Page 121 - Motor Insurance Ebook IC 72

Guide for Motor Insurance

The insured is entitled to return of premium after
deduction of amount on short period rates of the
insurer provided no claim has occurred under the
policy. The return of premium is subject to the
Minimum premium retention by the Insurers.
Cancellation on transfer of ownership cannot be
done unless proof of insurance being done
elsewhere is provided.

5. Contribution: If more than one insurance policy
has been taken for the same liability, the insurer will
contribute a ratable proportion of any compensation,
cost of expense.

6. Arbitration: All disputes on quantum on claim shall
be referred to decision of sole arbitrator appointed
by the parties to the dispute in writing within 30
days of invocation of Arbitration by any party. If
they are unable to agree on sole arbitrator then panel
of three arbitrators to be appointed-one each by each
party to the dispute and the third by the two
arbitrators.

The third arbitrator will be presiding arbitrator and
will conduct the proceeding according to the
Arbitration Act, 1996. If dispute is on liability then
the matter cannot be referred to arbitration. No

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