Page 16 - Hollard Private Portfolio

Claims
How much we pay
We restore your original financial position
When we settle a claim with you, our objective is to leave you in the same financial position as you were before the loss occurred. This may be based on:
○ replacement value or "new for old", where the pay-out is based on the value of similar new property
○ a pre-agreed sum
○ any other basis as described in the relevant section, such as the retail value of a vehicle.
How much we pay out is always based on the value of the lost property, and not the sentimental or other specific value the property may hold for you.
Example
Value
If your three-year-old television set is stolen, we may buy you a new one or pay the price of a new one. If your photo album or digital camera is lost, however, we pay only for the album or camera, and not the sentimental value of the photos they contain. If your television set is damaged by lightning and we cannot repair it we will buy you a new one or pay out. The damaged item (salvage) then becomes our property and you may not dispose of it before we agree to it.
Salvage
Any insured property that we decide is uneconomical to repair or any lost or stolen property which is recovered is referred to as salvage and becomes our property after the settlement of your claim.
This means that any salvage always becomes our property after we have paid out your claim.
We always decide how we pay out
If the damaged items you are claiming for can be repaired, we may pay for the cost of the repair – but only if it makes economic sense to do so. Otherwise, we may replace the items, pay out in cash or give you a combination of all three.
You cannot claim more than the actual loss
We will never pay out more than the value of the lost or damaged property, even if you are over-insured. This also means that you could never be paid out twice for the same event – for example, by claiming under two different sections of this policy.
Dual insurance
If you have more than one insurance policy in place that covers you for the same event, the full amount of the claim will be split proportionally between the different policies.
○ ○
The cover you have under each policy will determine how we split the claim amount.
If you claim from us, you may not also claim from the other insurer, and if you claim from the other insurer, you may not also claim from us.
14
Hollard Private Portfolio – Version 3.0.0 – 20 April 2020