Pedal Cycle Insurance

Cover

• Fire
• Burglary, housebreaking, theft (excess of 10% of sum insured subject to minimum of AED 250/-)
• Accidental Damage
• Riot, Strike and Malicious Damage
• Third party personal injury or Third party property damage for AED 50,000/- including legal / defense cost if any arising out of use of Cycle.
• Personal Accident coverage up to AED 100,000/- covering Accidental Death and Permanent Total Disability
• Including Transit of Cycle (within UAE only) by an appropriate motor vehicle whilst mounted and/or carried securely either inside or outside with specifically fitted / designed roof racks, boot or trunk-mounted racks, and hitch or towbar-mounted racks.
• Cover including for accessories mounted on cycle like cycle computer, power meter, pedals etc. subject to declaration with values and premium rate to apply accordingly.
• Including cover for Amateur Competitive Events

Territorial Limits

• United Arab Emirates – Driven / Used only on designated areas, tracks and routes authorized by RTA.

Jurisdiction / Law

• United Arab Emirates

Clauses / Conditions / Extensions

• Settlement of claims on Market Value basis or Sum Insured whichever is less.
• Market value can be determined by value of similar new cycle with 10% deprecation for each completed year or part thereof subject to maximum of 50%.
• Minimum Age of entry 18 years & Maximum 65 years on the date of inception of the policy.
• Warranted that the Pedal cycle should be kept locked and secured in all public places
• Warranted that the Pedal cycles are used / driven only on designated areas, tracks and routes as per RTA regulations.

Exclusions

• Theft of parts and accessories unless the cycle is stolen at the same time.
• Consequential loss, depreciation, wear and tear.
• Nuclear risk, War and War like operations
• Any bodily injury resulting from or in consequence of under the influence of Alcohol, intoxicating drugs, attempted suicide or self-inflicting injury, pre-existing diseases and Illness occurring within 30 days of the commencement date
• Loss or damage or bodily injury whilst participating in Professional Racing Championships / Events

Claim Procedure

• All claims under the policy should be notified immediately to the Company.
• In case of Theft of bicycle: Police report, purchase invoice, any other relevant document that may be demanded by the company.
• In case of Death /Permanent disability relevant reports to establish the cause and nature of accident.

Deductible

• 5% of the claim amount subject to minimum of AED 250/- each and every loss except for Amateur / Competitive Events increasing to a minimum of AED 500/- each and every loss.

Premium Rate / Slabs

• Sum Insured Above AED 20,000/- and Up to AED 100,000/-
  3% of sum insured subject to minimum of AED 750/- + VAT
  
  
• Sum Insured Above AED 10,000/- and Up to AED 20,000/-
  2.75% of sum insured subject to minimum of AED 500/- + VAT
  
  
• Sum Insured Above AED 2,000/- and Up to AED 10,000/-
  2.5% of sum insured subject to minimum of AED 250/- + VAT

Subjectivity

• NIL Claims Experience
• VAT Clause

Schedule of Depreciation

   Age of Cycle – Up to 5 years

• Less than 6 months – 0%
• Less than one year – 10%
• More than one year but not exceeding 2 years – 20%
• More than 2 years but not exceeding 3 years – 30%
• More than 3 years but not exceeding 4 years – 40%
• More than 4 years but not exceeding 5 years – 50%

NB. The above schedule of depreciation will also apply for replacement of parts for partial losses.