Page 96 - Hollard Private Portfolio - Version 3.5

94 Hollard Private Portfolio – Version 3.5 – 7 May 2024
Cyber insurance
▪ Follow our recommendations to prevent further loss.
▪ Make use of our service providers.
▪ Take all reasonable and necessary measures to minimise the duration and effect of any losses
after an event.
▪ Contact your broker immediately if you receive a letter of demand, summons or if another
legal process was issued by you or against you.
▪ Provide complete information on time and send any police reports, court documents, letters
of demand or any settlement offers to us.
– You must never do any of the following:
▪ Admit guilt, fault, liability, or incur any legal costs without first getting our permission.
▪ Offer or negotiate to pay a claim.
▪ Accept any offer from another person for any damage that you want to claim for under this
policy. If you do, you will not have any claim under this policy.
○ How we deal with a third party liability claim
– A third party claim must be made against you and reported to us during the period of insurance.
– We will consider whether you are responsible for causing the damage or loss.
– If we do not consider you responsible, we will reject the claim and send a rejection letter to you and
the person claiming liability against you.
– If you are responsible, we will negotiate with the other party on your behalf. We will attempt to reach
a settlement agreement for the amount of the loss, damage or injury.
– If we cannot reach a settlement, or if we receive a summons from the court, we will go to court on your
behalf. This means that we take over your rights to defend yourself.
– The law allows three years from the date of the claim event, for the other person to claim from you.
○ What we will pay
– We will pay the actual amount of liability, legal costs or expenses up to the limits shown in the policy
schedule.
▪ A maximum limit will apply within one year irrespective of the number of claims you may
have during the period of insurance.
▪ All pay-outs are made in South Africa, in local currency.
○ Who we will pay
– We will pay the benefit amount to you or the approved service provider who assisted you with your
claim.
– If we accept legal liability on your behalf, we will pay the benefit amount to the person that is claiming
liability against you.
○ Dual insurance – if you have double insurance
If you have more than one insurance policy in place that covers you for liability, legal costs or expenses for the
same event, the full amount of the claim will be split proportionally between the different policies.
– The cover you have under each policy will determine how we split the claim amount.
– If you claim from us, you may not also claim from the other insurer, and if you claim from the other
insurer, you may not also claim from us.
– If you claim from us, we may settle your claim in one of the following ways:
▪ We may pay the full claim amount to you and recover from the other insurer the part of the
claim which they are responsible for.
▪ We may pay only our part of the claim to you and arrange with the other insurer to pay their
part of the claim directly to you.