What is IMT 20 of motor tariff?

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PostPosted: Fri Sep 13, 2013 4:15 pm   Post subject: What is IMT 20 of motor tariff?  

IMT 20 of MOTOR TARIFF

vidyasumit11
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PostPosted: Mon Sep 16, 2013 7:04 am   Post subject:   

Sorry bro! Here we don't discuss Indian insurance theories!



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PostPosted: Mon Sep 16, 2013 1:04 pm   Post subject:   

Quote:
we don't discuss Indian insurance theories!
It's not a "theory", it's Indian insurance law. Nothing wrong with providing an answer:



IMT.20. REDUCTION IN THE LIMIT OF LIABILITY FOR PROPERTY DAMAGE



It is hereby understood and agreed that notwithstanding anything to the contrary contained in the policy the insurers liability is limited to Rs. 6000/- (Rupees six thousand only) for damage to property other than the property belonging to the insured or held in trust or in custody or control of the insured



In consideration of this reduction in the limit of liability a reduction in premium of Rs…..* is hereby made to the insured .



Subject otherwise to the terms conditions limitations and exceptions of the policy.



*To insert Rs.50 for Two wheelers, Rs.100 for private cars Rs.150 for Commercial Vehicles – three wheelers and taxis or Rs.200 for Commercial Vehicles (excluding three wheelers and taxis).




excerpted from http://www.orientalinsurance.org.in/Motor-Imt-Endorsements.html



FYI, as of 9-16-2013, 1 Rupee = $0.016. 6000 Rupees = $95.49.

Not much in the way of an insurer's liability for the insured's damage to other persons' property. Hope the premium reduction is worth it. 50 Rupees = $0,80, 100 Rupees = $1.60, 150 Rupees = $2.40, and $200 Rupees = $3.20,


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