Page 30 - Sectional Title Policy Wording

carried out with reasonable despatch, otherwise no payment beyond the amount which would have been payable if these reinstatement value conditions had not been incorporated herein will be made;
2. until expenditure has been incurred by You in replacing or reinstating the property, Hollard will not be liable for any payment in excess of the amount which would have been payable if these conditions had not been incorporated herein;
3. if, at the time of replacement or reinstatement, the sum representing the cost which would have been incurred in replacement or reinstatement if the whole of Your insured property had been damaged exceeds the sum insured thereon at the commencement of any damage to such property by a defined event, then You will be considered as being Your own insurer for the excess and will bear a rateable proportion of the loss accordingly. Each item of this section (if more than one) to which these conditions apply will be separately subject to this provision;
4. these conditions will be without force or effect if:
4.1 You fail to intimate to Hollard within six months of the date of damage, or such further time as Hollard may in writing allow, Your intention to replace or reinstate the property;
4.2 You are unable or unwilling to replace or reinstate the property on the same or another site.
Temporary removal
Except in so far as otherwise insured, landlord’s fixtures and fittings are covered while temporarily removed to any other premises including transit by road, rail or inland waterway anywhere within the Republic of South Africa, Namibia, Botswana, Lesotho, Eswatini (formerly Swaziland), Zimbabwe, Mozambique and Malawi;
PROVIDED THAT:
1. unless such temporary removal is for the purpose of cleaning, renovation, repair or similar process, the liability of the Company shall not exceed 20% (twenty percent) of the sum insured applicable to any item;
2. the amount payable under this Clause shall not exceed the amount that would have been payable had the loss occurred on the part of the premises from which the property is temporarily removed.
Temporary repairs and measures after loss
The insurance under this Section is extended to include all costs and expenses incurred by You in effecting such temporary repairs and by taking such temporary measures as may be reasonably necessary after loss of or damage to the insured property by any peril hereby insured against;
PROVIDED THAT:
The liability of Hollard for such loss or damage and costs and expenses shall not exceed in the aggregate R50 000 (fifty thousand rand).
Tenants
The insurance will not be invalidated by any act or omission on the part of an owner of a unit (except if committed by all owners in concert or except in respect of damage belonging to the owner whose act or omission caused the damage) or a tenant thereof (without Your or the owner’s knowledge), provided that You or the owner notify Hollard as soon as such act or omission which is a contravention of any of the terms, exceptions or conditions of this section comes to Your knowledge and pay on demand the appropriate additional premium from the date any increased hazard will be assumed by Hollard.
Water leaks/loss of water
Hollard will indemnify You for cost of water lost through leakage from pipes in any building, unit or on common property and for which You are responsible to pay;
PROVIDED THAT:
1. Hollard will only indemnify You for the cost of additional water consumption in the event of a quarterly meter reading of water consumption exceeding the average of the previous four quarterly meter readings by 50% (fifty percent) or more;
2. the limit of indemnity in respect of cost of lost water shall not exceed R15 000 (fifteen thousand rand) for any one event or R50 000 (fifty thousand rand) during any one insurance period;
Buildings
Page | 28 Sectional Title Insurance Policy Wording – Version 4 2023