Page 168 - Motor Insurance Ebook IC 72

The Insurance Times

Liability insurance coverage should be in place to
protect the rights of third parties.

The transferor must apply within 14 days from the
date of transfer in writing under recorded delivery
to the insurer who has insured the vehicle with the
details of the registration of the vehicle, the date
of transfer of the vehicle, the previous owner of
the vehicle and the number and date of the
insurance policy so that the insurer may make the
necessary changes in his record and issue a fresh
certificate of insurance. The previous certificate
is to be surrendered.

In the package policies, transfer of "own damage"
sec of the policy in favour of the transferee is made
only on receipt of specific request from the
transferee along with consent of transferor. If the
transferee is not entitled to NCB shown on the policy,
or is entitled to lesser percentage of NCB, the
insurer shall recover the proportionate amount at
the time of transfer.

2) Cancellation of Insurance - A policy can be
cancelled only after ensuring that the vehicle is
insured elsewhere and the original Certificate of
Insurance is surrendered. If a claim is made or

Website: www.bimabazaar.com Call: 033-22184184 / 40078428 168

Copyright@ The Insurance Times. 09883398055 / 09883380339