The Policy will pay Third Party for Death of or bodily injury.
Damage to any third party property with a limit of N1,000,000.00.
Claimant’s costs and expenses with insurer’s approval.
The Policy satisfy the law and avoid legal embarrassment to vehicle owner.
WHEREAS the insured by a proposal and declaration dated as stated in the Schedule which shall form the basis of this contract and is deemed to be incorporated herein has applied to the Company for the insurance hereinafter contained and has paid the premium as consideration for such insurance in respect of accident loss or damage occurring during the period of insurance.
NOW THIS POLICY WITNESSTH:
That subject to the terms, exceptions and conditions contained herein or endorsed or otherwise hereon.
1.1.1 Subject to the limits of liability the Company will indemnify the insured in the event of accident caused by or arising out of the use of the motor Car against all sums including claimant’s costs and expenses which the insured shall become legally liable to pay in respect of:
1.1.2 The Company will pay all the cost and expenses incurred with its written consent in the terms of and subject to the limitations of the indemnity granted by this Section to the insured, the Company will indemnify the Driver who is driving the motor Car on the insured’s order or with his permission provided that such driver;
1.1.3 In terms of and subject to the limitations of the indemnity which is granted by this Section in connection with the Motor car the Company will indemnify the insured whilst personally driving a private Motor Car (but not a Motor Cycle) not belonging to him and not hired under a hire purchase agreement.
Legal Fees and Expenses
1.1.4 In the event of death of any person entitled to indemnity under this Section the company will in respect of the liability incurred by such person indemnify his personal representative in the teams of and subject to the Policy limitations of this Section provided that such representatives shall as though they were the insured observe, fulfill and be subject to the terms, exceptions and conditions of this policy in so far as they can apply
1.1.5 The Company may at its own option arrange for representation at any inquest or fatal inquiry in respect of any death which may be the subject of indemnity under this Section and undertake the defense of proceedings in any court of law in respect of any act or alleged offense causing or relating to any event which may be the subject of indemnity under this Section.
SECTION 11 – LOSS OR DAMAGE
1.2.1 The Company will indemnify the insured against loss or damage to the Motor Car and/or its accessories whilst thereon.
1.2.2 The Company shall not be liable to pay:-
1.2.3 If the Motor Car is disabled by reason of loss or damage as described in this section the Company will subject to the limits of liability bear the reasonable cost of protection and removal to the nearest repairers and of delivery within the country where the loss or damage was sustained.
1.2.4 The insured may authorize the repair of the Motor Car necessitated by the damage for which the Company may be liable under this Policy provided that:-
2. AVOIDANCE OF CERTAIN TERMS AND RIGHT OF RECOVERY
If the Company is obliged by the law of any country within the Geographical Area to pay an amount for which the Company would not otherwise be liable under this Policy the Insured shall repay the amount to the Company.
The Company shall not be liable in respect of
This Policy and the Schedule shall be read together and any word or expression to which a specific meaning has been attached in any part of this policy or of the schedule shall bear the same meaning wherever it may appear.
TRANSFER OF INTEREST
If the Company shall consent to a transfer of interest in this Policy the period during which the interest was in the Transfer or shall not accrue to the benefit of the Transferee.
THIRD PARTY SECTION
N2,500.00 or 10% of the claim whichever is higher.
PAYMENT OF PREMIUM WARRANTY
The Insurance Act 2003 Part VIII Section 50(1) stipulates that the receipt of an insurance premium shall be a condition precedent to a valid contract of insurance and there shall be no cover in respect of an insurance risk, unless the premium is paid in advance.