Page 17 - Agriculture Policy Wording Binder

General Exceptions, Conditions and Provisions
17. Interest on payments
No interest will be payable on any amount due by the Company in terms of this Policy unless a Court of Law orders otherwise.
18. Law and jurisdiction
Any dispute between the Insured and the insurers in connection with or arising out of the Policy shall be decided exclusively in accordance with the law of the Republic of South Africa and exclusively by a competent court of South Africa.
The Insured undertakes that they will not institute any action against the insurers nor bring joinder proceedings against the insurers in the court of any country other than the Republic of South Africa.
19. Change of interest/disclosure/non-disclosure/misrepresentation/misdescription
19.1 Before the Insured enters into a contract of insurance with an insurer, the Insured has a duty to disclose to the insurer every matter known, or that the reasonable person in a similar position could reasonably be expected to know, that is relevant to the insurer's decision whether to accept the risk of the insurance and, if so, on what terms.
19.2 The Insured has the same duty to disclose those matters to the Company before the Policy is renewed, extended, amended or reinstated.
19.3 Failure to comply with the duty of disclosure, the Company may be entitled to reduce its liability under the Policy in respect of a claim or may void the Policy from the date of the material change of risk or non- disclosure.
19.4 Further, the cover provided by this Policy shall be void with respect to any item insured:
19.4.1 to which any alteration after the commencement of this insurance takes place;
19.4.2 whereby the Insured's interest ceases except by will or operation of law;
unless notice has been given to the Company in writing as soon as practicable after such alteration and an additional premium paid if required.
19.5 Misrepresentation or misdescription in any material particular shall render voidable the particular item, Section or Sub-Section of the Policy, as the case may be, affected by such misrepresentation or misdescription.
20. Alterations to the business
20.1 The Insured must immediately advise the Company in writing of any changes to the business that may increase the risk or result in an increased chance of destruction, loss or damage to property insured or liability to third parties.
20.2 The definition of change referred to in 20.1 shall include but not be limited to:
20.2.1 changes in the name of the Insured or directors or partners;
20.2.2 changes to the address or location of the business;
20.2.3 changes in the nature of the business activities, trade or occupation;
20.2.4 alterations in construction of the premises;
20.2.5 new business products not previously disclosed to the Company;
20.2.6 change of tenants if the insured property is leased out;
20.2.7 additional premises occupied.
20.3 The Company may at its own discretion:
20.3.1 adjust the premium or terms of the Policy;
20.3.2 require additional Terms, Conditions or Provisions;
20.3.3 cancel the Policy in accordance with the General Condition 3 of the Policy.
Policy Wording – Agriculture – Binder – Version 2 2023
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