Page 388 - Motor Insurance Ebook IC 72

The Insurance Times

such circumstances, a 'Cash Loss' amount
representing the net Total Loss is reimbursed to
the Insured, leaving him to repair the vehicle at
his own cost. 175

(b) When the Insured purchases spare parts form black
market and is not in a position to furnish purchase
bills, these losses are settled as "Cash Losses"
without insisting on bills for an amount which is
suitably scaled down.

Q. 22. How the premium rates for Internal Trade Risk
are applied. Write the special features of Internal
Trade risk?

Ans: Rates applicable for superficial area occupied by the
insured for the purpose of Motor Trade business not
exceeding 2000 sq. meters. For superficial area
exceeding 2000 sq. mtrs., additional premium of Rs.15/
-and Rs.8/- is chargeable on the Package premium and
Liability Only premium respectively for every 1000
sq.mtr or part thereof.

Special Features :1. Showroom
Where premises are occupied at Showrooms only : 50%
of the above rates are to be charged.

2. Open-air Car Parks
Open-air Car parks adjoining but outside motor

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