)

..........Subject to DEPRECIATION AS PER SCHEDULE PROVIDED IN SECTION 1 OF THE POLICY. IT IS FURTHER UNDERSTOOD AND AGREED THAT IN RESPECT OF PAINT WORK FOR THE DAMAGED PORTION ONLY SHALL ALSO BE AS PER SCHEDULE PROVIDED IN SECTION 1 OF THE POLICY.......

In my opinion the depreciation is not applicable to paint (material) only, but is applicable to paint + labour=PAINT WORK. More opinion are welcome.

Virender Kumar Chopra

Surveyor & Loss Assessor

Ludhiana

098147-06506

From: iiisl...@googlegroups.com [mailto:iiisl...@googlegroups.com] On Behalf Of Lovkesh Goel
Sent: 22 November 2011 21:13
To: iiisl...@googlegroups.com
Subject: Re: IMT 23 Interpretation.

Dear sir,
As rightly said by sh.v.k.chopra, painting charges shall be arrived at after applying age wise depreciation on 1825.00 and then allowing 50% of the value.
Regards
Lovkesh Goel
9810662026
Delhi

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From: manoj rathi <m_ra...@yahoo.co.in>

Sender: iiisl...@googlegroups.com

Date: Tue, 22 Nov 2011 20:08:50 +0530 (IST)

To: iiisl...@googlegroups.com<iiisl...@googlegroups.com>

ReplyTo: iiisl...@googlegroups.com

Subject: Re: IMT 23 Interpretation.

Dear Sir

HOW WILL U DEDUCT THE DEPRECIATION ON PAINTING LABOUR UNLESS U SEGREGATE PAINT MATERIAL SEPARATELY . THE LABOUR IS PAYABLE 100 % LESS AS PER imt 23 CONDITION WHATEVER IS ASSESSED UNDER imt 23 HEAD IS SUBJECTED TO A 50 % DEDUCTION .SO ACTUAL LIABILITY FOR A PAINTING LABOUR OF RS. 1825 WILL BE RS. 912.5

Manoj Rathi

Surveyor , Nagpur

From: Virender Kumar Chopra <virenderk...@gmail.com>
To: iiisl...@googlegroups.com
Sent: Tuesday, 22 November 2011 7:12 PM
Subject: Re: IMT 23 Interpretation.

Dear Mr Manoj

Although you have correctly interpreted the IMT, but I hope you have omitted to apply age-wise depreciation on the Metal Parts and Paint Work before allowing 50% of so calculated amount. So, in your words, it should be as under:

Actual liability will be 50% of following assessed amounts under IMT 23 head -

(a) 50% of the Non-Metallic parts

(b) Cost of Metallic parts after deducting Depreciation as per policy

(c) Cost of Paint Work after deducting Depreciation (as is being done on Metallic Parts)

Answering the specific question of Mr Munish the assessment of paint work of Rs.1825.00 shall be depreciated according to the age of the vehicle (which he has not mentioned) and 50% of the so calculated amount will be payable as Painting Charges under IMT-23.

Hope the position shall be clearer.

Virender Kumar Chopra

Surveyor & Loss Assessor

Ludhiana

098147-06506

On 22 November 2011 18:56, manoj rathi <m_ra...@yahoo.co.in> wrote:

Dear Sir

Actual liability will be 50% of whatever u assess under IMT 23 head . For paint it will be 50 % , for plastic / rubber it will be 25 % & for metal it will be 50 % of depreciated part cost .

Manoj Rathi

Surveyor , Nagpur

From: Manish Mahajan <manish2...@rediffmail.com>
To: iiislagroup <iiisl...@googlegroups.com>
Sent: Tuesday, 22 November 2011 6:45 PM
Subject: IMT 23 Interpretation.

Dear Sirs,

Condition a) of IMT 23 is reproduced as under-

IMT 23. COVER FOR LAMPS TYRES / TUBES MUDGUARDS BONNET /SIDE PARTS BUMPERS HEADLIGHTS AND PAINTWORK OF DAMAGED PORTION ONLY .

(For all Commercial Vehicles)

(a) Depreciation as per schedule provided in Section 1 of the policy. It is further understood and agreed that in respect of paint work for the damaged portion only (as referred to above) shall also be as per schedule provided in Section 1 of the policy.

