Page 14 - Hollard Private Portfolio - Version 3.3

Understanding your policy
○ Whichever option we decide on, we will pay back the part of the premiums received which relates to the other insurer’s part of the claim, but only in respect of premiums received for three years prior to the date of the claim.
○ It is the other insurer’s responsibility to refund premiums you paid to them relating to our portion of the claim, and you will have to contact the other insurer directly for a refund.
You cannot claim more than the sum insured
To restore your original financial position, the pay-out will be based on the value (as above) of the lost property, but never more than the sum insured.
How we may settle a third-party liability claim
In the event of a claim for liability towards a third party, we may finalise the claim by paying the limit of liability, or any lesser amount for which the third-party claim may be settled. This will release us from any further liability for the claim.
We do not pay interest
Although we strive to settle all claims promptly, we cannot be held responsible for any interest on an outstanding claim. We do not pay interest on any amount due by us unless ordered to do so by a South African court of law or agreed arbitrator.
How your excess works
○ Your excess is the first amount that you must pay towards a claim under this policy. The excess for each benefit is listed in the Excess and Limit section of your policy schedule. The following are the different types of excesses which could apply to a claim:
– Basic excess: This is the standard defaulted excess which will apply. In the Buildings and Household contents sections you can choose for your basic excess to be nil, and in the Motor section you can choose for the basic excess to be a nil or a percentage of the claim.
– Additional/Compulsory excess: This is an extra amount in addition to your basic excess and voluntary excess. If additional excesses apply to you, we will show them in your policy schedule. More than one additional excess can be applied in the event of a claim.
– Voluntary excess: This is an extra amount that you chose on top of your basic excess. If a voluntary excess was selected by you, we will show it in your policy schedule.
The voluntary excess will only have to be paid where the excess is shown as the word ‘Basic excess’. You don’t have to pay the voluntary excess in the following instances:
▪ Excesses that are shown as the word ‘Nil’ amount.
▪ Excesses that are not the basic excess and shown as a rand amount or a percentage of the
claim amount.
○ Any excesses in the Excess and limit section of your policy schedule that are shown as rand amounts or percentages of the claim amount instead of the words ‘Basic excess’ or ‘Nil’, will always have to be paid. This means that even if you:
– Chose a nil basic excess you have to pay these excesses.
– Qualify for a nil basic excess because you are 55 and older you have to pay these excesses.
○ If your claim involves more than one benefit under a cover section, you only have to pay the highest excess. The excess that you must pay is the total of all of the following:
Example
If your new car is stolen, we may buy you a new one or pay the price of a new one. The amount paid will never exceed the sum insured or the new list price, whichever is the lesser amount.
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Your basic excess or alternatively the rand amount or a percentage of the claim amount (as applicable); and
Any applicable additional and voluntary excesses.
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Hollard Private Portfolio – Version 3.3 – 9 Feb 2023