Page 244 - Motor Insurance Ebook IC 72

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Labour + Parts (less Depreciation) - Excess/
Salvage Rs.
iv) General Observation - These would relate to
compliance with policy condition, warranties, etc.
This would be followed by surveyor's
recommendation regarding the payment of the
claim.

If adverse features are involved, the surveyor
would leave the settlement question to the
insurers, giving his reasons.

Q 3. Describe the types of Losses (Own Damage)
Ans. under Motor Policies.
There are three types of losses described as under:
i) Total Loss -
1) Whenever a surveyor finds that a vehicle is either

beyond repairs or the repairs are not in economic
proposition, he negotiates with the insured to assess
the loss on a Total Loss basis - for a reasonable
sum representing the market value of the vehicle
immediately prior to the loss.

If the market value is more than the insured value,
the settlement will be brought about for the insured
value. The Insured will be paid in case and the
Insurers will take over the salvage of the damage

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