v
Private autos.
v
Industrial vehicles which refer to any type of
mechanically driven car utilized for business or trade functions. They could be
passenger autos, goods autos or tractors.
v
Trade vehicles.
v
Motor cycles.
Rates are promulgated for each classification, and for charge-making purposes even more classification on the basis of the use to which the automobile is place is produced within people classes.
Tariff and Non-Tariff Offices
The insurance coverage businesses are of two varieties. Individuals which are members of the Motor Tariff Association are referred to as 'Tariff Offices' and individuals which are not the members of the Tariff Association are identified as 'Non-Tariff Offices.' Most of the companies are tariff offices. The premium costs and policy circumstances of all the tariff offices are regulated by the Tariff Association. In Bangladesh there is 1 Tariff Association for commercial cars for the whole country, but for the private vehicles and motor-cycles there are regional tariffs. The country is divided in 7 divisions, Dhaka, Rajshahi, Chittagong, Khulna, Sylhet, Barisal and Rangpur any insurance coverage business lying in a particular division has to become the member of that distinct regional Tariff Association. Of course there are no territorial limits and restrictions for the driving of autos in any division but the insurance should be impacted in a specific division. Similarly a tariff workplace in a particular area can insure a car in some other region but the premium and the problems should be governed by the Tariff Association of the region in which the automobile is.
Types of coverage
Each vehicle policy can be divided into the following three kinds:
(1) Act Policy
An Act Policy covers all hazards for which a policy is necessarily to be taken by the proprietor of a car beneath the Motor Autos Act. According to this Act, a policy have to be taken to cover any liability which might be incurred by the insured in respect of the death of or bodily injury to any man or woman brought on by or arising out of the use of the automobile in a public place. The extent of the amount to which a policy must be taken is also specified in the Act. Once more a policy of insurance is also necessary to cover any liability arising underneath the provisions of the Workmen's Compensation Act 1923, in respect of the death of or bodily damage to any paid worker engaged in driving or otherwise in attendance on or getting carried in a motor vehicle. All these provisions together with the exceptions are printed on the policy itself. It must be observed that insurance coverage is compulsory as to individual injury only and not as to damage to house.
(2) Third Party Policy
This kind of policy covers not simply those alternative party risks intended for which an insurance plan is legally necessary since explained above but as well covers such risks to get which the insured may possibly be held liable beneath various laws, just like Airport terminal Accidents Act 1855 and common law. Here the policy includes also the damage to property of third parties for which usually the insured is responsible. The insurer undertakes to pay in addition to the compensation, all amounts including claimant's costs and expenses that the covered by insurance becomes legally liable.
(3) Comprehensive Insurance plan
A complete policy covers a multitude of hazards under single coverage. Presently there are some very prevalent risks which alone will be covered by this plan and if any additional risk is to end up being covered it can end up being put into the risks covered by insurance after the payment of extra premiums. A thorough policy for private vehicles usually covers the next risks:
(a) Loss of or damage to car. The car including required Lamps, Tyre's, and Components thereon is insured against loss or damage by simply accidental external means, open fire, explosion, self-ignition, lightning, ice, burglary, housebreaking, theft, destructive act and in transportation by road, rail, away from the coast waterway, lift or escalator.
(b) Removal charges in respect of removal of the vehicle to and via the premises in the nearby repairers for any crash up to some limit.
(c) Third party the liability, i. e., risks protected in 3rd party policy.
(d) Costs and expenses suffered with the consent of the company.
(e) Restore charges for the car because of accident for which usually company is likely upto some limit.
(f) Medical Expenses up to a specific limit incurred in interconnection with injuries sustained simply by the insured or any kind of type of occupant of the car.
Beyond the previously mentioned risks, the insured can easily also secure additional rewards after paying extra payments. These benefits may come to be (I) death or actual injury of the covered by insurance alone or together with wife, and of un-named passengers, (ii) riots and strikes, etc., (iii) lack of rugs, coats or baggage by theft, larceny or perhaps f. re, etc.
Procedures relating to commercial cars are generally not as comprehensive because those by which personal cars are insured. The main difference being the omission of personal car accident benefits and the constraint of third party indemnity in respect of injury to property to Tk. twenty, 000 on any a single accident. The policies in motor cycles are released on similar lines because just.
The conditions of different policies vary and must be studied thoroughly.
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