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Notice to Policyholders – Commercial Vehicle Policy

Commercial Vehicle Policy

We would like to inform you that your Commercial Vehicle policy has been updated with effect from
the 1st August 2024. This is a summary of the main changes made.

  1. The section ‘Changes we need to know about’ has been clarified so that you can understand
    better what information you need to share with us.
  2. We have defined ‘Constructive Total Loss’ and ‘Total Loss’ which relates to when the damage
    to the vehicle is such that the repair costs exceed its market value or sum insured.
  3. The limit for automatic authorisation of minor repairs to your vehicle has been increased to
  4. The Limits of Indemnity per accident under the liability section have been increased to €6.45m
    for injury and €1.3m for damage.
  5. We have clarified that if there is a claim arising when your vehicle is in the custody of another
    person, for the purpose of service or repair, we will cover your loss, but we will have the right
    to recover the amount paid from the person responsible.
  6. We have defined better how No Claim Discount works.
  7. The cover applicable for when you take your vehicle abroad has also been clarified and we
    have also extended the definition of ‘designated states’ being the countries in which liability
    is automatically covered by including new countries.
  8. We have clarified that any liability arising from a deliberate act involving your vehicle will be
  9. The exclusion relating to liability resulting from pollution or spillage has been reworded to
    make it clear that only accidental spillage is covered.
  10. Liability cover for accidents occurring outside a public road is now the same as that for
    accidents occurring on a road.
  11. Liability arising out of charging stations, including ancillary equipment unless your vehicle is
    connected to such equipment is excluded.
  12. Liability, loss, or damage arising out of driving the vehicle through a tunnel, bridge, or
    underpass if the vehicle’s height exceeds the maximum permitted height is excluded.
    Commercial Vehicle Policy
  13. The policy now makes it clear that drivers need to always have a valid driving licence and only
    allows a grace period of 60 days from the date of expiry for it to be considered valid under the
    policy. No cover will otherwise apply.
  14. New definitions for ‘Gross Vehicle Weight’, ’Electric Vehicle’ and ‘Drive Battery’ have been
    included to remove any doubt as to what we mean when using these terms.
  15. We have reworded some of the policy conditions to make it clear that:
    a. When cancelling the policy, you must notify us within 90 days and before the expiry
    of the policy.
    b. If fraud is detected in a claim the policy will be deemed void and no refund of premium
    is payable.
    c. We have included the right to recover from the driver responsible if a payment is
    made for damage caused to the vehicle by a deliberate act of the driver.
    d. We can change the terms and conditions of the cover applicable on renewal of the
    policy and that you will be notified of any such changes prior to renewal.
    e. You are responsible to ensure that the vehicle’s tyres are in a roadworthy condition
    and shall not drive the vehicle if there is a risk of further loss or damage.
  16. The address of the Office of the Financial Services Arbiter has been updated.

It is the policy wording document that defines the insurance in precise terms and remains the legally binding document. Should you have any difficulties or questions about the revised wording please contact us.
The policy wordings may be found here: Motor Policy wordings