By Hamoud al Mahrazi -
MUSCAT — The Capital Market Authority introduced amendments to the standard insurance policy for vehicles in accordance with the decision issued by Abdullah bin Salim al Salmi, Executive President of the Authority, and the work on the new policy started from the middle of last month.
The new amendments stipulated to determine the amount of insurance in accordance with the cash value of the vehicle according to the purchase invoice for the first time. If the purchase invoice is not available, a certificate from the car agency is required to clarify the actual value of the vehicle in cash at the date of purchase for the first time.
The value of insurance of the vehicle at the start of insurance after the first year is the foundation taking into consideration in the settlement of the compensation amount in accident cases. If the purchase invoice or certificate from the agency cannot be attained, the insurance installment is determine based on the market value of the vehicle according to regulations set by the Authority.
The insured must not use the vehicle unless for the purpose licensed, and in the case of using the vehicle for purposes other than those licensed for, the insurance will not cover accidents resulting from such use.
The insurer shall pay the expenses of physical injuries of others or to the insured and their family members to hospitals and medical authorities according to the following rules:
The hospital prepares a detailed medical report with the treatment that has been already provided to the injured, and the real cost supported by the necessary documents.
Treatment expenses value must be in accordance to the rules of the Ministry of Health.
The insurance company must supply the required amount to the hospital after receiving the reports.
In case of continuing the insurance contract with the same insurance company, the discount rules are applied on the basis of the first year premium, taking into account the minimum comprehensive and third party insurance premium.
In case of moving to another insurance company,
the discount rules are applied on the basis of the premium applicable to the new insurance company at the time of issuing the document,
taking into account the minimum comprehensive and third party insurance premium.
The right of the insured of the discount rate in non-cumulative claim remains available in the case of changing the type of insurance coverage from the comprehensive insurance to third party and vice versa.
The insured and the company may agree to extended periods or larger discount rates.
In the case accidents during the period of insurance, the insured is not entitled to get the discount rates.