Page 38 - Policy Wording - Hollard Prestige Portfolio

36 Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
How we settle your claim
In addition, the following security measures also apply if stated in the schedule:
○ all opening windows, louvres and skylights must be protected by burglar bars
○ security gates must be fit ted to all exiting doors, and must be locked when your home is left unoccupied
○ an alarm system must be installed complying with the following requirements:
– the alarm must be linked to a 24-hour armed-response service
– the alarm must be working properly
– it must be activated when your home is left unoccupied
– you must change the generic code to your own unique code.
Note that your alarm system may be required to include an electric fence or outside alarm beams. This is described in
your schedule as perimeter security.
If you are unsure of which security requirement applies, please check your schedule.
Your excess
○ What is an excess?
An excess is the amount you have to pay for each incident when you make a claim. We will deduct the excess from
the amount of cover provided by your policy for the loss. The amount and types of excesses are stated in your
schedule. Check your schedule now and familiarise yourself with the applicable excesses. The types of excesses
are listed below:
– Basic excess means this excess applies to all sections of the policy wording.
– Optional cover excess means the excess applicable to optional cover.
– Additional excess means sometimes we might decide to impose an additional excess. There is a range of
reasons why we might decide to impose an additional excess. If an additional excess applies it applies in
addition to any other excesses.
– Excess waiver means if you selected this option it is subject to an additional premium and the basic excess
applicable will be deleted unless stated otherwise in your schedule.
– Flat excess means if you selected this option it is subject to an additional premium and the basic excess
applicable will be deleted unless stated otherwise in your schedule.
– Voluntary excess means if you selected this option it is subject to a discount and will be applied in addition
to the basic excess applicable.
○ When multiple excesses apply: Depending on the circumstances, you might have to pay more than one type of
excess when you claim.
○ One excess when you claim for your home and contents: If you have a claim for both home and contents for the
same insured incident, we will calculate the excesses that apply to your home and contents separately. You do not
have to pay both; you pay the higher of the two amounts only. You must pay the excess in full.