Page 80 - Hollard Private Portfolio

You
Unspecified property
Specified property
Collectables
Includes yourself, your spouse and members of your immediate family who reside with you and are financially dependent on you
Clothing and personal effects that are either worn or carried with you, or which often leave your home. These tend to be low-value items such as pens, make-up and handbags. Unspecified property also includes sports equipment (except bicycles) and groceries
Any item of property that is specifically listed in your Schedule. These tend to be of high value, and typically include jewellery, watches and laptops
Collectables mean any item that is regarded as being of value or interest to a collector, for example firearms, stamps, coins and medal collections. We will pay up to the value set out in a recognised catalogue or pricelist as at the date of the loss or damage, or as determined by an independent specialist
All Risks
Key terms to understand
Paying out after a claim
How much we pay
We will pay out based on the replacement cost of any damaged or lost property.
For any claim under Unspecified Property, we will pay up to the limit, stated in the Schedule, for any one item or groceries. If you have chosen a sum insured of R10 000 and the limit is 25% we will pay up to R2 500 (25%) for any one item or groceries. This pay-out will never exceed the amount in the Schedule.
For any claim under Specified Property, we will pay up to the full value of the sum insured.
Take the time now to check the Schedule for those items you have chosen to list under Specified Property. These are the items that you will be able to claim for in full.
Example
Unspecified item
If you have lost a watch that costs R2 500 to replace, and your limit is R2 500 (25% of the sum insured of R10 000), we will pay the full R2 500. If you lost groceries that cost R1 500, and your limit is R2 500 (25% of the sum insured of R10 000) we will pay the full R1 500. This pay-out will never exceed the amount in the Schedule.
Specified item
If you have lost a ring that costs R20 000 to replace, and it is insured for R20 000, we will pay the full R20 000. If the ring is specified for only R16 000, we will pay only R16 000.
78 Hollard Private Portfolio – Version 3.0.0 – 20 April 2020