Page 22 - Sectional Title Policy Wording

General Exceptions, Conditions and Provisions
Section
Reference
Amendment
Commercial Crime
Reduction/Reinstatement of sum insured Extension
The words "annual premium" are amended to read
"12 (twelve) times the monthly premium" for policies with monthly periods of insurance and "4 (four) times the quarterly premium" or "2 (two) times the bi-annual premium" for policies with quarterly or half-yearly periods of insurance respectively.
Commercial Crime
Defined Event
In addition to the defined events the following is added:
The amount payable during any one period of
12 (twelve) consecutive months from inception or anniversary date will not exceed the sum insured stated in the Schedule at the said inception or anniversary date as the case may be (or double the sum insured
if the "Reduction/Reinstatement of sum insured" Extension applies).
If the sum insured is increased the 12 (twelve) consecutive months applies from the anniversary date.
Any reinstatement between the date of increase and the anniversary date will not exceed twice the sum insured.
16. Locks and keys
This Provision shall apply to the following Sections of this Policy:
A. Buildings;
B. Office Contents;
C. Money.
In addition to any payment in respect of a defined event, the Company will indemnify the Insured in respect of the cost of replacing locks and keys following upon the disappearance of any key or following upon the Insured having reason to believe that any unauthorised person may be in possession of such key or a duplicate of such key of:
16.1 any receptacle; or
16.2 the office premises;
16.3 after theft has taken place and the Company accepted liability for such claim;
PROVIDED THAT:
1. the premises is stated in the Schedule;
2. the liability of the Company shall not exceed R5 000 (five thousand rand) in terms of 16.1, 16.2 or 16.3 or R10 000 (ten thousand rand) in the aggregate any one event.
3. the Insured shall be responsible for the first R500 (five hundred rand) each and every claim.
17. Property under construction or alteration
Property insured by this Policy in the course of erection and/or completion and/or alteration, until final completion of the contract, shall not exceed R2 500 000 (two million five hundred thousand rand);
PROVIDED THAT:
this Exception shall not apply in respect of damage to:
1. any section of incomplete property which has been handed over for use by the Insured and that has been satisfactorily tested and commissioned;
2. existing insured property caused by a Defined Event not otherwise excluded by this Policy.
18. Warranties and endorsements
If cover is subject to a specific warranty(ies) or requirement(s) or the premium was reduced as a result of receiving a discount for precautionary measures taken on any Section of this Policy and these measures are not in place, maintained and/or operational at the time of the loss or damage for which a claim is submitted, the Company may reject the claim.
Page | 20 Sectional Title Insurance Policy Wording – Version 4 2023