Page 101 - Sectional Title Policy Wording

Motor
PROVIDED THAT:
1. Exception 2 under Sub-section B is deleted;
2. Hollard will not be liable for loss of or damage to any motor vehicle being used for the purposes and in the manner described in 1. and 2. above;
3. the payment by You of subsidies or travelling allowances to such person for the use of his own vehicle for Your official purposes, including the carriage of persons for such purposes, is allowed without prejudice to the insurance by this Extension;
4. if, at the time of the occurrence of any accident giving rise to a claim under this Extension, You or such person is entitled to indemnity under any other policy in respect of the same occurrence, Hollard will not be liable to make any payment hereunder except in respect of any excess beyond the amount payable under such other policy;
5. the Terms, Exceptions and Conditions of the Policy shall otherwise apply;
6. Hollard’s liability shall not exceed the limit stated in the Schedule for each and every occurrence.
Credit shortfall
If any total loss settlement under Sub-Section A is less than the amount owing to the financier under a current installment sale or lease agreement, Hollard will pay to You an additional amount equal to the shortfall less:
1. any arrears installments or rentals including interest payable on such arrears;
2. all refunds of premium for cancellation of any insurance cover relating to the motor vehicle;
3. the increased installments or rentals that would have been paid had there been no residual capital value at the end of the finance period, calculated to the month in which the claim is settled;
4. the first amount payable under Sub-Section A;
PROVIDED THAT:
1. the amounts payable shall not exceed the maximum indemnity less the first amount payable under Sub-Section A;
2. this endorsement shall not apply to an agreement whereby the amount of any single installment other than the final residual amount after the initial payment differs by more than 10% (ten percent) from any other installment;
3. if such shortfall is as a result of a re-advance under an installment sale or refinancing in terms of a lease the insurance by this Extension shall be void;
4. the amount payable under this Extension shall not exceed the amount stated in the Schedule subject to the Terms, Provisions and Conditions of this Extension.
Retail value plus
If the vehicle described in the Policy Schedule, covered under Sub-Section A, is stolen, hijacked or damaged beyond economical repair and for which the Company accepted liability to compensate for, the Company will pay the Reasonable retail value (as per the Defined Events) at the time of loss, plus the additional percentage plus any specified accessories as stated in the Policy Schedule;
PROVIDED THAT:
1. The Company’s liability shall not exceed:
1.1 the maximum indemnity stated in the Policy Schedule against such vehicle; or
1.2 the Reasonable retail value (as per the Defined Events) as at the time of loss PLUS the additional percentage selected PLUS any specified accessories, as stated in the Policy Schedule;
less the first amount payable under Sub-Section A, whichever is the lesser;
2. the Insured shall provide the Company with written proof, obtained from a motor dealer, accredited professional valuator or registered motor club, confirming the value of the vehicle as at the time of loss;
3. this Extension is only applicable to private type motor cars and light commercial vehicles up to a GVM of 3 500 kg (three thousand five hundred kilograms).
Sectional Title Insurance Policy Wording – Version 4 2023 Page | 99