Page 18 - Hollard Private Portfolio

Claims
Example
Your household contents are insured with us for R200 000, but the cost to replace all the items is R400 000. This means you are under-insured by half (or 50%). Put another way, you are only ever insured for half of any claim you make.
So if R50 000 worth of your contents is stolen in a theft, we can pay out only half of R50 000 – or R25 000. This is referred to as the principle of average.
The pay-out is calculated as follows:
Replacement value Sum insured Stolen contents
Under-insurance calculation:
R200 000 R50 000 R400 000 X 1
R400 000 R200 000 R50 000
= R25 000 (less any excess applicable)
How to claim
Step 1: Tell us right away
Tell us about any event that may lead to a claim as soon as possible, but not later than 30 days after the event. Give us all the relevant details.
Step 2: Do not admit liability
Do not under any circumstances admit liability for the event that led to the claim, or make misleading promises to anyone. This means that you should not:
○ make any statements (unless required by law)
○ offer payment to anyone
○ negotiate with anyone claiming from you.
Step 3: Inform the police
Inform the police immediately after the event. This is particularly important when property has been stolen, a motor accident has occurred, people have been injured or died, or a criminal act is suspected. Take all reasonable steps to recover any stolen property and, where safe to do so, find the guilty person.
16 Hollard Private Portfolio – Version 3.0.0 – 20 April 2020