Kindly elaborate whether it says that paint work is also subjet to depreciation as per section 1, if yes how can it be applicable to a Maruti Omni Cargo Door paint charge of RS. 1825/-

Regards

Manish Kumar Mahajan

Surveyor Dewas MP

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Sanjeev Sethi

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Nov 22, 2011, 11:59:37 AM11/22/11

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Dear Sir,

As per Section I the depreciation is not applicable on paint work. So in my opinion the age wise depreciation is not applicable on paint work before 50% depreciation

Sanjeev Sethi

Chandigarh

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NARESH K TAGOTRA

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Nov 22, 2011, 12:55:52 PM11/22/11

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Dear Mr. Sethi,

Mr. V.K.Chopra has explained very correctly.

One must also note that 50%deduction will also be applicable on labor part even for opening fitting of part or denting job for items allowed under IMT 23.

REGARDS

NARESH K TAGOTRA

isalvageauction.com

Upinder Sachdeva

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Nov 24, 2011, 10:52:38 AM11/24/11

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Dear Sir,

I fully agree with Mr. Sethi , if dep. is applicable as per age then it should be for all vehicles. nothing has been written any where about dep. on painting as per age.

U.P.S. Sachdeva

Ludhiana

Virender Kumar Chopra

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Nov 24, 2011, 11:42:11 AM11/24/11

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Dear Mr UPS Sachdeva & Mr Sanjeev Sethi

The depreciation on paintwork is not applicable for private vehicles and there is no such provision in Section I. You know the paintwork along with certain other parts is excluded in IMT-21 for Commercial Vehicle. Such excluded parts and paintwork can be got covered with an additional premium. For this IMT-23 is applied to the Policy. IMT-23 cover the paintwork and other some parts with special conditions. Depreciation on paintwork is one such special condition imposed in IMT-23. Now the IMT has clarified that the depreciation on paintwork is to be applied as per Section I (i.e. as is done on the metal parts).

Kindly go through the IMT-23 wording carefully and you will find all this mentioned in it. It is not my opinion. It is a matter of fact.

Virender Kumar Chopra

Surveyor & Loss Assessor

Ludhiana

098147-06506

Sanjeev Sethi

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Nov 24, 2011, 9:18:11 PM11/24/11

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Dear Chopra Sir

As you have said the IMT has clarified that the depreciation on paintwork is to be applied as per Section I (i.e. as is done on the metal parts). But Section I is silent about %age of depreciation applicable on paintwork. How can we assume that it has to be same rate as for metal. Why not the rates of depreciation applicable for plastic/rubber parts, fibre parts or even glass parts under Section I. How can we categorize paint in metal.

Kindly throw some light on this.

With warm regards

Sanjev Sethi

Virender Kumar Chopra

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Nov 26, 2011, 1:11:23 AM11/26/11

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Dear Mr Sanjeev Sethi

I am appending below complete wording of IMT 23. You can interpret it yourself:

IMT 23. Cover for lamps tyres / tubes mudguards bonnet /side parts bumpers headlights and paintwork of damaged portion only .

(for all commercial vehicles)

In consideration of payment of an additional premium of Rs....…..*, notwithstanding anything to the contrary contained in the policy it is hereby understood and agreed that subject to conditions (a) (b) and (c) hereunder loss of or damage (excluding theft under any circumstances) to lamps tyres/tubes mudguards bonnet/side parts bumpers headlights and paintwork of damaged portion only is covered provided the vehicle is also damaged at the same time.

Subject to:

(a) Depreciation as per schedule provided in Section 1 of the policy. It is further understood and agreed that in respect of paint work for the damaged portion only (as referred to above) shall also be as per schedule provided in Section 1 of the policy.

(b) In addition to any amount which the insured may be required to bear under para (a) above, the insured shall also bear 50% of the assessed loss in respect of each and every claim under this Endorsement.

(c) It is also understood that no deductible other than those mentioned in (a) and (b) above shall be applicable in respect of a claim which become payable under this Endorsement.

Subject otherwise to the terms conditions limitations and exceptions of this Policy.

* To insert the sum arrived at as per the provisions of G.R.40. NB.3. of the Tariff.

I will simply add that it is not the question why the paintwork would be depreciated as per Schedule of Metal Parts and why not as per Schedule of Non-metallic parts. It is so because it has been specifically mentioned in the IMT 23 and this endorsement is the part of the Policy issued by the Insurers to the Insured.

Thanks and regards

Virender Kumar Chopra

Surveyor & Loss Assessor

Ludhiana

098147-06506

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