Package policy form provides wider cover for ‘own damage,’ ‘Act Liability’, and P.A. to owner/river with suitable modifications based on the class of vehicle covered. It can also be extended to cover additional liabilities such as liability employees or the insured who may be travelling in or driving the employer’s cars, augmented Third Party Property Damage Liability, etc. Insurers could, restrict the cover under the Own damage Section of Package Policy without reduction in premiums or increase the premium. However, ‘Liability only’ cover cannot be modified.

In December 2006 IRDA issued direction that all the General Insurers operating in India will collectively participate in a pooling arrangement to where in all motor third party insurance business. The GIC was nominated as the Administrator of the Pooling Arrangement. The pool was made operational w.e.f. 1st April 2007 whereby (01) The GIC’s share would b the statutory cession received by it (01) All other members will cede to the pool in proportion to their market share of the Gross Direct Premium underwritten in India (03) The General Insurance Council shall appoint a committee to lay down detailed underwriting policies and procedures as well as detailed claims processing procedures. (04) The pool will handle only commercial vehicles covered by policies issued by all general insurance. (05) Since the motor third party business is expected to run on a “no profit no loss” basis, there shall be no ceding commission in respect of the business ceded to pool w.e.f. 1.4.2010. Earlier it was 10%.

The policy covers damage to any insured vehicle (including its accessories where thereon) the property of the insured or any member of the insured’s family or household caused by accidental, external and visible means and occurring in or on the premises. Section (ii) of the Policy covers legal liability.

Two types of policies are designed for the requirements of Motor Trade: (A) Motor Trade Package: Section (i) Motor Trade Package covers accidental loss or damage occurring during the period of insurance while the vehicle is in a public place or is temporarily garaged during the course of a journey elsewhere than in or on the premises owned or occupied by the insured. Section (ii) covers liability to third parties and Section (iii) extends insurance under section (i) and (ii) to any vehicle (mechanically propelled or otherwise) attached to the insured vehicle for the purpose of being towed.

Two forms of inland marine coverage are associated with this title, one for carriers and one for owners. As a carrier, the insured is protected for legal liability relating to property of others in the course of transport. As an owner, the insured is protected for in-transit damage to its own property.

A form that grants indemnity to the trucker for loss or damage to the property he or she is transporting. By law, truckers must carry a certain amount of this coverage.

A form that covers a truck owner against the loss of his or her property while it is being transported. This form also covers cargo loss or damage, without regard to who is legally liable for the loss.

An official record of a driver’s accidents and traffic violations kept by the licensing state(s). Often used to determine eligibility and/or premiums for auto insurance.

A history of a driver’s traffic violations and accidents.