Policy Summary
Motor Commercial (Own Goods) Insurance safeguards the insured person or entity against financial loss arising from accidental loss or damage to commercial motor vehicles including accessories whilst thereon, whilst being used to transport own goods. Also provides protection against legal liability for injury caused to third party persons or for loss or damage to third party property.
Own goods refer to goods which form part of the insured’s business e.g. own manufactured goods, business stocks, materials carried by vehicles owned by construction companies for their construction projects, wholesalers and hardware owners transporting their own stocks etc. Cover excludes vehicles hired to transport stock, materials and goods belonging to other people/third parties.
Client profile
This policy is suitable for:
- Traders in fast moving consumer goods, food processors, farmers, wholesalers, supermarkets, construction companies, wood making companies, milling companies, manufacturers, clothing traders etc.
Main Features
It provides cover against:-
- Loss or damage to the insured motor vehicle arising from accidental collision, overturning, fire, external explosion, self-ignition, lightning, burglary or theft and malicious damage.
- Death and/or bodily injury to any third party persons such as pedestrians and passengers in other vehicles. Third party persons exclude any member of the insured’s immediate family or insured’s employees.
- Damage to Third Party property arising out of the use of insured motor vehicle
Cover may be extended to include riot, strike, civil commotion, terrorism and political violence.
