Page 18 - Hollard Private Portfolio - Version 3.5

16 Hollard Private Portfolio – Version 3.5 – 7 May 2024
Understanding your policy
○ If you are not satisfied with the materials we find as the closest match then you have two options available if
we agree to them:
– You can pay the extra cost of replacing or repairing undamaged parts of the insured property to achieve
a uniform appearance.
– You can ask us to rather pay you the amount that it would have cost us to repair or replace the damaged
insured property with the closest matching materials.
○ The standard of repair or replacement will not exceed the requirements of any manufacturer or applicable
legislation.
Paying the amount of the claim
If we decide not to replace or repair, or if the benefit can only be paid in cash, we will pay you the amount of the claim.
○ How much we pay out does not consider the sentimental or other specific value the insured property may hold
for you.
○ We may transfer money into your bank account, or we may give you a pre-loaded debit card or a voucher.
○ The amount may be based on the replacement value of the item, or an amount that we have agreed to with
you.
○ Claims will be paid in South African rands only except for liability claims where required.
Malicious damage
We cover you for malicious damage to your insured property under the sections you have chosen.
Malicious damage occurs when someone (other than you or any of your beneficiaries) performs an act deliberately
designed to cause you damage.
An example is someone deliberately scratching the paintwork of your car, or painting graffiti on your wall. You are not
covered for malicious damage if:
○ you lend, let or sub-let your home, unless you can prove that it was not caused by your tenant; or
○ you leave it unoccupied for more than 60 days in any 12-month period.
You are not covered for malicious damage inside your home and outbuildings if they do not comply with the minimum
security requirements when the premises are unoccupied.
Noting the interest of financial institutions
If the insured property (for instance your motor vehicle or home) is financed, we accept the financial institution’s interest
in your property, as explained below:
○ Accepted claims: We will pay the financial institution first.
– The financial institution’s acceptance of our payment will mean that we have no further responsibility
for that portion of your claim.
– If the claim amount is more than your outstanding loan with the financial institution, we will pay the
difference to you.
– If the claim amount is less than your outstanding loan with the financial institution, we will pay the full
claim amount to the financial institution. You will still have to pay the balance of your outstanding loan
to the financial institution.
○ Rejected claims under the Buildings cover section: We will not pay anything to you. However, we will pay the
outstanding loan amount or the claim amount (whichever is the lesser) to the financial institution if both of the
following apply:
– The rejection of your claim was not for reasons of fraud, or dishonesty, or misrepresentation or
because of your deliberate actions, or any other person colluding with you.