Page 166 - Hollard Private Portfolio

Your bank may take part of your pay-out
If you are financing your pleasure-craft with a bank or authorised credit provider, be aware of the fact that they are entitled to use your insurance pay-out for a write-off to settle any money that you still owe them, if they feel that this is the only way to recover the money. This is a standard clause in the contract that you signed with them when you purchased your pleasure-craft.
What is not covered
SPECIFIC EXCEPTIONS
Risks for your own expense
We do not cover you for loss or damage to your pleasure-craft that results from the following risks:
○ depreciation, wear and tear, gradually operating causes
○ reduction in value caused by repairs, lack of use or alterations
○ loss or damage to motors, electrical machinery, batteries and their connections, unless caused by other damage to the pleasure-craft, or there has been forced entry to or exit from the pleasure-craft or place of storage
○ mechanical, electrical or electronic breakdown, and failure or breakage, unless this is the result of other damage to the pleasure-craft
○ loss or damage arising from the fact that your pleasure-craft is not seaworthy, or has not been maintained
○ loss or damage arising from the fact that your pleasure-craft was defectively designed or constructed
○ loss or damage resulting from the actions of domestic pets – for example, scratching, biting, chewing, tearing or soiling.
Pleasure-craft left unattended
There is no cover for loss or damage if the pleasure-craft is left unattended off an exposed beach or shoreline.
Unsecured motors
There is no cover for theft of motors or if they fall overboard, unless they have been bolted or chained to the hull.
Theft of motors
There is no cover for theft of motors unless the moored pleasure-craft is stolen at the same time, or there are clear signs of forced entry to the pleasure-craft or place of storage.
Motors accidentally immersed
There is no cover for loss or damage to motors accidentally immersed in water, unless you have taken reasonable steps to flush and repair them immediately.
Pleasure-craft
Example
If you successfully claim R10 000 for the repair of your pleasure-craft, and the excess for that claim is R1 000, the net pay-out from us will be R9 000.
164 Hollard Private Portfolio – Version 3.0.0 – 20 April 2020