Gap insurance for cars and vans

Definitions

In this certificate the following words and expressions shall have the following meanings wherever they appear.

'Administrator' means Jackson-Lee Underwriting Ltd
"Commencement Date of cover" means the date on which cover under this insurance begins as stated in the Schedule
"Date of Loss" means the date of the incident to Your Vehicle in respect of which a Total Loss is subsequently paid.
"Early settlement balance" means the net balance You are required to pay to the Finance company at the date of Total Loss less any rebates in respect of credit insurance but excluding any arrears
"Finance agreement" means the agreement between You and the Finance company for the purpose of the insured vehicle. The amount of credit must not exceed £25,000
"Finance company" means any Finance company, bank, building society or any other lender with whom you have agreed a loan or credit agreement for the purpose of purchasing your vehicle.
"Insured Value" means the value of your vehicle (excluding contents) at the Date of Loss as assessed by the insurer of Your Motor Insurance or the market value of your vehicle as shown in the Glass's Guide Trade Value current on the Date of Loss whichever is the greater.
"Motor Insurance" means a policy of motor insurance issued by an authorised UK Motor Insurer which insures your vehicle against accidental damage, fire and theft and which is maintained in Your name or of a nominated/ authorised driver throughout the Period of Insurance.
"Period of Insurance" means the period from the Commencement date of cover until the earliest of the following dates:
- The scheduled expiry date of your finance agreement or
- 60 months from the date of purchase of your vehicle or
- the date on which you have paid all sums due under the finance agreement or for any other reason cease to be indebted under the finance agreement.
"Purchase Price" means the purchase price of Your vehicle, including factory-fitted accessories and including any discount given but excluding warranty charges, insurance premiums and road fund licence or a maximum of 105% of the market value of your vehicle as shown in Glass's Guide retail value, current at the time of purchase, whichever is the less
"Territorial Limits" means all member and associate member countries of the European Community and any other country for which an International Motor Insurance Card ("Green Card") is in force in respect of your vehicle at the Date of the Loss
"Total Loss" means Your vehicle has been the subject of accidental damage, fire or theft to the extent that it is forfeited and a claim is paid as full and final settlement under the Motor Insurance.
"Vehicle" means Your Vehicle purchased by You under the terms of the Finance Agreement details of which are state don the schedule.
"We, Our" means certain underwriters at Lloyds.
"You, Your" means the Person Insured stated in the Schedule.

Insurance

We hereby agree to insure You if You are eligible for this insurance and have made use of credit facilities granted by a Finance Company on or after the Commencement Date of Cover and have paid the Premium stated in the schedule to the Administrator against the contingencies specified herein subject to the terms of this Cerificate.

Benefit

In the event of the Total Loss of Your Vehicle occurring within the Territorial Limits and during the Period of Insurance We agree to pay to the Finance Company on Your behalf an amount by which the Early Settlement Balance exceeds the Insured Value. This amount will not exceed the Limit of Indemnity which s £10,000 in respect of any one Finance Agreement.

Conditions

Motor insurance must be in force in respect of Your Vehicle during the whole Period of Insurance
This insurance cannot be transferred from Your vehicle to any other vehicle
If you sell and/or transfer Your vehicle to another person, motor dealer or trader during the period of insurance this insurance will expire immediately the sale or transfer is completed.
The parties hereto are free to choose the law applicable to this insurance contract. However unless specifically agreed to the contrary this insurance shall be the subject to English Law,
if, when a Total loss occurs, You decline an offer of a replacement vehicle under the terms of Your motor insurance then We will settle Your claim under this insurance based on the value of the replacement vehicle and not the settlement figure offered under Your Motor Insurance
If when purchasing your vehicle You transfer a loan from a part exchanged vehicle which exceeds the value of that exchanged vehicle and is included in the Purchase Price of Your vehicle any negative equity will be deducted from Your Claim. Please ensure that You retain full details of the vehicle part exchanged and of the part exchange transaction as this information will be required should You make a Total Loss claim.

Exclusions

This insurance does not cover any claim:
1. where the Total Loss is not subject to an indemnity under the accidental damage, fire or theft sections of Your Motor Insurance
2. in respect of any excess deducted under Your Motor Insurance
3. where the Total Loss arises as a consequence of war, riot or civil commotion
4. where the Total Loss is caused by an accident when the driver of Your Vehicle is under the influence of alcohol or drugs not prescribed by a registered medical practitioner, or drugs prescribed by a registered medical practitioner in respect of which a warning against driving is given.
5. in respect of any loss of use of your vehicle or any consequential loss of any kind
6. where the Total Loss occurs outside the Territorial limits
7. which is the subject of fraud or
8. where the Total Loss is covered by any other insurance or warranty
9. for theft committed by any person who has access to the keys of Your Vehicle
This insurance will not cover your vehicle if it
1. is not listed in Glass's Guide
2. is manufactured by Aston Martin, Bentley, Ferrari, Lotus, Maserati, Rolls Royce, TVR or any American make of vehicle unless manufactured as aright hand drive and provided it has been purchased from an authorised UK distributor and not imported directly.
3. is an emergency vehicle, taxi, bus, truck, heavy goods vehicle, motorcycle or invalid carrier
4. is at any time during the Period of Insurance used for road racing, rallying, pace making, speed testing or anyother competitive event or is driven by any person not holding a valid current licence to drive a vehicle of the class of your vehicle.
5. has been modified other than in accordance with the manufacturer's specification

How to make a claim

In the event of a claim please , within 60 days of being notified by Your motor insurer that they intend to settle the claim on a total loss basis write to the Administrator Jackson-Lee Underwriting Ltd, SBC house, Restmor Way, Wallington, SM6 7AH who willl send you a claim form
You must complete the claim form in full and return the completed claim form to the Administrator without delay.
You must supply all information and assistance which the Administrator may reasonably require to substantiate Your claim and establish any amount due to be paid in settlement.

Customer Care

It is always Our intention to provide a first class standard of service. However if you have any cause for complaint you should in the first instance contact the administrator. Should the matter not be resolved to your satisfaction please write to the complaints and advisory department, lloyds of London, One Lime Street, London EC3M 7HA Tel 020 7327 1000)

Insurance UK: Company Broker Portwood

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