Page 97 - Policy Wording - Hollard Prestige Portfolio

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Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 7 – Watercraft
A. OWN DAMAGE
Specific definitions for this section
○ You/your/yours/yourself includes the authorised skipper/the person in charge or control of the craft.
○ Watercraft means the yacht, motorboat or other small craft (less than 9 metres in length), consisting of the hull,
superstructure, motors and machinery, gear and equipment and standard fittings and accessories that would
normally be sold with the craft, but excluding its trailer. If you ask us you may also insure trailers.
○ Insured cause means an incident that causes:
– accidental death of, or bodily injury to, or illness of a person
– accidental physical loss of or damage to tangible property.
○ Legal costs and expenses means legal costs and expenses which a claimant can recover in connection with a valid
claim under this section and which are incurred with our consent.
Where we cover your watercraft
○ Inland and coastal waters of the Republic of South Africa, to a maximum distance of 40 nautical miles from the
shoreline of South Africa, as well as that of neighbouring countries.
○ Cover is extended to include territories and inland waters of Botswana, Lesotho, Mozambique, Namibia, Swaziland,
Malawi and Zimbabwe.
○ The territorial limits must not:
– exceed the offshore limitations as defined by the local Government Regulations governing the operation
of the insured watercraft, or
– 40 nautical miles from the shoreline of South Africa, as well as that of neighbouring countries,
whichever the lesser.
What is covered
○ We will cover you against loss or damage to the watercraft, which is being used for social, pleasure and domestic
purposes only, up to the sum insured stated in the schedule subject to the following:
– If the watercraft is less than five years old – the basis for calculating settlement is the current purchase
price of a new watercraft of the same or similar model.
– If the watercraft is more than five years old – the basis for calculating settlement is the current market
value. Quotations from two qualified watercraft dealers will be used to determine market value.