Page 306 - Agriculture Policy Wording Binder

DEFINITIONS
Motorboats, yachts and small crafts
3. Reasonable market value
If the vessel is totally destroyed the Company will pay the market value of the vessel immediately before the accident and the cost of removing the damaged vessel less the value of the remains.
4. Additional costs
In addition, the Company will pay for:
1. the expenses of sighting the bottom after the insured vessel has been stranded, sunk or in collision, if reasonably incurred specially for that purpose, even if no damage be found;
2. salvage charges incurred in preventing a loss by any peril stated in this Section;
3. costs and expenses reasonably incurred in minimising or averting a loss which would have resulted in a claim under this Section.
5. Reductions on a claim
A claim may be reduced by deductions on account of new material replacing old at the Company’s discretion in respect of loss or damage to
1. sails, protective covers and running rigging;
2. motor(s), inboard motor(s), batteries and machinery.
6. Spare parts
In the event of loss of or damage to the property insured the Company’s liability in respect of any new parts which may be required as a result of such loss or damage and which are unobtainable in the Republic of South Africa, Namibia or Botswana or are obsolete in pattern, shall be limited to the value of such parts at the time of the loss or damage but not exceeding the manufacturer’s last issued catalogue or price list for such parts
Accessories and spare parts (non-standard)
any accessory or part not supplied by the manufacturer as a standard fitment and fitted as an aftermarket fitment (optional extras)
a certificate, including any relative endorsement, issued in respect of a Vessel that complies with requirements as per the “Merchant-Shipping Regulations, 2007”
the Authority and, to the extent that it has been designated pursuant to Regulation 30 (1) of the “Merchant-Shipping Regulations, 2007” to perform the functions of a Certifying Authority, and Authorized Agent.
Certificate of Competence
a certificate, including any relative endorsement, issued by a Certifying Authority entitling its lawful holder to act in the capacity and perform the functions involved on a vessel of the type, category, tonnage or length power and means of propulsion concerned
Certificate of Fitness
Certifying Authority
Description of use
use for social, domestic, pleasure and private purposes
but excluding:
1 use in connection with any business, trade or profession or whilst the insured property is let out on hire or charter;
2. use for racing or speed tests or any trials in connection therewith
3. hiring;
4. carriage of passengers for hire or carriage of fare paying passengers;
5. carriage of any load or passengers exceeding the capacity for which the vessel is constructed or licensed to carry;
6. used for other than what the vessel was constructed or licensed to be used for
Occurrence
the term 'occurrence' shall mean an occurrence or series of occurrences arising from one cause in connection with any one vessel in respect of which indemnity is provided by this insurance
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Policy Wording – Agriculture – Binder – Version 2 2023