- DEFINITION
AND FUNCTION
- LIMITS
OF LIABILITY OF INSURER
- GENERAL
CLASSES OF RISK COVERED
Motor
Car Insurance, also referred to as Automobile Insurance, covers
private cars, auto homes, trailers, buses, trucks, and other
mobile vehicles. In the event of loss, the policy puts the
Insured in the same position/situation as much as possible and
within the limits of insurance policy, as he was if the event
insured against did not occur, either by repair or replacement
of the damaged vehicle or pay him in cash, and/ or relieve him
of the burden of indemnifying third parties involved in the
event. Also used for credit facility, i.e. security for loan
with the vehicle as collateral.
The Limits of Liability of the
Insurer are the amounts specified in the policy either for
loss or damage to the vehicle or for liability to the third
patties.
The General Classes of Risk covered
are:
1.
Physical Damage or Material Damage Cover – covers
loss of or damage to the insured vehicle against risk
specified in the policy
2.
Liability Cover – covers liabilities of the insured
for injuries which the insured vehicle may cause to people in
the other vehicle or to the public in general, and to real or
personal property of other people. However, accidental death
or injuries to the assured, his driver, or passengers in his
car may be covered under the motor insurance policy. The motor
insurance can, therefore, be a combination of a property,
public liability and personal accident covers. All these risks
can be involved simultaneously in one single motor accident
3.
Comprehensive Cover – covers loss or damage to
insured vehicle and/or third party liability.
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In the
Philippines OMNI is an active member of: American Chamber,
Canadian Chamber, European Chamber,
Australian-New Zealand Chamber, Lighthouse Club, Le Club,
British Business Association, Makati Rotary Club, Manila
Elks Club. |
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