http://www.todayonline.com/Singapore/EDC120905-0000039/Ferrari-crash-was-not-an-accident--AXA
According to this report in Today paper, the insurer of the Ferrari involved in the fatal crash at Bugis took the view that their policy covers "accidents" and not "collision".
I find this statement from AXA to be ridiculous. A motor insurance policy covers damages and losses arising from collision between the insured vehicle and another vehicle or other object. This is the primary cover provided by a motor insurance policy.
AXA Smart Drive policy clearly states its comprehensive cover to be as follows:
Under the "exclusion clause" of the policy, it is stated that the policy does not cover "any wilful act and/or wilful negligence" of the insured or an authorised driver.
"Wilful" is defined as "intent on having one's own way, headstrong or obstinate". AXA has to prove that the Ferrari driver intended to hit the taxi. While he may be driving recklessly, I cannot imagine that he had intended to hit the taxi or to take his own life.
According to this report in Today paper, the insurer of the Ferrari involved in the fatal crash at Bugis took the view that their policy covers "accidents" and not "collision".
I find this statement from AXA to be ridiculous. A motor insurance policy covers damages and losses arising from collision between the insured vehicle and another vehicle or other object. This is the primary cover provided by a motor insurance policy.
AXA Smart Drive policy clearly states its comprehensive cover to be as follows:
"If during the period of insurance, your Motorcar and its original accessories and spare parts are lost or stolen, or are accidentally damaged by the operation of the following perils:
(i) fire, lightning, thunderbolt, explosion, collision
(ii) convulsions of nature, including flood, earthquake, volcanic eruption, hurricane,cyclone,typhoon, windstorm
(iii) self-ignition
(iv) riot, strike and malicious damage.Collision is clearly stated to be a peril covered by the policy.
Under the "exclusion clause" of the policy, it is stated that the policy does not cover "any wilful act and/or wilful negligence" of the insured or an authorised driver.
"Wilful" is defined as "intent on having one's own way, headstrong or obstinate". AXA has to prove that the Ferrari driver intended to hit the taxi. While he may be driving recklessly, I cannot imagine that he had intended to hit the taxi or to take his own life.
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