Chapter Six: Policy Termination
- The Company may terminate this Policy on the condition that there are serious grounds for termination during the Policy Period by a notice in writing to be sent to the Insured via e-mail, facsimile, hand delivery or registered letter thirty days prior to the fixed date of termination to the latest address of the Insured known by the Company. The Insurance Authority shall be advised of the grounds of such termination. In this case, the Company shall refund to the Insured the paid premium after deducting a portion in proportion to the period during which the Policy has remained in effect.
- The Insured may terminate this Policy by a notice in writing to be sent to the Company via e-mail, facsimile, hand delivery or registered letter seven days prior to the fixed date of termination. In this case, the Company shall refund to the Insured the paid premium after deducting a portion in proportion to the period during which the Policy has remained in effect subject to the Short Rate Schedule No. (4), provided that there is no compensation paid to the Insured or pending claims in relation to this Policy during the period of time the Policy is valid, if the Insured has caused the accident or in cases that are deemed committed by unknown persons.
- This Policy shall be considered terminated in case of a total loss to the Motor Vehicle, provided that its registration is deleted with a report issued by the Road and Traffic Department confirming that it is unroadworthy, and the Company shall compensate the Insured according to the provisions of this Policy.
- The Company may terminate this Policy on the condition that there are serious grounds for termination during the Policy Period by a notice in writing to be sent to the Insured via e-mail, facsimile, hand delivery or registered letter thirty days prior to the fixed date of termination to the latest address of the Insured known by the Company. The Insurance Authority shall be advised of the grounds of such termination. In this case, the Company shall refund to the Insured the paid premium after deducting a portion in proportion to the period during which the Policy has remained in effect.
Schedule No. (1)
Depreciation Percentages, Except for Taxi Vehicles, Public Transport Vehicles and Rental Vehicles, According to the Date of First Registration and Use
Year
Percentage
First
-
Second
5%
Third
10%
Fourth
15%
Fifth
20%
Sixth and above
30%
Schedule No. (2)
Depreciation Percentages for Taxi Vehicles, Public Transport Vehicles and Rental Vehicles According to the Date of First Registration and Use
Year
Percentage
Last six months of the first year
10%
Second
20%
Third
25%
Fourth
30%
Fifth
35%
Sixth and above
40%
Schedule No. (3)
Deductibles
Motor Vehicle Deductible Private vehicles where the permissible number of passengers of which does not exceed (9) passengers and its value does not exceed AED 50,000 Maximum AED 350/per each accident Private vehicles where the permissible number of passengers of which does not exceed (9) passengers and value of which exceeds AED 50,000 and not exceeding AED 100,000 Maximum AED 700/per each accident Private vehicles where the permissible number of passengers of which does not exceed (9) passengers and value of which exceeds AED 100,000 and not exceeding AED 250,000 Maximum AED 1,000/per each accident Private vehicles where the permissible number of passengers of which does not exceed (9) passengers and value of which exceeds AED 250,000 Maximum AED 1,200/per each accident Private vehicles where the permissible number of passengers of which does not exceed (9) passengers and value of which exceeds AED 500,000 Maximum AED 1,400/per each accident Private vehicles where the permissible number of passengers of which exceeds (9) passengers does not exceed AED (12) passengers Maximum AED 1,500/per each accident Private vehicles the permissible number of passengers of which exceeds (12) passengers, rental vehicles, and trucks where the tonnage of which exceeds (3) tons Maximum AED 1,700/per each accident Trucks where the tonnage of which exceeds (3) tons and passenger buses and industrial vehicles for construction and agricultural works Maximum AED 4,500/per each accident Schedule No. (4)
Short Rate Schedule - Percentages of Recoverable Premium
Policy Validity Period Recoverable Premium A period not exceeding one month 80% A period exceeding one month and not exceeding four months 70% A period exceeding four months and not exceeding six months 50% A period exceeding six months and not exceeding ten months 30% A period exceeding ten months Nil Schedule No. (5)
Schedule of Details of the Insured Motor Vehicle in the Insurance Policy against Loss and Damage
Details of Motor Vehicle Country of Manufacture Plate Number Make, Model and Color Motor Vehicle Classification Registration Type Purpose of use Manufacturing Year Tonnage or Weight Number of Passengers with Driver Engine Number: Chassis Number:
……………………….. Company declares that the Motor Vehicle detailed above in this Schedule is insured with it according to the provisions of this Policy.Issued By: Issuance Date:
Policy Number:The term of insurance begins at …………. on …/…/….., and expires at …………. on …/…/….. Agreed upon premium: Issuance date: …/…/….. Insured's Details Company's Details Insured's Name : Company's Name : Address : Address : E-mail : E-mail : Postal Address : Postal Address : Identification Number : Phone : Phone : Name and signature of the Insured or their representative: Signature and stamp of the Company: Motor Vehicle Insurance Application
Applicant's Details Name according to ID First Second Third Family Name Date of Birth / / P.O. Box Postal Code ID Number E-mail Home Phone Office Phone Mobile Address/Emirate Profession Employer Driving License Number Expiration Date Trade Name (if any) Commercial Register Number Head Office Insurance Service Details Registration Mark Truck Small Truck Large Truck Other Model/Use Private Commercial Rental Driving Education Other Body Number Engine Number Chassis Number Engine Capacity (CC) No. of Passengers Manufacturing Year Current Value without Accessories Current Value, including Accessories (to be elaborated) Insurance Period Insurance Type Insured/Representative Signature
/Stamp: Insurance Authority/Insurance Authority - Unified Motor Vehicle Insurance Policy Against Loss and Damage