CMA participating in Road Safety Exhibition by launching the third edition of Vehicle Insurance Policy
Al Salmi: The Policy Promotes Transparency in the Relationship Between Vehicle Owner and Insurer
Al Mamari: Increase in Compensations paid for Vehicles for 9%
Right of Return enables the insured who has comprehensive coverage to return to the insurer for compensation in case of any accidents.
The Policy included amendments and new additions in spare parts’ calculations.
No restriction in the policy for the users of the vehicle.
A clause for the permitted additions for vehicles with prices
Additional features may be selected when choosing third-party policy
Comprehensive insurance compulsory covers natural disasters and provides other options
Policyholders has the right to add further benefits to his chosen insurance coverage.
On the margin of CMA’s participation in the Road Safety Exhibition, yesterday morning the third edition of the Unified Vehicle Policy was launched under the patronage of H.E engineer Mohsin Al Sheikh, Head of Muscat Municipality with the attendance of a number of Excellencies and Officers from different public and private institutions.
In this event, H.E. Shiekh Abdullah Al Salmi, Executive President of CMA claimed; “it is a great opportunity to participate with this national effort to promote individuals and institutional awareness of traffic safety rules. And we have launched therein the third edition of the Unified Vehicle Insurance to confirm the importance of being well aware of the Policy’s terms and rules. He added that the Policy in its new issue concentrates on the transparency and clarity between the concerned parties in order to limit disputes resulting from various interpretations of the Policy. It also increased insurance coverage and added more benefits that vary according to requirements and needs of insured persons. These amendments mainly aim to protect rights of policyholders.
From the other side, Ahmed al Mamari, General director of Insurance Surveillance clarified; “CMA is aware that good awareness of consequences is the safe guard against any potential risk. Hence, CMA seeks to achieve the targeted partnership in spreading awareness of traffic safety requirements within the community. In its participation in this Exhibition, CMA introduces the content of the Unified Vehicle Policy as it concerns wide segment of policyholders in the Omani insurance market. As per last year’s indicators of the sector, vehicle insurance’s share of premiums recorded about 37%. It also gets special concern locally and regionally for the vital and significant role played by vehicle in the daily life of individuals and institutions”.
With relation to traffic accidents and their social and economic aspects, Al Mamari points to some numbers and statistics that confirm the increase in compensations paid by insurance companies for 9% compared to last year, as in 2015 they reached 114 million Omani Riyals compared to 105 million Omani riyals in 2014. Though, we feel optimistic based on some data that makes us anticipate actual reduction in the percentage of traffic accidents due to the huge awareness efforts paid by ROP with regard to this matter, and due to the high quality specifications of safety requirements in the roads network”.
CMA’s participation for this year also included a completion for the Exhibition visitors and CMA’s social media followers. The Competition aims to aware the public of terms and provisions regulating the relationship between policyholders and insurers.
The new amendments to the Policy include new definitions clarifying terms used in the provisions, as it defines natural disasters that include; floods, valleys, storms, hurricanes, tornadoes, lightning and chill, and also defined the vehicle, the consequence lost, and the tractor-trailer.
With regard to insurance application, a number of features and options are added, of which is; a clause for permitted additions to vehicles with their prices. The Policy also granted the policyholder the right to specify persons permitted to drive the vehicle without limitations.