It is not an easy job running a business when the expenditure spirals out of control and profit margins do not show any sign of improvement. Let us look objectively at the industry that has been reeling under because of a variety of factors, some because of reckless driving, bad vehicles, improper roads to name a few. Here is the detailed lowdown on the commercial auto insurance industry and the procedure of staking your claim with a claim.
Commercial vehicular insurance has been heightened with claims that are primarily related to bodily damage. From an ownerâs perspective, it is wise to make sure that every driver has a personal insurance coverage. If he meets with an accident while on the job, both he and the vehicle come under the purview of the insurance claim.
A business that has not accrued any claims for many years is entitled to a variety of benefits by the insurance service provider. From the perspective of the business, it is wise, while renewing the premium for the following year, to cash in on this immediately. As the renewal goes on, one can up the ante and get a better comprehensive coverage.
Claims come under two categories – one concentrates on personal injury to the driver, passengers or travelers on the road. The other – is for damage to the ownerâs vehicle. Both can be clubbed together in a wide reaching policy.
It is a requirement by law and by the insurance service provider to report the incident immediately, both to the police and to the insurance agency. If the driver of the vehicle has been hit by another vehicle, he must get the insurance details of the vehicle and inform the insurance provider for that vehicle. The driver is further able to claim damages, if any, to his person and on the vehicle.
Every insurance company has a surveyor who accesses the extent of damage. The driver or the owner of the vehicle must never move the vehicle unless he has the permission of the policy and the insurance agency.
When making a claim for the commercial vehicle insurance in Singapore, all the documents must be submitted to the insurance agency. Documentation is essential to ensure that you get your just dues. Many firms provide a cashless commercial auto insurance coverage, which is a wise consideration. Before going ahead and buying insurance, read up on the website http://allegiance.com.sg/ that throws open plenty of details pertaining to the medium.