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I hereby agree to surrender Insurance certificate & policy for cancellation without consideration of any refund of premium for the unexpired period.
It is understood that the above settlement is subject to the terms & conditions and provisions of the policy in force at the time of mishap and also subject to your accepting liability thereto.
Rs.3,96,413/-
On Net of Salvage (Inc. Towing, lifting, estimation & allied charges) Less Rs.1,000/- (Compulsory Excess) Net Payable Rs.3,95,413/-