Pedal Cycle Insurance Policy

The Pedal Cycle insurance policy indemnifies the insured against loss of or damage to the Pedal Cycle , including tyres lamps or accessories whilst thereon as specified under section -I of the policy, and Liability to third parties against all sums which the insured shall become legally liable to pay as compensation and claimants costs and expenses as specified under section II of the policy: -

Key Benefits

This insurance provides a lump sum benefit of up to Rs. 2 Lakh in case a cycling accident results in the death/permanent total disability of the policyholder. Fracture treatment expenses of up to Rs. 75,000 are covered too.

Coverages

-   SECTION-I

LOSS OR DAMAGE TO PEDAL CYCLE

-   Fire, Lightning or external Explosion.

-   Riot Strike or Malicious Act.

-   Flood, Cyclone, Storm, Tempest and other similar convulsions of nature and atmospheric disturbances.

-   Earthquake (fire & Shock)

-   Burglary, housebreaking or theft

-   Accidental external means.

PROVIDED ALWAYS that-

-   The company shall not be liable for the first Rs. 100/- of each and every loss arising hereunder, if , however, the loss or damage exceeds Rs. 100/- the company is liable to pay full for such loss or damage

-   The liability of the company in respect of loss of or damage to the pedal cycle in any one period of insurance will not exceed the sum insured set against such pedal cycle in the schedule.

-   SECTION-II

LIABILITY TO THIRD PARTY

The policy will indemnify the insured against all sums which the insured shall become legally liable to pay as compensation and claimants costs and expenses in respect of --

-   death of or bodily injury to any person not being a member of the insureds' family or household nor a person who at the time of the accident is engaged in and upon the service of the insured under a contract of service or apprenticeship.

-   damage to property not belonging to nor held in trust by nor in the custody or control of the insured or a member of the insureds' family or a person acting on behalf of the Insured. Caused by through or in connection with the use for purposes specified in the schedule of any pedal cycle (not being a motor or mechanically assisted cycle) described therein.

personal representatives shall as though they were the insured, observe fulfil and be subject to the terms, Exceptions and Conditions so far as they can apply.

Exclusions

-   Amount of Excess stated in the policy schedule.

-   loss of or damage to the cycle tyres, tubes, lamps, chain or accessories due to over loading, strain or mechanical breakdown or to wear and tears or damage to tyres, tubes by application of brakes or by road punctures, cuts or bursts.

-   Loss of or damage to the tyres, tubes, lamps & accessories unless the cycle is lost/damages/destroyed totally at the same time.

-   Loss, damage or liability caused or arising while such cycle is being used for racing or hire or reward or outside India or for purpose other than as stated in the schedule.

-   Loss of use of such cycle during repair and consequential losses of any kind.

-   Any consequence of War, invasion, act of foreign enemy, hostilities (whether war be declared or not), Civil War, Rebellion, Revolution, Insurrection or military or usurped power, Riot, Strike, Civil Commotion or mutiny and terrorism damages.

Claims Procedure

The insured shall give written notice to the Insurers as soon as possible after the occurrence of any accident, loss or damage with full particulars thereof.

Every letter, claim writ, summons and process shall be notified or forward to the Insurers immediately on receipt.

Written notice shall also be given to the company immediately the insured shall have knowledge of any impending prosecution or inquest in connection with any accident for which there be liability under this policy.

-   No admission offer, promise payment or indemnity shall be made or given by or on behalf of the insured without the prior written consent of the Insurers

-   In case of loss by Burglary, House Breaking & Theft, the insured shall give immediate notice thereof to the Police and shall also take all practicable steps to discover and punish the guilty person or persons and to trace and recover the property lost.