LETTER OF SUBROGATLON
THIS AGREEMENT made on the
…………………………..day of ………………….20…………..at Indore BETWEEN ………………………………………………&National insurance
co. Ltd residing carrying on business at ………………..hereinafter called the
Financier which tern and expression shall include his/her legal
representatives. Administrators successions ……………..assigns of the second part
and national insurance company also carrying on business inter alia through its
3 Middleton street . calculation and also carrying on business inter alia through its Divisional/branch office
at………………………… Indore hereinafter called the insurer which term and expression
shall include its executors administrators and assigns or the other/third party
.
Whereas ………….. the insured
is the registered owner of motor vehicle bearing registration number ………………Engine Number
………………………………..chassis number ……………………………hereinafter referred fo as the said motor
vehicle
And whereas the said motor
vehicle is/was insurer under the policy of motor insurance/cover notes being
number ……………………..for ape rind of 12 months from ……………………….to ………………………… covering
inter alia the risk of theft of said motor
vehicle and whereas the finance is interested in any money payable under
the said policy of motor insurance to the insurer in the event inter alia of
theft of the said motor vehicle and whereas the said motor vehicle has been
stolen on ………………………………………..and the same has not been recovered .
AND where insured has duly
informed and surrendered the
Registration Certificate book and the counter part of the Tax \token, if any,
and also recorded with the appropriate authorities about the non-use of the said
motor vehicle by the insured and /or the financier as from ………………..exempting
him/them form payment of motor vehicle
tax payable under the ………………………………………………………………………………………………(insert here the
relevant .M V tax act of the concerned state ).
And whereas the insurer has
fully indemnified the insured/and/or the Financier for the theft of the said
motor vehicle by payment of RS ……………………………….(Rupees…………………………)under the said
policy of motor insurance/cover note .
Now in consideration of the
payment of the said sum of Rs……………………….(Rupees…………………………………. ……………………………………….) by the insurer of the
insured/the Financier the PARTIES MENTICNED HEREIN BEFORE AGREES as follows:
1)
The right till and interest in the said motor vehicle shall
remain with the insured/the Financier (according to their respective interest
):
2)
The insured Financier shall not transfer the right and
ownership of the said motor vehicle to any person without the prior written
consent of the Divisional/Branch office of the insurance in case of
non-compliance of this clause by the insured/the Financier he/hey shall be
liable to repay the said sum
Rs
……………………………………..together with interest at the rate of 12%per annum from the
date of payment by the insurer as aforesaid till realization of the entire amount:
3) The
keys and other documents of till any of the said motor vehicle shall be in the
custody of the remain with the till the event specified in clause (9)
hereinafter occurs.
(4)
in the event of recovery of the said motor vehicle the insured/the Financier
shall repay the said sum of Rs ……………………….(Rupees ………………………)to the insurer
within 3 period of thirty (30) days from the date of recovery which shall mean
and be computed from the date of delivery of possession by the competent
Authority anther to the insured/the financier or to the insurer in case of
default on the pert of the insured/the financier the insurer shall be …………………………………………………………………... the said sum of
Rs (Rupees …………………………….)or any part thereof with interest at the rate 12%per
annum from the date of recovery they said motor vehicle till the entire amount
is realized :
5)
The insured/the financier shall be responsible for all statutory obligations including payment of tax and other dues if any to
statutory or other authorities or persons so long as the transfer of ownership
of the said motor vehicle is not registered with the concerned registering authority
under the motor vehicles Act 1939 in the name of the transferee :
6)
the said policy of motor insurance/cover note and the certificate of motor
insurance bearing number …………………..stood cancelled and/or discharged with effect
from ………………………………and the insurer shall notify the appropriate authorities as
required under the motor vehicle Act 1939:
7)
for comprehensive cover.
Subject to clauses (2)
(4)and (8)herein if at the time of recovery the said motor vehicle is found to
have bees damaged or any parts and/or
accessories thereof a6re lost the Financier to make good at its option either
repair or pay in cash to the insured/the financier to make good the and/or the
repairing charges except for repair the cost of replacement of parts and/or accessories
or the payments therefore by the insurer to the insured/financer as aforesaid
or the shall be in
accordance with section l of and the warranties attached to the said policy
of motor insurance which is deemed to
have been incorporated in this agreement
Or
For third
party fire and/ or Theft covers :
Subject
to clauses (2) (4) and (8) herein if the of recovery of the said motor vehicle
any parts and/or accessories are found to have been lost the insurer shall at option
either replaces the parts and/or accessories so lost or pay in cash to the
insured Financier to make good the loss. The cost or replacement of parts and
or accessories or the payments therefore by the to the insured/the Financier as
…………………shall he accordance by with section of or the warranties attach to the
said policy or motor insurance which is deemed to have been incorporated in
this agreement :
8)
The insured/the Financier shall at his/their own instance pursue the recovery
proceedings to the said motor vehicle and if necessary shall extend all
cooperation to the insurer for the same.
The
insurer shall be entitled to use the name of the insured/the financier for the
purpose of recovery of the said motor vehicle including that of giving
discharge on behalf of the insured/financier for the receipt of the said motor
vehicle to the competent authority or
court which shall be treated as valid and binding on the insured/the financier in case of non-compliance
of this clause by the insured/the financier and/or if any hindrance id caused
on the part of the insured/the financier the insured/the financier shall be
repay the said amount of Rs ………………………………………. (Rupees ………………………………………..)to the
insurer on demand together with the interest @12% perannum for the date of
payment by the insurer as aforesaid :
9) The
insurer shall return to the insured/the financier the keys and the documents if
any specified in (2) (4) or (8) as the case may be.
In witness where of the
parties hereto have set and subscribed their hands and seal on the day month
and year hereinbefore mentioned .
Singed sealed and
delivered
singed sealed and delivered
By the insured In presence the
insurer in presence of
1…………………………………
1……………………………………..
2…………………………….....
2………………………………………
Singed sealed and delivered
By the financier In presence
of
1…………………………………..
2…………………………………..
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