News eDaily21 Apr 2017

China:Assn issues guidelines on crossborder vehicle insurance

21 Apr 2017

The Insurance Association of China has issued model terms and conditions for motor insurance covering Chinese-registered vehicles used in other countries.

The model is deemed necessary as the crossborder usage of motor vehicles has been increasing, particularly in the wake of China's One Belt, One Road economic initiative, unveiled in 2013, to develop infrastructure in countries which stretch from Asia to Africa.

The model terms and conditions for crossborder motor insurance include cover for damage to vehicle; third-party liability, passenger liability insurance, vehicle hijacking and streamlined riders for additional risks.

At present, riders for such vehicles include cover for freight liability; non-deductible insurance; damage incurred during lifting, unloading or excavating; damage to special vehicle fixtures, and damage to vehicle instruments.

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