Page 21 - Hollard Private Portfolio - Version 3.5

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Hollard Private Portfolio – Version 3.5 – 7 May 2024
Understanding your policy
Interest
We do not pay interest on any amount due by us unless ordered to do so by a South African court of law or an arbitrator
that we have both agreed to.
We will never pay more than the value of your insured property
We will never pay out more than the value of your lost, stolen or damaged insured property, even if you are over-insured.
This also means that we will only ever pay for an item or benefit under one cover section in the event where more than
one cover section provides the same benefit, or in the event that you have insured an item under more than one cover
section.
Our responsibility ends after we have paid a claim
Once we have paid a claim, we have met our responsibilities to you under this policy. We will not be responsible for any
other costs relating to that claim, except if we recover money from other people as explained under the Third party
claims section at the end of this document.
Salvage belongs to us after a claim
Any insured property that we decide is uneconomical to repair, or any lost or stolen property which is found after a
claim has been settled, is referred to as salvage. Salvage is our property and we may sell it to cover our claims cost. If
the proceeds of the sale are more than our claims costs, we will pay the difference to you. This clause does not apply
to claims for:
○ Salvage of a pleasure-craft written-off outside South Africa under the Pleasure-craft cover section.
○ Salvage of a vehicle written-off outside South Africa under the Motor cover section.
If you do not agree with our claims decision
Please refer to the process explained under How to complain.
Prescription – expiry of claims
○ When a claim prescribes, it means that you have lost your right to claim and we will no longer be legally
responsible for paying that claim.
○ A claim will prescribe after 12 months from the date of the event, unless any of the following applies:
– You have referred the claim to the National Financial Ombud Scheme South Africa NPC.
– You have started legal action against us.
– The claim relates to your legal liability towards another person.
General exclusions – what is not covered
You must read these exclusions together with the specific exclusions in each cover section. These exclusions apply to all
cover sections of this policy except for:
○ Cyber insurance
○ Personal accident
Asbestos
We do not cover any legal liability or consequential loss because of the presence of asbestos in any form or quantity. This is
because of the hazardous nature of asbestos.
Confiscation or similar acts
We do not cover you for any loss, damage or costs because the police or any other authority legally took possession of
your insured property for any period.