THE ORIENTAL INSURANCE COMPANY LIMITED HEAD GPFICK ‘ORIENTAL HOUSE? 4-25/27, ASAF ALI ROAD, NEW DELI 1100) 21* September, 2007 Depit: Motor Circular No: HO/MOTOR/OD 25¢/2006-07/CR- G223 CIRCULAR To all ROs, IAD, Vig.Deptt., All Deptt. of Head Office, CMD Sectt, & All GMs RE: SETTLEMENT OF MOTOR OD LOSSES ON NET OF SALVAGE BASIS Settlement of Motor Claims on Net of Salvage Basis was withdrawn wef. 15.07.2006 except lor vehicles where IDV is more than Rs15 lacs (refer. = HO circular No:HO/MOT/OD/224/2006-07 CR 6037 dated 06.07.2006). It has now been decided that Net of Salvage settlement may be considered subject to the following, even if the IDV is less than Rs. 15 lacs: 1. Totally burnt vehicles declared as total loss 2. The Competent Authority for approval of all such claims will be RCC1 or RCC2 depending upon the constitution of the Regional Office. 3. It the claim amount is beyond the Financial Authority of the RCC then it must be referred to Head Office for settlement. Kindly acknowledge receipt and ensure that all operating offices are advised suitably. By (B-K.SARKAR) General Manager fy )