Page 19 - Hollard Private Portfolio - Version 3.5

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Hollard Private Portfolio – Version 3.5 – 7 May 2024
Understanding your policy
– The financial institution was not aware of the reasons that led to our rejection of your claim, or the
financial institution was aware but they informed us as soon as they became aware of it.
We reserve our right to recover any payments we have made to a financial institution, from you.
How your excess works
○ Your excess is the first amount that you must pay towards a claim under this policy. The excess for each benefit
is listed in the Excess and limit section of your policy schedule. The following are the different types of excesses
which could apply to a claim:
– Basic excess: This is the amount that you chose for the following cover sections: Buildings, Household
contents, and Motor, or the predetermined amount (rand amount or percentage of the claim amount).
– Additional/Compulsory excess: This is an extra amount in addition to your basic excess. If additional
excesses apply to you, we will note them in your policy schedule. More than one additional excess can
be applied in the event of a claim.
– Voluntary excess: This is an extra amount that you chose on top of your basic excess. If a voluntary
excess was selected by you, we will show it in your policy schedule. The voluntary excess will only have
to be paid where the excess is shown as the word ‘Basic excess’. You don’t have to pay the voluntary
excess in the following instances:
▪ Excesses that are shown as the word ‘Nil’ amount.
▪ Excesses that are not the basic excess and shown as a rand amount or a percentage of the
claim amount.
○ All basic excesses (except those noted below) become nil when the policyholder is aged 55 or older, unless
the policyholder opts to pay a basic excess, as shown in your policy schedule. In the Motor cover section, this
applies if the driver at the time of the accident is aged 55 or older. An excess will still be payable regardless of
the age of the policyholder for claims related to the following benefits:
– Power surge, under the Building and Household contents cover section.
– Theft of spare wheels under the Motor cover section.
– Data restoration under the Cyber insurance cover section.
○ If your claim involves more than one benefit under a cover section, you only have to pay the highest excess. The
excess that you must pay is the total of all of the following:
– Your basic excess or alternatively the rand amount or a percentage of the claim amount (as applicable);
and
– Any applicable additional/compulsory and voluntary excesses.
○ If you claim under more than one cover section because of the same event, you again only have to pay the
highest excess (as explained above) under all the cover sections.
○ If we settle a claim by making a payment to you, then we will deduct the excess from the amount we pay. If we
settle a claim in any other way, then you must pay the excess directly to the service provider.
How we calculate the claim settlement amount
The purpose of insurance is to restore you to the financial position you were in before the loss of, or damage to, your
insured property. This may be based on:
○ replacement value or "new for old", where the pay-out is based on the value of similar new property
○ a pre-agreed sum
○ any other basis as described in the relevant section, such as the retail value of a vehicle.
How much we pay out is always based on the value of the lost property, and not the sentimental or other specific value
the property may hold for you.