The key to successful business is proper risk management. It's all about managing risk effectively. Our comprehensive commercial product line is aimed at businesses of all kinds and sizes. We offer products that match your personal and business needs and provide you a perfect protection cover.
Commercial Vehicle Insurance
ICICI Lombard brings you Commercial Vehicle Insurance offering the most crucial cover of Third Party Liability (TPL). A specialised cover for Goods-carrying Vehicles - be it Public or Private Carriers. You can now rest assured that your vehicle is covered and your business stays protected against liability due to accidental death or injury to third parties or passenger(s).
Policy Coverage
ICICI Lombard Commercial Vehicle insurance offers Third Party only cover for Goods-carrying Commercial vehicles. This cover is applicable to Public and Private Carriers including Motorized Three Wheelers and Motorized Pedal Cycles.
Our Commercial Vehicle insurance Policy is governed by the Indian Motor Tariff. It defines Goods-carrying Commercial Vehicle as:
• Public Carriers (other than three wheelers)
• Private Carriers (other than three wheelers)
• Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles. (Public Carriers)
• Goods Carrying Motorized Three Wheelers and Motorized Pedal Cycles. (Private Carriers)
It covers you for:
a) Personal Injury
b) Property damage
Third Party Insurance cover for Personal Injury includes:
Liability for death or injury to third parties - This means that you are insured against death or injury (caused by your vehicle) to pedestrians, occupant of other vehicles, and outsiders other than passengers.
For complete details on Policy coverage and exclusions, kindly refer to the Policy Wordings.
Factors Determining the Premium
The premium for Commercial Vehicle Insurance is calculated on carrying capacity - gross vehicle weight and value of the vehicle. Accessories will be charged extra, as specified If you do not make a claim during the policy period, a No Claim Bonus (NCB) is offered on renewals.
Sum Insured
The vehicles are insured at a fixed value called the Insured's Declared Value (IDV). IDV is calculated on the basis of the manufacturer´s listed selling price of the vehicle (plus the listed price of any accessories) after deducting the depreciation for every year as per the schedule provided by the Indian Motor Tariff.
If the price of any electrical and / or electronic item installed in the vehicle is not included in the manufacturer´s listed selling price, then the actual value (after depreciation) of this item can be added to the sum insured over and above the IDV.
