Scribd Logo
Upload

Welcome to Scribd!

  • 69 views

    Third Party Liability Insurance

    Uploaded by

    Tonifranz Sareno

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Third Party Liability Insurance

    Uploaded by

    Tonifranz Sareno
    69 views3 pages

    Original Title

    Third Party Liability Insurance.docx

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    69 views3 pages

    Third Party Liability Insurance

    Uploaded by

    Tonifranz Sareno

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Third Party Liability Insurance

    Analysis of a Contract

    The insurance contract analyzed has the following elements.

    The elements of a Policy of Insurance, in accordance with Article 51 of the


    Insurance Code, are the following.

    Parties, Amount of Insurance, Rate of Premium, Property or Life Insured, Interest


    of the insured in the property if he is not the absolute owner, Risk insured
    against, Duration of Insurance

    Parties

    Insurer: Travellers Insurance Surety Corporation

    Insured: Lilia F Sareno and Tonifranz F Sareno

    Beneficiary: Third Parties

    Amount of Insurance

    The policy is an open policy. The limit of liability is P100,000.

    Rate of Premium

    P660.40

    Property Insured

    Motor Vehicle Toyota Vios 2014, with plate number AAK 9919.

    Interest of Insured on Property

    Insured are the absolute owners of the property insured

    Risk Insured Against

    Liability to Third Parties

    Duration of Insurance

    From October 1, 2016 to October 1, 2017

    This policy was required by the Land Transportation Office when the owner was
    trying to renew the registration of the motor vehicle. This contract is also known
    as a Compulsory Motor Vehicle Liability Insurance (CMVLI).

    Special Clauses

    A. No-Fault Clause A clause that allows the victim (injured person or heirs
    of the deceased) to an option to file a claim for death or injury without the
    necessity of proving negligence or fault, provided the following proofs of
    loss under oath are submitted:

    1. Police report of accident

    2. Death certificate and evidence sufficient to establish proper payee

    3. Medical report and evidence of medical or hospital disbursemen

    The total indemnity in such a case is P15,000. It may only be made against one
    motor vehicle oly.

    In the contract under analysis, the no-fault clause is located in Section II.

    The Company will pay any claim for bodily injur and/or death to any
    THIRD PARTY without the necessity of proving fault or negligence of any
    kind, provided that,

    (a) The total indemnity in respect to any one THIRD PARTY shall not
    exceed Fifteen Thousand Pesos, subject to the foregoing
    Schedule of Indemnities in case of death or physical injury,
    without prejudice to the claimant from pursuing his claim
    further, in which case he shall not be required or compelled by
    the Company to execute any Quit Claim or document releasing it
    from liability under the policy of insurance.
    (b) The following proofs of loss, when submitted under oath, shall
    be sufficient evidence to substantiate the claim:
    (i) Police report of accident or any evidence sufficient to
    establish the accident, and
    (ii) Medical report and evidence of medical or hospital
    expenses and/or,
    (iii) Death Certificate and evidence sufficient to establish
    the proper payee.

    B. Authorized Driver Clause - The clause means that it indemnifies the


    insured owner against loss or damage to the car but limits the use of the
    insured vehicle to the insured himself or any person who drives on his
    order or with his permission.

    In the contract under analysis, the authorized driver clause is in the first page.

    AUTHORIZED DRIVER:

    Any of the following: (a) The Insured

    (c) Any person driving on the Insureds order or with his


    permission.
    And on section

    You might also like