Fw: COMPL. EXCESS OF NIL DEPN. OF MARUTI TIE UP POLICY WITH NATIONAL INSURANCE COMPANY LTD.,

[vipin shukla]

Can anybody provide circular of National, New India  and of others tied up insurance companies in which only two claims will treated as zero dep. Royal Sundaram is paying indefinite claims in policy period as Zero dep.

 

With regards.

 

Vipin Kumar Shukla,

Panel Surveyor/Lucknow,

+91-9415002675 

 

On Wednesday, 30 October 2013 11:02 AM, SUDHIR KUMAR TYAGI <sudhir...@gmail.com> wrote:

Whenever the claim is registered in national maruti policy , claim number is generated , Dealer has to attach the 64 VB status with claim folder in which no. of claim in the policy & claim no. is mentioned . 

Thanks 

Sudhir Kumar 

Surveyor 

9870455603 

On Tue, Oct 29, 2013 at 8:11 PM, BV Kumara Swamy <bvk...@gmail.com> wrote:

Nil depreciation applicable only for two claims. How can we know whether the current claim is first or second or third claim from the

policy.

regards,
B.V. KUMARA SWAMY.

CHITRADURGA.

On Thursday, October 24, 2013 8:57:52 PM UTC+5:30, BV Kumara Swamy wrote:

Members are requested to give the policy excess of Maruti tie up policy with national insurance company ltd of
Nil depreciation policy.

regards,

B.V. KUMARA SWAMY.
SURVEYOR.
CHITRADURGA.

--
Note:
 
This is purely a private group of Insurance Surveyors in India strictly for their own internal circulation & consumption. The messages posted and opinions expressed on the forum are that of the individual members. The group owner/moderators are in no way responsible for any opinions expressed and/or offending messages that are posted on the message board.
 
No message posted on this message board shall be used against the member who posted the information and/or against the moderators as evidence in any court of law.
---
You received this message because you are subscribed to the Google Groups "Insurance Surveyors India" group.
To unsubscribe from this group and stop receiving emails from it, send an email to insurance-surveyor...@googlegroups.com.
To post to this group, send email to insurance-su...@googlegroups.com.
Visit this group at http://groups.google.com/group/insurance-surveyors-india.
For more options, visit https://groups.google.com/groups/opt_out.

--
Note:
 
This is purely a private group of Insurance Surveyors in India strictly for their own internal circulation & consumption. The messages posted and opinions expressed on the forum are that of the individual members. The group owner/moderators are in no way responsible for any opinions expressed and/or offending messages that are posted on the message board.
 
No message posted on this message board shall be used against the member who posted the information and/or against the moderators as evidence in any court of law.
---
You received this message because you are subscribed to the Google Groups "Insurance Surveyors India" group.
To unsubscribe from this group and stop receiving emails from it, send an email to insurance-surveyor...@googlegroups.com.
To post to this group, send email to insurance-su...@googlegroups.com.
Visit this group at http://groups.google.com/group/insurance-surveyors-india.
For more options, visit https://groups.google.com/groups/opt_out.

[Chand Bhatia]

Dear All

My sincere suggestion that the decisions should not be on any circulars, but as incorporated in the policy. See the policy and if any such term is mentioned then only follow it. Circulars can not be considered part of policy contract. 

Thank you Mr Vipin Shukla

C K BHATIA

--
You received this message because you are subscribed to the Google Groups "Insurance surveyors" group.
To unsubscribe from this group and stop receiving emails from it, send an email to insurance_surve...@googlegroups.com.
To post to this group, send email to insurance...@googlegroups.com.
Visit this group at http://groups.google.com/group/insurance_surveyors.

For more options, visit https://groups.google.com/groups/opt_out.

--
c k bhatia
09810231248

[vipin shukla]

Sir, Circular for policy wordings required as NIC HO floated Zero dep through a circular [attached]. In this circular, it mentioned that In respect of insurances under Tie up arrangements decision regarding granting of cover and other terms and procedures will be decided at Head office.

No policy wordings available with me for Zero dep covered policy.

Dear Bhatia sir, please avoid to create confusions. It will be better to clear the confusions specific.

Again requested if anybody have circular/policy wordings of National, New India  and of others tied up insurance companies for Zero dep.

With regards.

 

Vipin Kumar Shukla,

Panel Surveyor/Lucknow,

+91-9415002675 

 

[Mrinal Pathak]

Dear All,

In the Circular it is stated,

"Since Nil Depreciation add-on was approved from IRDA it was selectively granted for individual proposals from Head Office. In view of the rising number of proposals for the said add on cover and in consideration of the feedback on market demand received from various ROs The competent Authority at HO has decided to delegate the authority to RO-in-Charges with immediate effect to grant such cover who may in turn delegate the same to an officer not below the rank of Scale IV posted in RO. The ROs shall consider granting of the said cover in line with IRDA approval and individual proposals need not be referred to Head Office for approval anymore. This add-on may be utilized as a new marketing tool to widen our market share in these classes of vehicles. However proposals under tie up arrangements have to be referred to Head Office with recommendation of respective RO for approval. "

Since, No depreciation Policy is issued as per IRDA's approval, hence, Endorsement with details wording should be attached with the Policy.

If we see 2nd highlighted portion above, it is clear that only approval is necessary for Tie Up Business. There is no mention of "other terms and procedures".

Before assessing a Loss, please ask for policy wording either from Insured or Insurer.

In this regard Bhatia ji right.

With Thanks & Regards,

Mrinal Pathak,
Surveyor & Assessor,
Mobile : 9864061309 & 9435112279

[vipin shukla]

Dear Pathak, 

Wordings you have quoted above is only to delegate the power to underwriter office. You are not aware and also did not read circular completely in which NIC floated the NIL DEP. Policy. This was also attached in previous mail. In this circular, clearly mentioned that In respect of insurances under Tie up arrangements decision regarding granting of cover and other terms and procedures will be decided at Head office. Highlighted portion is copied from circular.

As per circular, endorsement wordings are as followings;

In consideration of payment of additional premium as indicated in the Schedule it is

hereby agreed and understood that indemnification in respect of Partial loss claims

shall be done without application of Depreciation as mentioned in Section 1. of the

policy .

However claims payable in accordance with this endorsement will be subject to a

Deductible of 5% of the claim amount subject to a minimum of Rs.*……………..and

Maximum of Rs.*………………….. in addition to the deductible stated in the

Schedule.(* insert appropriate amount depending upon the class of vehicle)

 

HERE TWO CLAIMS BINDINGS NOT DESCRIBED. IT MAY AGAIN CIRCULATED BY HO IN TIEUP BUT THESE WARE NOT AVAILABLE.

In this regards, mostly underwriters of Maruti tieup also not aware about policy wordings for two claims. My main focus is only on bindings of two claims as zero dep.

please comment or provide wordings of Zero dep. policy for two claims bindings.

With regards.

 

Vipin Kumar Shukla,

Panel Surveyor/Lucknow,

+91-9415002675