Page 93 - Sectional Title Policy Wording

Motor
MOTOR
SUB-SECTION A – LOSS OR DAMAGE DEFINED EVENTS
1. Loss of or damage:
to any vehicle described in the Schedule, including its accessories and spare parts whilst therein or thereon.
2. Additional costs
In addition, Hollard will pay for:
2.1 protection and removal:
the cost of protection and removal to the nearest repairers if such vehicle is disabled by reasons of any loss or damage insured hereby;
2.2 storage:
the cost of storage at the nearest yard, place of safety or repairers if such vehicle is disabled by reasons of any loss or damage insured hereby;
2.3 emergency repairs:
You may give instructions for emergency repairs to be executed without the previous consent of Hollard; PROVIDED THAT
a detailed estimate is first obtained and forwarded to Hollard;
2.4 delivery after repair:
the cost of delivery to You, after repair of such loss or damage, to Your permanent address per the following territorial scope:
Republic of South Africa, Namibia, Botswana, Lesotho, Eswatini (formerly Swaziland), Zambia, Zimbabwe, Malawi or Mozambique;
PROVIDED THAT:
Hollard will not be responsible to pay more than R40 000 (forty thousand rand) in the aggregate any one period of insurance in respect of 2.1, 2.2, 2.3 and 2.4 above.
3. Limit of indemnity
The limit of indemnity for each type of vehicle is as stated in the Schedule shall be the maximum amount payable by Hollard.
4. Repair, reinstate or replace
4.1 Hollard may, at its own option and discretion, repair, reinstate or replace such vehicle or any part thereof and/or its accessories and spare parts therein or thereon or may pay in cash the amount of the loss or damage not exceeding the amount stated in the Schedule and/or the reasonable retail value, including any specified accessories whichever is the lesser.
4.2 If Hollard replace or reinstate such vehicle Hollard shall have the option to take ownership of the vehicle.
5. Reasonable retail value
The reasonable retail value of the vehicle and its factory fitted accessories and spare parts at the time of such loss or damage shall be determined by the current Auto Dealers Guide or Commercial Vehicle Guide.
PROVISIONS
1. Suspensive sale
If, to the knowledge of Hollard, the vehicle is the subject of a suspensive sale or similar agreement, such payment shall be made to the owner described therein, whose receipt shall be a full and final discharge to Hollard in respect of such loss or damage.
Sectional Title Insurance Policy Wording – Version 4 2023 Page | 91