Page 32 - Policy Wording - Hollard Prestige Portfolio

30 Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
How we settle your claim
○ Set tlement of your claim
We will set tle all valid claims as quickly as possible. We must investigate the validity of all claims, and delays in
approving claims may occur. Your cover will be limited to the amount and set tlement basis stated in your schedule
and your policy wording, less your excess amount. Your excess amount will be the total of your basic excess and
any additional excess amounts that apply to the specific claim, as stated in your schedule.
○ Total loss
We have the right to decide when the insured property can be declared a total loss. A total loss is when the cost
of repairs plus salvage or replacement of the item amounts to more than the sum insured of the item at the time
of the loss.
○ Time limits
– If we reject a claim in writing or if you dispute the outcome of your claim you may, within 90 days from
the date of receiving such communication from us, make writ ten presentations to us of your objection.
Immediately following this, you have a further 180 days in which to serve a summons on us. If you do not
serve a summons on us within this period your right to challenge the decision is forfeited.
– We are not liable after 365 days from the date of the event that gives rise to a claim, unless the claim is the
subject of pending court action or arbitration; or is a claim in respect of your legal liability to a third party.
○ Time period to start repairs
Repairs to your vehicle must start within six months of the date that we approve your claim. If you delay the
repairs after this period, we will pay only the agreed amount at the date of our authorisation of the claim and you
will be responsible for the balance if the cost of repairs increases.
○ When we cannot match materials
– When the insured property is repaired we are not obliged to do so exactly or precisely but only as
circumstances reasonably allow at our discretion. If we cannot find new materials to match undamaged
parts, we will use the closest match available to us.
– We will do this only to the part of the structure or room where the loss or damage has occurred. We will
not pay for matching building materials to create a uniform effect throughout your home.
– If you are not satisfied with the materials we find as the closest match:
•
you can pay the extra cost of replacing undamaged parts of the home to achieve a uniform
appearance if we agree, or
•
we will pay you what it would have cost us to repair or rebuild the damaged part.
○ You may choose to rebuild your home
You may choose to rebuild your building as close as possible to its condition when new on the same site or on
another site and in the way you want.