Page 110 - Sectional Title Policy Wording

3. Express delivery and overtime
Extra charges for express delivery, airfreight, overtime, Sunday and holiday rates of wages payable in respect of the necessary and reasonable additional costs incurred by You for effecting repairs or replacement approved by Hollard, limited to 50% (fifty percent) of the amount which the repair or replacement would have cost had these additional costs not been incurred.
CLAUSES AND EXTENSIONS (applicable to Sub-Section A only) Hire purchase/finance agreements
Where Hollard has knowledge of the property insured or any individual item thereof being the subject of a suspensive sale or similar agreement, payment hereunder shall be made to the owner described therein whose receipt shall be a full and final discharge to Hollard in respect of loss or damage indemnifiable by this Sub-Section of the policy.
Software upgrade
If Hollard has accepted liability in terms of a claim, Hollard will pay in addition to any other amount the reasonable cost to reinstate or upgrade the software installed on the system which is lost or damaged;
PROVIDED THAT:
1. the cost towards the replacement or upgrade of the software shall not exceed 20% (twenty percent) of the value of the insured equipment or R5 000 (five thousand rand) whichever is the lesser;
2. You will be responsible for the first R750 (seven hundred and fifty rand) for each and every upgrade or replacement;
3. this Extension shall apply to each item separately and individually.
Tenants
This insurance will not be invalidated by any act or neglect on the part of Your tenant (where You own the building) or another tenant or the owner of the building (where You are a tenant);
PROVIDED THAT
You notify Hollard as soon as such act or neglect comes to Your knowledge and pay on demand the appropriate additional premium.
SUB-SECTION B – CONSEQUENTIAL LOSS DEFINED EVENTS
The insurance provided by this Sub-Section (if stated in the Schedule) shall be subject to the limits of indemnity stated in the Schedule and shall include:
1. Increased cost of working
The insurance under this item is limited to the additional expenditure necessarily and reasonably incurred by You during the indemnity period, being 3 (three) months, in consequence of the accident for the sole purpose of avoiding or diminishing the interruption of or interference with Your normal business, not exceeding R10 000 (ten thousand rand), less any sum saved during the indemnity period in respect of such charges and expenses of the business as may cease or be reduced in consequence of the accident. A time delay (time excess) of 24 (twenty four) hours is applicable from the time of loss.
PROVIDED THAT:
the indemnity for this item shall not apply directly or indirectly to:
1. the cover provided for in item 2. of this Sub-Section;
2. the intrinsic value (including reinstatement value) of the property insured by Sub-Section A of this Section.
2. Reinstatement of data/programs
The insurance under this Section is extended to include costs and expenses necessarily and reasonably incurred by You for the reconstitution or recompilation of data and/or programs recorded on or stored in data-carrying media which is lost as a result of accidental erasure or by theft or by the deliberate willful or wanton intention of causing the cancellation or corruption of data or programs, subject to General Exceptions 1, 3 and 4 and Specific Exceptions 2, 3, 4 and 5 to Sub-Section A of this Section up to a maximum amount of R10 000 (ten thousand rand);
Electronic Equipment
Page | 108 Sectional Title Insurance Policy Wording – Version 4 2023