Page 195 - Agriculture Policy Wording Binder

Motor
PROVIDED THAT:
1. the amounts payable shall not exceed the maximum indemnity less the first amount payable under Sub-Section A;
2. this endorsement shall not apply to an agreement whereby the amount of any single installment other than the final residual amount after the initial payment differs by more than 10% (ten percent) from any other installment;
3. if such shortfall is as a result of a re-advance under an installment sale or refinancing in terms of a lease the insurance by this Extension shall be void;
4. the amount payable under this Extension shall not exceed the amount stated in the Schedule subject to the Terms, Provisions and Conditions of this Extension.
Electronic equipment used for precision farming
In consideration of the payment of an additional premium the Company shall indemnify the Insured for loss of or damage to electronic equipment used for precision farming, installed in or on combines, tractors or agricultural implements only, specified in the Schedule;
PROVIDED THAT:
1. the vehicle is insured in terms of Sub-Section A of this Section;
2. such electronic equipment must be individually specified in the Schedule against each comprehensively insured vehicle;
3 the Company’s liability in respect of any one occurrence shall be limited to the amount stated in the Schedule;
4 the Company shall not be liable for the first R2 000 (two thousand rand) in respect of each and every claim.
Exception 1 under Exceptions to Sub-Section A – Loss or damage, is cancelled and replaced by:
1. Consequential loss as a result of any cause whatsoever, depreciation in value whether arising from repairs following a Defined Event or otherwise, any loss or subsequent loss or damage (other than by fire) due to mechanical breakdowns, wear and tear, failures or breakages.
Loss of use
If a heavy commercial vehicle with a GVM in excess of 3 500 kg (three thousand five hundred kilograms) or a Tractor and/or Combine is insured in terms of Sub-Section A and the vehicle is stolen, hijacked or damaged and for which the Company accepted liability to compensate for, the Company will pay to the Insured the equivalent rental cost of a replacement vehicle;
PROVIDED THAT:
1. Cost of the vehicle rented:
1.1 the daily rental cost shall not exceed the amount stated in the Schedule;
1.2 all delivery and/or collection costs;
1.3 administration costs chargeable by the vehicle hire company;
subject to a maximum of R1 500 (one thousand five hundred rand) for each and every event in terms of 1.2 and 1.3 above.
2. Excluded costs (costs the Company shall not be liable to pay):
2.1 any deposits payable;
2.2 fuel used during the rental period;
2.3 parking fees, speeding fines or fines, toll or e-toll costs;
2.4 excesses payable to the rental company.
3. The rental period:
3.1 starts on the day the Company admits liability in terms of the original claim and agrees to the rental;
3.2 the rental period shall cease at the time when:
3.2.1 the vehicle is recovered upon theft (and repaired if necessary) and returned to the owner;
3.2.2 the vehicle is repaired after being damaged and returned to the owner;
Policy Wording – Agriculture – Binder – Version 2 2023 Page | 193