M V Act compensation under third party claim.
sanjay kumar patibandla
(Querist) 24 September 2008
This query is : Resolved
The owner of the vehicle paid premium for insurance for third party also on 23.01.2008 at 3.30. P.M.
Insurance company issued a policy by mentioning the coverage starts from 00.00hrs(midnight 12 A.M) of 24.01.200812 A.M.
But the vehicle met with an accident on 23.01.2008 at about 08.00 P.M
Weather the Insurance company is liable to pay compensation to the third parties. If Yes kindly mention judgments.
ARVIND JAIN
(Expert) 25 September 2008
TO MY READING NO.
RAKHI BUDHIRAJA ADVOCATE
(Expert) 25 September 2008
It depends upon the by-laws of the insurance company in such circumstances what the bye-laws has been framed.
Adv.Shine Thomas
(Expert) 25 September 2008
The policy goes into effect on the date specifide in the policy,in accordence with the insurance application.If the policy has not been issued,the policy goes into effect when the company or its agent receives the insurance application unless otherwise agreed.Unless otherwise stipulated,the policy remains inforce until 00.00hours on next annual date of the premium.These provisions are covered by the Insurance Contracts Act No.20 of 1954.
K.C.Suresh
(Expert) 26 September 2008
Day is counted not the time. So if your party remitted the apremium with the due date it is a valid policy.
SANJAY DIXIT
(Expert) 26 September 2008
If the present policy is a renewal one in continuation of the previous policy; the insurance company is fully liable.
If there is a breakup in between, then it would be hard to get claim.
J K Agrawal
(Expert) 30 September 2008
National Insurance Co. Ltd. v. Sobina Lakia RAR 2008 SC 43, 2007 III ACC 1 SC Risk starts from the time mentioned in policy if no time from 00 hours.
