Common use of FIRE AND THEFT Clause in Contracts

FIRE AND THEFT. The following extension to the Motor Third Party Liability cover in Section 3A may apply where specifically stated to be covered by the Master Policy/Master Lease Agreement. 4B.1 This Section 4B provides the Policyholder with the following cover for Fire and Theft, if the Vehicle and its Accessories (permanently attached to the vehicle at the time of manufacture) is/are lost or damaged caused by: 4B.2 The Insurer will not pay more than the book value of the Vehicle at the time of the loss. For private vehicles, if the damage occurred within the first year from the date of registration and if the vehicle has driven no more than 20,000 Km and the projected cost of repairs is projected to exceed 50% of the “on the road price” including equipment, the insurer will indemnify the insured for a new vehicle of the same or equivalent make, type and year. If the same or equivalent vehicle replacement is not available, the insurer can indemnify the insured the cost of same. Subject to the application of any excess. 4B.3 If the damage covered under this Section 4B is repaired by a repairer approved by the Insurer, the Policyholder (or Driver) does not need to obtain any estimates and repairs will begin immediately after authorisation by the Insurer. 4B.4 However, if the Policyholder (or Driver) chooses its own repairer to carry out the repairs, the Policyholder (or Driver) must send the Insurer at least two detailed repair estimates as soon as reasonably possible.The Insurer will only be liable to pay those repair costs, if the Insurer has agreed that the repair costs according to the submitted estimates are reasonable and if the Insurer has issued an authorisation to the repairer. The Insurer will have the right to inspect the repair. 4B.5 The Insurer reserves the right to request additional estimates; the Insurer may not pay more than the repair cost the approved repairer would have charged for the equivalent repair. 4B.6 The Insurer is subrogated into the rights over the Vehicle up to and limited to the amount paid under this Section; in the case of total loss, the Insurer will be entitled up to and limited to the amount paid under this Section to the proceeds of the sale of the wreck of the Vehicle or of the recovered Vehicle. 4B.7 The insurer will require an original receipt or an original guarantee certificate. The production number should be stated and the property labelled with a personal ID number or company registration number.

FIRE AND THEFT. The following extension to the Motor Third Party Liability cover in Section 3A may apply where specifically stated to be covered by the Master Policy/Master Lease Agreement. 4B.1 This Section 4B provides the Policyholder with the following cover for Fire and Theft, if the Vehicle and its Accessories (permanently attached to the vehicle at the time of manufacture) is/are lost or damaged caused by: 4B.2 The Insurer will not pay more than the book value of the Vehicle at the time of the loss. For private vehicles, if the damage occurred within the first year from the date of registration and if the vehicle has driven no more than 20,000 Km and the projected cost of repairs is projected to exceed 50% of the “on the road price” including equipment, the insurer will indemnify the insured for a new vehicle of the same or equivalent make, type and year. If the same or equivalent vehicle replacement is not available, the insurer can indemnify the insured the cost of same. Subject to the application of any excess. 4B.3 If the damage covered under this Section 4B is repaired by a repairer approved by the Insurer, the Policyholder (or Driver) does not need to obtain any estimates and repairs will begin immediately after authorisation by the Insurer. 4B.4 However, if the Policyholder (or Driver) chooses its own repairer to carry out the repairs, the Policyholder (or Driver) must send the Insurer at least two detailed repair estimates as soon as reasonably possible.. The Insurer will only be liable to pay those repair costs, if the Insurer has agreed that the repair costs according to the submitted estimates are reasonable and if the Insurer has issued an authorisation to the repairer. The Insurer will have the right to inspect the repair. 4B.5 The Insurer reserves the right to request additional estimates; the Insurer may not pay more than the repair cost the approved repairer would have charged for the equivalent repair. 4B.6 The Insurer is subrogated into the rights over the Vehicle up to and limited to the amount paid under this Section; in the case of total loss, the Insurer will be entitled up to and limited to the amount paid under this Section to the proceeds of the sale of the wreck of the Vehicle or of the recovered Vehicle. 4B.7 The insurer will require an original receipt or an original guarantee certificate. The production number should be stated and the property labelled with a personal ID number or company registration number.