Page 8 - Hollard - Private Portfolio Policy Wording

General
Understanding all the legal stu
This is a legal contract
This policy wording and the Schedule is simply a legal contract between you (the person listed in the Schedule) and us (The Hollard Insurance Co. Ltd, Reg. No: 1952/003004/06).
It basically says that if you su er a loss from an insured event, we will pay you out. This is on condi on that you have paid your premiums, and you comply with all terms and condi ons.
Making things as clear as possible
The policy is designed to avoid confusion, so any word that has been formally de ned − for example, claim or insured event – shall have that meaning wherever it appears.
All the headings that you see are merely to help you nd informa on quickly. But remember that they are merely summaries; you must read the detail underneath. The content of the clauses will always be the nal authority in the event of any dispute around meaning or interpreta on.
Why all the terms and condi ons?
Terms and condi ons are the rules you have to comply with in order for the policy to be valid – for example, paying your premiums on me, or le ng us know if you’ve taken up a dangerous sport like hang-gliding.
Some condi ons are so strict that they are actually guarantees on your part – for example, that all jewellery must be kept locked away in a safe. Make sure you understand all terms and condi ons; if you don’t, it may result in us refusing to pay you out for a claim.
This is YOUR policy
Only you have rights under this policy – even where we have de ned "you" to include other persons.
Insurable interest
You can only claim for items in which you have an insurable interest – i.e. items which, if lost or damaged, cause you to be worse o nancially.
For example, you have an insurable interest in your own house, because if it is damaged, it results in a loss for you. However, damage to your neighbour’s house does not leave you nancially worse o , so you have no insurable interest in it, and therefore cannot claim for it.
6 Hollard Private Por olio