Page 98 - Policy Wording - Hollard Prestige Portfolio

96 Hollard Prestige Portfolio – Version 1.5 – 19 June 2024
Section 7 – Watercraft
○ If a part necessary for the repair of the watercraft is not available in the Republic of South Africa, we will pay an
amount equal to the value of the part at the time when the loss or damage occurred. The value of the part will be
determined by the price stated in the most recent catalogue or price list. The cost of air freight and/or importing
replacement parts and express delivery is limited to the amount stated in the schedule.
○ Our payment for sails (less than three years old), protective covers, erected tackle, outboard motors, inboard
motors and batteries will be the cost to replace such items up to its reasonable market value less depreciation.
○ The maximum amount we pay for loss of or damage to the watercraft is the sum insured.
○ We will not be expected to achieve an exact restoration, repair or replacement. It will be as close to the original
specification as possible.
○ Inspection of the hull after stranding, sinking or collision means the costs up to the limit stated in the schedule
incurred to inspect the hull of the watercraft for possible damage that may have occurred due to stranding, sinking
or collision.
○ Medical benefit means bodily injury sustained by any person while on board the watercraft as a result of an
accident. We will pay the benefit stated in the schedule.
○ Outboard motors means loss or damage to outboard motors as a result of dropping off or falling overboard,
provided that they have been bolted or chained to the hull.
○ Repatriation costs means the cost necessarily incurred by you to repatriate the watercraft when damage was
sustained while outside of the borders of the Republic of South Africa, but within 'Where we cover your watercraft'
up to the limit stated in the schedule.
○ Safeguarding and emergency repairs means:
– the necessary costs up to the limit stated in the schedule to store, safeguard and remove the watercraft
to the nearest repairer, if the watercraft is not in working order, due to loss or damage covered under this
section
– costs up to the limit stated in the schedule for emergency services you are liable to pay to any public
authority following a loss.
○ Sails and protective covers means if sails or protective covers are more than three years old when loss or damage
occurs we will pay for two-thirds of the replacement cost only.
○ Salvage costs means costs incurred with our written consent, for lifting out, removal or destruction of the wreckage
of the watercraft up to the limit stated in the schedule.
○ Transit risks means we cover any own damage during transit by land (including loading and unloading).
○ Use by another person means any person other than the operator will be regarded as the policyholder provided
they comply with the terms and conditions of the policy.
○ Laid up periods mean we do not refund any premium for any period during which your watercraft may be laid up.