Page 147 - Hollard Private Portfolio - Version 3.5
P. 147
145
Hollard Private Portfolio – Version 3.5 – 7 May 2024
Pleasure-craft
Total loss claims
○ Pleasure-craft less than five years old
If your pleasure-craft is less than five years old, we will either pay you the purchase price of a new pleasure-
craft of the same or closest equivalent model, or replace it with a new pleasure-craft of the same or closest
equivalent model.
– If the same make and model is not available on the local new pleasure-craft market, we may pay the
list price of a similar pleasure-craft or the sum insured, whichever is the lesser amount.
– If your pleasure-craft’s sum insured is less than the purchase price of a new pleasure-craft, it means
that you are underinsured, and we will only settle your claim up to the sum insured as shown in your
policy schedule.
○ Pleasure-craft older than five years
If your pleasure-craft is more than five years old, we will pay out the market value which will be determined by
obtaining quotations from two qualified pleasure-craft dealers. If your pleasure-craft’s sum insured is less than
the market value, it means that you are underinsured, and we will only settle your claim up to the sum insured
as shown in your policy schedule.
○ Accessories
The amount we pay for a total loss claim will include the value of any accessories shown in your policy schedule
which were lost in the same event.
○ If your pleasure-craft is financed
If your pleasure-craft is still financed, remember that we will first pay the financial institution as explained in
the Understanding your policy section.
○ Total loss after initial damage
If your pleasure-craft is damaged in an incident, and before you have the damage repaired your pleasure-craft
is damaged beyond economical repair in a subsequent incident, we will settle your claim as a total loss only. We
will not cover the unrepaired damage sustained in the first incident.
○ Cover ends after a total loss
Cover for your pleasure-craft ends if it is stolen and not recovered, or if our claims decision is to treat it as a
writeoff. If your pleasure-craft is written off, it becomes our property.
If the pleasure-craft is damaged and can be repaired
○ We will pay the reasonable costs of repair or replacement of parts of the pleasure-craft.
○ We will not be expected to achieve an exact restoration, repair or replacement. For example, we will not match
any glitter or decorative finishes.
○ We will repair the pleasure-craft as close to the original specification as possible.
○ If parts are not available, then we are not responsible for any additional costs caused by a delay in the repair
of your pleasure-craft.
Sails, protective covers, motors and batteries
Our payment for sails, protective covers, erected tackle, outboard motors, inboard motors and batteries will be the cost
to replace such items up to their reasonable market value.
○ The market value is the amount for which an item could be replaced immediately before the time of loss, with
one considered the same as the item that was lost or damaged.
○ We will use quotations from two qualified pleasure-craft dealers to determine the market value.
Proof of ownership
You must give us reasonable proof of ownership and proof of value of the pleasure-craft and any accessories, whenever
we ask for it.