Paramount’s
Motor Vehicle Insurance offers protection for your vehicle
through its various coverages such as compulsory third party
liability insurance, loss or damage insurance and automobile
passenger personal accident insurance.
BASIC
COVERAGES:
Compulsory Third Party Liability Insurance
The company undertakes to indemnify the insured for all
sums necessary to discharge legal liability of the insured
in respect of bodily injury and/or death to third party.
Limit of Liability under Compulsory Third Party Liability
insurance is subject to Inner Limits set per Type of defined
accommodation or professional services extended to a third
party.
Coverage under compulsory third party liability insurance
also provides "No Fault Indemnity Cover" subject
to Inner Limits of Liability under Basic CTPL but not
to exceed P10,000. This benefit is available to each third
party without requirement of proving fault or negligence.
Loss or Damage Insurance
The Company undertakes to indemnify the Insured against
loss of or damage to the insured vehicle including its declared
accessories and spare parts resulting from:
Accidental collision or overturning;
Fire, external explosion, self-ignition or lightning;
Burglary, housebreaking or theft;
Malicious act;
Damage incurred while on inland transit.
Excess Liability Insurance
Coverage provided under this insurance applies as an excess
cover over and above the Benefit provided under Compulsory
Third Party Liability Insurance. There are no inner limits
of liability under this cover.
This insurance also protects the insured against legal
liability loss resulting to third party property damage.
Note: Coverage under Compulsory Third Party Liability
Insurance and Excess Third Party Liability Insurance also
applies while insured is driving another car (same class
of vehicle i.e. private cars) not registered and owned
by the insured or not hired to the insured under any hire
or purchase agreement.
Automobile Personal Accident Insurance
This insurance covers bodily injury of passengers in a vehicle
up to the authorized seating capacity.
