Statement Pursuant to Section 25(5) of the Insurance Act. You are to disclose on this Proposal Form fully and faithfully all the facts which you know or ought to know, otherwise the policy issued hereunder may be void. The liability of the Company does not commence until this proposal is accepted.
With effect from 1 May 2005, the following clause shall apply.
Payment Before Cover Warranty (1 May 2005)
1. Notwithstanding anything herein contained but subject to clauses 2 and 3 hereof, it is hereby agreed and declared that the total premium due must be paid and actually received in full by the Company (or the intermediary through whom this Policy or Bond was effected) on or before the inception date (the inception date") of the coverage under the Policy, Bond, Renewal Certificate, Cover Note or Endorsement.
2. In the event that the total premium due is not paid and actually received in full by the Company (or the intermediary through whom this Policy or Bond was effected) on or before the inception date referred to above, then the Policy, Bond, Renewal Certificate, Cover Note and Endorsement shall not attach and no benefits whatsoever shall be payable by the Company. Any payment received thereafter shall be of no effect whatsoever as cover never attached on the Policy, Bond, Renewal Certificate, Cover Note and Endorsement.
No Claim Discount Protector
It is agreed that the No Claim Discount (NCD) entitlement in this Policy is protected as follows:
|No of claims made or arisen During the Period of Insurance
|NCD entitlement on Renewal of the Policy
| Where existing NCD entitlement is 30%
|| Where existing NCD entitlement is 40%
|| Where existing NCD entitlement is 50%
| Three or more
Note: No Claim Discount Protection
. Benefit is not applicable to cases involving the loss of NCD as a result of failure to report or late reporting of accidents as set out under the Policy.
. Applies only when policy is renewed with the Company, and is not transferrable to the next insurer.
. (Having) Does not mean renewal invitation or renewal terms are guaranteed for the next period of insurance.
Applicant and all named drivers do not suffer from any physical impairment.
The vehicle is in a sound and roadworthy condition, and has not been modified nor altered to improve performance.
The vehicle will not be driven by any person who to your knowledge does not hold a valid driving license or has been refused insurance.
Applicant and all named drivers have never been declined or has any policy cancelled or renewal refused or subject to special terms.
An additional excess (on top of the policy excess) as detailed below shall apply for accidental loss or damage whilst driven by:
Named Young and/or Inexperienced Drivers or Elderly Drivers - $1,500
Unnamed Young and/or Inexperienced Drivers or Elderly Drivers - $3,000
Unnamed All Other Drivers - $500
The terms shall be defined as follows:
'Young Drivers' shall be defined as drivers (including the Insured) who are below 25 years old.
'Inexperienced Drivers' shall be defined as drivers (including the Insured) who have less than 2 years of driving experience in Singapore.
'Elderly Drivers' shall be defined as drivers (including the Insured) who are above 70 years old.